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.
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.
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.
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.
About the report (Page 3)
Executive summary (Pages 4–10)
Supply-side trends (Pages 11–16)
Service provider profiles (Pages 17–61)
RadarView overview (Pages 62–65)
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.
Avasant’s research and other publications are based on information from the best available sources and Avasant’s independent assessment and analysis at the time of publication. Avasant takes no responsibility and assumes no liability for any error/omission or the accuracy of information contained in its research publications. Avasant does not endorse any provider, product or service described in its RadarView™ publications or any other research publications that it makes available to its users, and does not advise users to select only those providers recognized in these publications. Avasant disclaims all warranties, expressed or implied, including any warranties of merchantability or fitness for a particular purpose. None of the graphics, descriptions, research, excerpts, samples or any other content provided in the report(s) or any of its research publications may be reprinted, reproduced, redistributed or used for any external commercial purpose without prior permission from Avasant, LLC. All rights are reserved by Avasant, LLC.
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