HCL Technologies (HCL), a leading global technology company has been categorized as a Leader in Everest Group’s recently released report, Life & Pensions (L&P) Insurance Digital Services PEAK Matrix 2019 – Leapfrogging the Digital Transformation Stage. This report analyzes the changing dynamics of the L&P Digital services landscape and assesses service providers across several key dimensions.
HCL received the Leader designation based on its well-diversified revenue streams, focus on ecosystem, growth momentum and consistent investments in developing frameworks and accelerators.
“This breakthrough leadership ranking reflects a validation of our Mode 1-2-3 strategy, where we have institutionalized our Scale Digital Framework, with continued investments in technologies and solutions that meet the demands of an evolving L&P Insurance industry landscape”, said Rahul Singh, President & Global Head, Financial Services, HCL Technologies. “Our diverse team of engineers, UX designers, data scientists and domain experts are working on some of the most exciting digital transformation projects in the industry today, with a focus on testing tomorrow’s solutions, today.”
“The Life and Pensions (L&P) insurance sector in the last 12-18 months can be characterized by a massive shift from applying digital levers at the peripheries to reimagining business and operating models by deploying digital technologies such as analytics, API-based integration, cloud, machine learning, and RPA. Although cost containment and efficiency gains are still on the top of their strategic agendas, significant investments are now pouring in to create a frictionless experience for end-customers,” said Ronak Doshi, Practice Director, Everest Group. “Significant revenue growth and client wins spread across multiple geographies, recent investments into partnerships and acquisitions of products/platforms, and consistent focus to build meaningful accelerators/frameworks have helped HCL Technologies secure a position as a Leader on the inaugural Everest Group L&P Insurance Digital Services PEAK Matrix.”
In its report, the Everest Group studied the vision & capability and the market impact generated by 19 leading service providers specific to their digital service portfolio for the global Life & Pensions (L&P) Insurance sector. 7 of the 21 providers included in this report witnessed over 20% growth in their L&P Insurance Digital Services business and the overall Insurance IT services market grew by 11-13%.