Cognizant announced that it has been named a “Leader” and “Star Performer” by Everest Group in the recently published report, Property and Casualty Insurance BPO – Service Provider Landscape and PEAK Matrix Assessment 2017.
The PEAK Matrix report assesses 18 leading property and casualty insurance business process services providers. Cognizant is recognized as a “Leader” for strengths including a strong value proposition driven by robust capabilities in analytics, regulatory reporting, risk management and technology-aided business process delivery, as well as substantial market share and sustained growth in property and casualty insurance business process services. Everest Group cites Cognizant’s high buyer satisfaction and continued investments in technology and automation as factors expected to drive additional growth. Cognizant was also cited as a “Star Performer” for further improving its year-over-year leadership position.
“The global P&C insurance BPO market continues to grow at a double-digit pace,” said Saurabh Verma, Senior Analyst, Everest Group. “New buyers are outsourcing operations previously kept in house, and existing buyers are demanding value-add capabilities and technology-aided BPO delivery to drive business growth, reduce time to market, build multi-channel capabilities and win higher customer mindshare. Cognizant is among the leaders who are delivering the robust capabilities necessary to satisfy buyers’ evolving demands, including a strong and expanding suite of technology and automation tools, along with rich capabilities in analytics, regulatory reporting, and risk management.”
“Digital solutions are driving significant changes in the way property and casualty insurers manage their businesses. Digital adoption influences every aspect of the insurance value chain, from omni-channel sales and distribution to analytics-enabled risk selection and automated claim decisions,” said Vipul Khanna, Executive Vice President of Digital Operations at Cognizant. “Our process and platform solutions enable clients to enhance customer experience, improve underwriting results and reduce operational and loss adjustment expenses.”