Cognizant Named a Leader in Everest Group PEAK Matrix for Property and Casualty Insurance Business Process Outsourcing
Cognizant has been recognized as a Leader in the Everest Group PEAK Matrix™ Assessment 2015 report on Property and Casualty Insurance BPO Service Provider Landscape.
Everest Group PEAK Matrix™ assesses the market success and overall capabilities of 19 major global service providers in the P&C insurance market segment. Cognizant was recognized as a Leader for strengths that include:
— Balanced portfolio of services across multiple geographies and property and casualty insurance processes;
— Very high technology capabilities and best-in-class delivery capabilities;
— Significant presence in emerging areas like business process service delivery automation (BPSDA), analytics, and regulatory reporting; and,
— Buyer satisfaction.
“The insurance market is rapidly changing, with competitive pressures and evolving customer requirements forcing P&C insurance BPO providers to evolve their offerings and operating models. Cognizant has achieved high market success in this market segment and scores very well on customer satisfaction and technology and innovation,” said Anupam Jain, Practice Director, BPO Research, Everest Group. “Cognizant’s capabilities to deliver analytics, regulatory reporting, and risk management, together with its best-in-class insurance BPO capabilities, have firmly positioned it in the Leaders quadrant for P&C Insurance Business Process Outsourcing.”
“Our clients recognize that competing successfully in today’s P&C insurance market requires taking a new approach,” said Ben Bengtson, Senior Vice President and Global Market Leader for Insurance at Cognizant. “End-user customer expectations of their P&C insurance providers are rapidly changing. Cognizant enables providers to deliver a highly personalized experience by leveraging the latest digital capabilities, and our superior operations delivery driven by focused automation and analytics. With this approach, we are helping carriers meet a dual mandate of running better while running differently. Additionally, Cognizant has developed intermediary-focused business process-as-a-service (BPaaS) solutions that help improve the top line, enhance the productivity and efficiency of these channels, and utilize innovative tools that reduce claims leakages and losses. The leadership recognition by Everest Group reflects our commitment to helping our clients navigate change, and evolve their business models with our Insurance BPS services.”
The Everest Group PEAK Matrix is a proprietary framework for assessing the relative market success and overall capability of service providers based on Performance, Experiences, Ability and Knowledge. Each service provider is comparatively assessed on two dimensions: market success and delivery capabilities. The resulting matrix categorizes service providers as Leaders, Major Contenders, and Aspirants. Companies that demonstrate strong upward movement year-over-year are recognized as Star Performers. Everest Group recently announced a recalibrated methodology, in which innovation, intellectual property, and technology take center stage.