The life and annuities (L&A) insurance industry is experiencing the impact of rising interest rates and robust annuity sales, prompting insurers to adopt emerging technologies to enhance policyholder experiences, drive customer retention, and support long-term growth. While L&A insurers are leveraging Gen AI for customer-centric innovation and operational efficiencies, they are also focusing on refining underwriting processes, enhancing customer wellness, and strengthening cybersecurity measures. Moreover, recognizing the need for both deep insurance expertise and technological proficiency, L&A insurers are increasingly partnering with service providers to fast-track digital transformation.
Both demand- and supply-side trends are covered in Avasant’s Life and Annuities Insurance Digital Services 2024–2025 Market Insights™ and Life and Annuities Insurance Digital Services 2024–2025 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 41 providers using three dimensions: practice maturity, investments and innovation, and partner ecosystem. Of the 41 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, HCLTech, IBM, Infosys, TCS, and Wipro
- Innovators: Cognizant, EXL, Genpact, LTIMindtree, NTT DATA, and Tech Mahindra
- Disruptors: Coforge, DXC, Eviden | Atos, Virtusa, WNS, and Zensar
- Challengers: Aspire Systems, Hexaware, Kyndryl, Mphasis, Persistent Systems, and Sutherland
Figure 1 below from the full report illustrates these categories:
“The L&A insurance industry is transforming due to the convergence of digital innovation and evolving policyholder expectations,” said Robert Joslin, Avasant managing partner. “Emerging technologies like Gen AI will enable insurers to drive growth, enhance efficiency, and meet ever-changing expectations while improving their overall experience.”
The full reports provide a number of findings, including the following:
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- L&A insurers are crafting an era of precision and personalization with cutting-edge Gen AI, analytics, and cloud capabilities
- Gen AI is the engine powering unprecedented efficiency and customer-centric innovation for life and annuity insurers
- L&A insurers are revolutionizing underwriting into a seamless, digital technology-powered machine of speed and accuracy
- L&A insurers are championing healthier lives with digital technology-driven well-being programs
- Amid rising cyberattacks, L&A insurers are reshaping the cyber landscape with intelligent defense frameworks and agile, real-time threat mitigation strategies
“As the L&A insurance landscape evolves, digital transformation has become a critical driver for enhancing efficiency and policyholder experiences,” said Vishal Garg, lead analyst at Avasant. “Service providers are assisting L&A insurers harness Gen AI to fuel innovation, create new revenue streams, and deliver superior customer experiences.”
The Life and Annuities Insurance Digital Services 2024–2025 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 2024–2025 Market Insights™ and Life and Annuities Insurance Digital Services 2024–2025 RadarView™ (click for pricing).