This report helps insurers chart out their action plan for digital transformation by identifying potential digital solutions. It begins with a summary of key challenges and trends that are shaping the insurance industry. We continue with a detailed assessment of 21 for insurance . Each profile provides an overview of the service provider, their insurance-specific solutions, and a list of representative clients and partnerships, along with brief client case studies. Each profile concludes with analyst insights on the provider’s practice maturity, investments and innovations, and partner ecosystem.

Why read this RadarView?

The insurance industry is shifting away from risk mitigation to risk prevention. The COVID-19 pandemic has put new pressures on carrier’s operating and business models, leading to fast-tracking digital adoption. With evolving customer needs, insurance carriers must leverage digital technologies to optimize core operations and create nontraditional products. This report helps insurers craft a robust strategy based on industry outlook, best practices, and digital transformation to increase business value.

Featured Providers

This RadarView includes an analysis of the following digital service providers in the insurance space: Accenture, Atos, Capgemini, CGI, Coforge, Cognizant, DXC, EXL, Genpact, HCL, IBM, Infosys, LTI, Mindtree, Mphasis, NTT DATA, TCS, Tech Mahindra, Virtusa, Wipro, and WNS.

Methodology

The industry insights and recommendations presented are based on our ongoing interactions with senior executives, vendors, subject matter experts, and Avasant Fellows, along with lessons learned from consulting engagements.

Our evaluation of service providers is based on primary input from the providers, focused briefings, public disclosures, validation from their clients, and Avasant’s ongoing market interactions. The assessment is across the three dimensions of practice maturity, investments and innovation, and partner ecosystem, leading to our recognition of those service providers that have brought the most value to the market over the last 12 months.

About the report (Page 3)

Scope and definition (Pages 4-5)

Executive summary (Pages 6-10):

- Key recommendations for property and casualty insurers
- Key recommendations for life and annuity insurers
- Key recommendations for reinsurers
- Avasant Insurance Digital Services 2021-2022 RadarView

Property and casualty industry: Lay of the land (Pages 11-17)

- Customized offerings using customer data
- Using digital technologies to enable early warning signs and proactive risk mitigation
- Nontraditional firms entering the insurance space
- Insurtechs on the rise

Life and annuity industry: Lay of the land (Pages 18-23)

- An accelerated focus on wellness ecosystems
- New pressures due to COVID-19
- Emerging customer segments prompt flexible and tailored plans
- Life insurers driving innovation through venture capital funds

Reinsurance industry: Lay of the land (Pages 24-28)

- Challenges caused by a rise in the number of natural catastrophes and the spread of COVID-19
- Evaluating acquisitions, innovative offerings, and divestments
- New players with differentiated technological capabilities
- Traditional reinsurers accelerating digital adoption

Insurance talent strategy (Pages 29-30)

- Modifying the talent strategy to align with the emerging requirements from technological advancements

RadarView assessment (Pages 31-36)

- Methodology and coverage
- Interpretation of classification
- RadarView assessment

Service vendor profiles (Pages 37-100)

- Detailed profiles for Accenture, Atos, Capgemini, CGI, Coforge, Cognizant, DXC, EXL, Genpact, HCL, IBM, Infosys, LTI, Mindtree, Mphasis, NTT DATA, TCS, Tech Mahindra, Virtusa, Wipro, and WNS

Read the Research Byte based on this report.