Analyst organization Everest Group has named Wipro a Leader in the Everest Application and Digital Services in Life and Annuity Insurance – PEAK Matrix Assessment 2023.

In this assessment, Everest Group assessed the vision & capability and market impact of 16 leading IT service providers to enable business model innovation for insurance enterprises.

Digital transformation across industries has accelerated exponentially over the last decade, with the emergence of new technologies driving change – and the insurance industry is no exception.

Mergers & acquisitions landscape and post-merger integration imperatives for the banking, financial services, and insurance firms of the Asia Pacific, Middle East, and Africa region

Hyper-personalization, Customer Engagement, and the Future of Financial Services

Human advisors, as trusted partners to their customers, should provide quality financial advice backed up by intelligent robo-advisors, to help customers navigate disruptions and uncertainties like COVID-19

The insurance industry has responded well to the COVID-19 outbreak through managing business continuity and supporting its customers and employees.

The Big Opportunity for Insurers to Deliver Cyber Security and Resilience to SME Market

The COVID-19 pandemic and its rapid spread has broad-ranging impacts on Life and Annuity insurers.

An adversity with significant humanitarian and economic fallout

CyberAattacks gives rise to heightened sense of cyber defence which comes in three main forms-technology-powered cyber security, processes and governance for cyber defence, and cyber insurance to meet any eventuality.

While risk accumulation is not new to the insurance industry (insurers or re-insurers), it is becoming more widespread and pervasive due to the growing complexity of business, advancement of technology, adoption of new ways of doing business, new-fangled categories of risks (e.g. cyber risk) and the quicker and wide-ranging availability of information.

An adversity with significant humanitarian and economic fallout

Small commercial insurance is on the brink of radical change. A huge demand from their consumers and agents for more digital access and information across all communication channels is driving them towards a future strengthened by digital power

There are three key factors driving transformation in the underwriting function – technology advancement, distribution models, and regulatory changes. These are enabling insurers to reduce the operating costs and drive efficiency and effectiveness.

The global insurance industry has embarked on a journey to go digital.

The business of insurance, ever since its inception centuries back, has flourished globally. Though customer demographics had been evolving year by year, it did has not quite impact affected the perception of Insurance insurance to the global citizen for many decades together, until the millennials came in.

The internet of things (IoT) is growing rapidly globally, as the number of connected devices continue to grow and are projected to grow beyond 50 billion in 20251.

There is a lot of action going on in the Indian Insurance market. There are around 29 general Insurance and 24 life insurance companies operating in India at this point in time. And a few more licenses are in the pipeline

Your distribution is going further, faster and getting wackier, are your applications ready for it?

The opportunity is ripe for a new player to enter the market with a differentiated offering that is driven from a smartphone app and thereby gain a clear edge against the competition.

"To succeed, the insurance industry will need to deliver far more value to policy holders in future than it is doing today and it will need to embrace telematics and predictive analysis from big data if it is to compete with competition from vehicle manufacturers, telecom players and other sectors. "

Global financial institutions are facing a variety of challenges. On the one hand, they must react to the needs of their customers, which are characterized by profound change due to the dynamic changes in social and technological framework conditions.

Insurers are presented with a golden opportunity to transform their finance organization to align with their company’s digital initiatives. Across all lines of insurance, companies are investing heavily in developing pioneering new products, acquiring and divesting business lines at a rate never seen in the industry, responding to increasing regulatory oversight, and answering calls for environmental, social, and governance (ESG) initiatives.

In this assessment, Everest Group covers the top Life & Annuities insurance services

Seize the cyber insurance opportunity with Wipro’s CyberInsure

Is your customer response team geared to meet the deluge of queries?

Brochure: Enterprise Operations Transformation

"Insurance IT infrastructure teams are facing significant strategic challenges, such as the rise of cloud computing, popularity of outsourcing, and consumerisation of common IT assets. Celent wanted to understand how the IT Infrastructure and service delivery disciplines within insurers were being affected."