The BFSI industry continues to be the largest adopter of the IT Application Outsourcing (AO) services. However, the industry dynamics have changed significantly over the last 12 to 24 months. BFSI buyers are facing increasing pressure to drive top-line growth, manage complexity arising out of wide-scale regulatory reforms, and improve profitability by driving greater cost efficiencies.
- 1. Topic: Application Outsourcing (AO) in Insurance Service
Provider Profile CompendiumBanking, Financial Services, and
Insurance (BFSI) OutsourcingReport: January 2013 Preview Deck
Copyright 2013, Everest Global, Inc. EGR-2013-11-PD-0811
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Benchmarking | Pricing, delivery model, skill portfolio Peer
analysis | Scope, sourcing models, locations Locations | Cost,
skills, sustainability, portfolio Tracking services | Service
providers, locations, risk Other | Market intelligence, service
provider capabilities, technologiesCopyright 2013, Everest Global,
Inc.2 EGR-2013-11-PD-0811 3. Background and scope of the
researchBackground of the research The BFSI industry continues to
be the largest adopter of the IT Application Outsourcing (AO)
services.However, the industry dynamics changed significantly over
the last 12 to 24 months. BFSI buyers are facingincreasing pressure
to drive top-line growth, manage complexity arising out of
wide-scale regulatoryreforms, and improve profitability by driving
greater cost efficiencies. In order to achieve this, buyers
arefocusing on optimizing their portfolio of AO service providers
At the same time, service providers in the BFSI AO space are also
ramping up their capabilities, building upscale, and investing in
developing and acquiring IP/proprietary solutions. They are also
forming alliances,which allow them to undertake and deliver on
large-sized, annuity AO engagements. The competitiveintensity in
the BFSI-AO services space is at an all-time high. As a result, it
is becoming difficult todifferentiate among service providers based
purely on delivery capabilities. It is, therefore, critical to have
acomprehensive, well-rounded, and fact-based assessment of service
providers BFSI-AO value proposition In this research, we present
detailed profiles of the 20 service providers featured on the
insurance AOPEAK Matrix. Each service provider profile provides a
comprehensive picture of their service suite, scale ofoperations,
domain investments, and delivery locationsScope of this reportThis
report includes detailed profiles of the following 20 service
providers1: Insurance AO PEAK Leaders: Accenture, Cognizant, CSC,
IBM GS, and TCS Insurance AO PEAK Major Contenders: Capgemini, CGI,
HCL, HPES, iGate, Infosys, L&T Infotech, MindTree, MphasiS,
Syntel, and Wipro Insurance AO PEAK Emerging Players: Hexaware,
Mahindra Satyam, Softtek, and Unisys1 The scope of the report
covers service provider information up to December 2011Copyright
2013, Everest Global, Inc.3 EGR-2013-11-PD-0811 4. Table of
contents (page 1 of 2)Topic Page no.Introduction and overview 5The
Everest Group insurance AO PEAK Matrix 11Section I: Profiles of
insurance AO Leaders17 Accenture18 Cognizant25 CSC33 IBM Global
Services41 TCS49Section II: Profiles of insurance AO Major
Contenders58 Capgemini59 CGI65 HCL Technologies 73 HPES 80 iGATE87
Infosys93 Copyright 2013, Everest Global, Inc. 4EGR-2013-11-PD-0811
5. Table of contents(page 2 of 2)Topic Page no.Section II: Profiles
of insurance AO Major Contenders (continued) L&T Infotech100
Mindtree107 MphasiS 113 Syntel120 Wipro 126Section III: Profiles of
insurance AO Emerging Players133 Hexaware134 Mahindra Satyam 140
Softtek 146 Unisys151Appendix156 Glossary of key terms 157 2012
BFSI research agenda 159 Additional BFSI research references 161
Copyright 2013, Everest Global, Inc. 5EGR-2013-11-PD-0811 6. This
Everest Group report is a compendium of detailedprofiles of 20
service providers featured on Everest GroupsInsurance AO PEAK
MatrixNOT EXHAUSTIVEBFSIFocus of reportBanking Capital markets
Insurance Retail financial services (B2C1) Investment banking Life
and pensions Retail banking Asset management Property and casualty
Lending Custody & fund administration Others Cards Brokerage
Commercial banking (B2B2) Others Services industryIT Infrastructure
OutsourcingIT Application OutsourcingBusiness Process(IO)
(AO)Outsourcing (BPO)Consulting Traditional IO Application
development BFSI-specific BPO IT strategy / operations Remote
Infrastructure Application maintenance HROconsultingManagement
(RIM) Independent testing FAO Business consulting Infrastructure
Management Package implementation PO Infrastructure
consultingServices (IMS) ERP services Contact center Infrastructure
roll-outs Cloud Business intelligence / data Knowledge services
warehousingThis report analyzes capabilities of service providers
for IT application outsourcing in the insurance subvertical with a
focus on large (TCV>US$25 million), annuity-based multi-year
(more than three years) relationships1 Business-to-consumer
relationships2 Business-to-business relationshipsCopyright 2013,
Everest Global, Inc.6 EGR-2013-11-PD-0811 7. This report is a part
of the Everest Groups series of ninereports focused on AO in BFSI
in 2012Market Trends in IT Application Outsourcing Services Each
report provides: Banking An overview of the application services
market for the BFSI verticals, capturing key trends in market size,
growth, drivers and inhibitors, adoption trends,
regional/functional break- outs of the market, emerging themes, key
areas of investment, and implications for keyCapital Market
stakeholders Key movements in volumes/values of AO transactions,
evolving trends, market dynamics, and emerging priorities of buyers
in the last 12 months InsuranceService Provider Landscape: IT
Application Outsourcing Services Each report provides: Banking
Assessment of service provider landscape in AO services and mapping
of providers on Everest Groups PEAK Matrix as Leaders, Major
Contenders, and Emerging Players Comparative evaluation of BFSI-AO
capabilities of provider categories such as global majors, offshore
majors, regional players, and tier-2 specialists. Benchmarking
scale,Capital Markets scope, domain investments, and delivery
footprint of each providers BFSI-AO practice The 2012 BFSI-AO PEAK
analyses focus on identifying the Star Performers, i.e., providers
with strongest forward movement over time both in terms of market
success and capability advancements InsuranceService Provider
Profiles Compendium: IT Application Outsourcing Services Capability
profiles of service providers capturing their AO services
experience in specific Banking subverticals. Each service provider
profile includes: Service provider overview details of AO services
capabilities, key investments, proprietary solutions, and
technological expertiseCapital Markets Functional / Line of
Business (LoB) focus Transactions overview for application services
offerings Delivery footprint Insurance Copyright 2013, Everest
Global, Inc. 7EGR-2013-11-PD-0811 8. Everest Groups BFSI research
is based on two key sources ofproprietary information 1 Everest
Groups proprietary database of more than 375 large, multi-year AO
Service providers assessed contracts within BFSI (updated annually)
The database tracks the following elements of each large AO
relationship: Buyer details, including industry, size, and the
signing region Contract details, including TCV, ACV, term, start
date, service provider FTEs, and pricing structure Activity broken
down separately for banking, capital markets, and insurance, and by
line of business (for example, life insurance, property and
casually (P&C), and reinsurance) Scope includes coverage of
buyers geography as well as functional activities Global sourcing,
including delivery locations and level of offshoring 2 Everest
Groups proprietary database of operational capability of more than
20 BFSI AO service providers (updated annually) The database tracks
the following capability elements for each service provider: Major
BFSI AO clients and recent wins Overall revenue, total employees,
and BFSI employees Recent BFSI-related developments BFSI AO
delivery locations BFSI AO service suite Domain capabilities,
proprietary solutions, and intellectual propertyinvestments Note:
We continuously monitor the market developments and track
additional service providers beyond those included in the
analysisConfidentiality: Everest Group takes its confidentiality
pledge very seriously. Any information, that is contract-specific,
will be presented back to the industry only in an aggregated
fashionCopyright 2013, Everest Global, Inc.8 EGR-2013-11-PD-0811 9.
Company X | Insurance AO profile(page 1 of 5)Corporate and BFSI
overview>US$500 million US$100-500 million 5,000 AO FTEs 100-500
AO FTEs1,000-5,000 AO FTEs
