The life and annuities (L&A) insurance industry is adapting to rising demand for life insurance and annuity products by accelerating digital transformation. Insurers are introducing tools to empower advisors, enhance engagement, and deliver personalized experiences. To meet evolving expectations, firms are embedding retirement planning and holistic financial wellness features into digital platforms. While digital maturity varies globally, insurers are modernizing systems, consolidating vendors, and leveraging AI-driven capabilities to strengthen underwriting and advisory processes. At the same time, L&A insurers are forging strategic partnerships with service providers to fast-track digital transformation, ensuring innovation and customer-centricity remain central to growth strategies.
Both demand- and supply-side trends are covered in Avasant’s Life and Annuities Insurance Digital Services 2025 Market Insights™ and Life and Annuities Insurance Digital Services 2025 RadarView™, respectively. These reports present a comprehensive study of digital service providers in the L&A insurance industry, including top trends, analysis, and recommendations. The reports also closely examine the leaders, innovators, disruptors, and challengers in this market.
Avasant evaluated 40 providers using three dimensions: practice maturity, investments and innovation, and partner ecosystem. Of the 40 providers, we recognized 25 that brought the most value to the market during the past 12 months.
The report recognizes service providers in four categories:
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- Leaders: Accenture, Capgemini, Cognizant, HCLTech, IBM, Infosys, TCS, and Wipro
- Innovators: DXC, EXL, Genpact, LTIMindtree, Tech Mahindra, and Virtusa
- Disruptors: Atos, Coforge, Hexaware, NTT DATA, and Zensar
- Challengers: CGI, Kyndryl, Mphasis, Persistent Systems, Sutherland, and WNS
Figure 1 below from the full report illustrates these categories:
“The L&A insurance sector is at the crossroads of intelligence and scale,” said Robert Joslin, Avasant managing partner. “Agentic AI, backed by global competency hubs, is shifting insurers from automation to autonomous decision-making, enhancing policyholder experiences while still requiring human oversight for accuracy and accountability.”
The full reports provide a number of findings, including the following:
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- As demand for life insurance and annuity products rises, L&A insurance firms are introducing digital tools to empower their financial advisors to boost sales.
- L&A insurers are embedding retirement planning and holistic financial wellness tools into digital platforms to boost engagement and meet consumer demand.
- Only 13% of Forbes Global 2000 insurers have set up GCCs in India, leaving substantial untapped potential for new centers.
- Evolving customer preferences for speed, guidance, and transparency are pushing L&A insurers to reinvent the policyholder experience with digital agents and tools.
- Despite varying digital maturity worldwide, L&A insurers are prioritizing annuity and advisor portals, vendor consolidation, Gen AI-based underwriting, and retirement products.
- In CY 2024, 75% of insurers invested over 5% of their digital tech budget in Gen AI/agentic AI to drive efficiency and productivity across the value chain.
“As L&A insurers adopt agentic AI to modernize operations and enhance customer engagement, service providers are turning that vision into reality,” said Vishal Garg, principal analyst at Avasant. “Embedding AI-driven intelligence across underwriting, claims, and servicing is helping carriers achieve greater speed, precision, and trust.”
The Life and Annuities Insurance Digital Services 2025 RadarView™ also features detailed profiles of 25 service providers, along with their solutions, offerings, and experience in assisting life and annuities insurance companies in digital transformation.
This Research Byte is a brief overview of Avasant’s Life and Annuities Insurance Digital Services 2025 Market Insights™ and Life and Annuities Insurance Digital Services 2025 RadarView™. (Click for pricing.)