This report provides enterprises with a view of the insurance business process transformation services landscape. It begins with a summary of key enterprise and outsourcing trends and identifies the right service providers companies can engage with to reshape insurance services. We continue with a detailed assessment of 22 service providers offering insurance business process transformation services. Each profile provides an overview of a service provider, its key IPs and assets, a list of representative clients and partnerships, and brief case studies. Each profile concludes with analyst insights on the provider’s practice maturity, domain ecosystem, and investments and innovation.
Why read this RadarView?
Service providers are increasingly utilizing AI, analytics, and automation to optimize insurance processes, enabling insurers to handle claims and underwriting more effectively. This has resulted in a 29%–34% YOY increase in revenue from claims services. Additionally, the outsourcing of strategic processes such as sales management and product development has grown, leading to a 10%–15% increase in revenue from outsourcing of marketing and sales. North America is leading the market, with Europe and APAC also experiencing growth. Service providers are now leveraging generative AI to automate claims processing and customer service tasks and improve underwriting, data analysis, and product development by providing valuable insights and automating processes.
The Insurance Business Process Transformation 2024 RadarView™ aids companies in identifying top service providers to transform their insurance services. It also analyzes each service provider’s technology and delivery support capabilities, enabling organizations to identify the right strategic partners for their insurance process transformation.
Featured providers
This RadarView includes a detailed analysis of the following service providers offering insurance business process transformation services: Accenture, Capgemini, Coforge, Cognizant, Concentrix, Datamatics, DXC, Eviden (Atos Group), Exela Technologies, EXL, Genpact, HCLTech, Hexaware, Infosys, Mphasis, ReSource Pro, Sutherland, TCS, Teleperformance, Wipro, WNS, and Xceedance.
Methodology
Our evaluation of service providers is based on primary input from the providers, focused briefings, public disclosures, and Avasant’s ongoing market interactions. The assessment is across the three dimensions of practice maturity, domain ecosystem, and investments and innovation, leading to our recognition of those service providers that have brought the most value to the market over the past 12 months.
Table of contents
About the report (Page 3)
Executive summary (Pages 4–10)
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- Definition and scope of insurance business process transformation
- Avasant recognizes 22 top-tier service providers offering insurance business process transformation services
- Provider comparison
Supply-side trends (Pages 11–16)
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- Insurance services continue to see growth driven by the need for digital transformation, growing competition, and enhanced customer service capabilities.
- North America continues to lead the insurance services market, while Europe and APAC continue to grow.
- Enterprises are shifting to output/transaction-based and hybrid pricing models to improve service quality control and have better visibility into costs.
- Service providers are looking to expand their offerings by focusing on inorganic and R&D investments.
- Service providers are leveraging proprietary generative AI solutions to enhance their insurance business process capabilities.
Service provider profiles (Pages 17–61)
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- Detailed profiles for Accenture, Capgemini, Coforge, Cognizant, Concentrix, Datamatics, DXC, Eviden (Atos Group), Exela Technologies, EXL, Genpact, HCLTech, Hexaware, Infosys, Mphasis, ReSource Pro, Sutherland, TCS, Teleperformance, Wipro, WNS, and Xceedance.
RadarView overview (Pages 62–65)
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- RadarView assessment
- Methodology and coverage
- Interpretation of classification
Key contacts (Page 66)
Read the Research Byte based on this report. Please refer to Avasant’s Insurance Business Process Transformation 2024 Market Insights™ for detailed insights on demand-side trends.