This Everest Group report provides a detailed profile of Company X's insurance application outsourcing (AO) capabilities. It summarizes that Company X has over 20 years of insurance AO experience, serving over 20 clients globally. It derives around 20% of its total revenue from the banking, financial services, and insurance vertical, with approximately $200 million from insurance AO services in fiscal year 2011. Company X has proprietary solutions for property and casualty insurance and life and pensions, as well as over 5,000 resources engaged in insurance AO delivery from multiple global locations.

1. Topic: Application Outsourcing (AO) in Insurance –
Service Provider Profile Compendium
Banking, Financial Services, and Insurance (BFSI) Outsourcing
Report: January 2013 – Preview Deck
Copyright © 2013, Everest Global, Inc.
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3. Background and scope of the research
Background 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 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. In order to achieve this, buyers are
focusing 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 up
scale, 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 competitive
intensity in the BFSI-AO services space is at an all-time high. As a result, it is becoming difficult to
differentiate among service providers based purely on delivery capabilities. It is, therefore, critical to have a
comprehensive, 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 AO
PEAK Matrix. Each service provider profile provides a comprehensive picture of their service suite, scale of
operations, domain investments, and delivery locations
Scope of this report
This 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 Unisys
1 The scope of the report covers service provider information up to December 2011
Copyright © 2013, Everest Global, Inc.
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4. Table of contents (page 1 of 2)
Topic Page no.
Introduction and overview 5
The Everest Group insurance AO PEAK Matrix 11
Section I: Profiles of insurance AO Leaders 17
 Accenture 18
 Cognizant 25
 CSC 33
 IBM Global Services 41
 TCS 49
Section II: Profiles of insurance AO Major Contenders 58
 Capgemini 59
 CGI 65
 HCL Technologies 73
 HPES 80
 iGATE 87
 Infosys 93
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5. Table of contents (page 2 of 2)
Topic Page no.
Section II: Profiles of insurance AO Major Contenders (continued)
 L&T Infotech 100
 Mindtree 107
 MphasiS 113
 Syntel 120
 Wipro 126
Section III: Profiles of insurance AO Emerging Players 133
 Hexaware 134
 Mahindra Satyam 140
 Softtek 146
 Unisys 151
Appendix 156
 Glossary of key terms 157
 2012 BFSI research agenda 159
 Additional BFSI research references 161
Copyright © 2013, Everest Global, Inc.
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6. This Everest Group report is a compendium of detailed
profiles of 20 service providers featured on Everest Group’s
Insurance AO PEAK Matrix
NOT EXHAUSTIVE
BFSI
Focus of report
Banking 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 industry
IT Infrastructure Outsourcing IT Application Outsourcing Business Process
(IO) (AO) Outsourcing (BPO) Consulting
 Traditional IO  Application development  BFSI-specific BPO  IT strategy / operations
 Remote Infrastructure  Application maintenance  HRO consulting
Management (RIM)  Independent testing  FAO  Business consulting
 Infrastructure Management  Package implementation  PO  Infrastructure consulting
Services (IMS)  ERP services  Contact center  Infrastructure roll-outs
 Cloud  Business intelligence / data  Knowledge services
warehousing
This 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) relationships
1 Business-to-consumer relationships
2 Business-to-business relationships
Copyright © 2013, Everest Global, Inc.
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7. This report is a part of the Everest Group’s series of nine
reports focused on AO in BFSI in 2012
Market 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 key Capital Market
stakeholders
 Key movements in volumes/values of AO transactions, evolving trends, market dynamics,
and emerging priorities of buyers in the last 12 months Insurance
Service Provider Landscape: IT Application Outsourcing Services
Each report provides: Banking
 Assessment of service provider landscape in AO services and mapping of providers on
Everest Group’s 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 provider’s 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 Insurance
Service 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 expertise Capital Markets
 Functional / Line of Business (LoB) focus
 Transactions overview for application services offerings
 Delivery footprint
Insurance
Copyright © 2013, Everest Global, Inc.
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8. Everest Group’s BFSI research is based on two key sources of
proprietary information
1
 Everest Group’s 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 buyer’s geography as well as functional
activities
– Global sourcing, including delivery locations and level of offshoring
2
 Everest Group’s 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 property
investments
Note: We continuously monitor the market developments and track additional service providers beyond those included in the analysis
Confidentiality: 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 fashion
Copyright © 2013, Everest Global, Inc.
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9. Company X | Insurance AO profile (page 1 of 5)
Corporate and BFSI overview
>US$500 million US$100-500 million <US$100 million
Company description Scale of BFSI subverticals
Company X is a global provider of IT and BPO services. Its IT offerings
span technology consulting, application development and maintenance, Banking Capital Markets Insurance
systems integration, software products and IT infrastructure services. It
primarily serves BFSI, telecom, retail and manufacturing verticals Key financial parameters Revenue1 from BFSI vertical
Revenue in US$ million Revenue1 from other verticals
Operating margin
Headquarters: XX XX
XX
Website: www.companya.com
Geographical mix Service mix
FY 2011; US$ million FY 2011; US$ million
100% = xx 100% = xx
FY 2009 FY 2010 FY 2011
Latin America Consulting
Services offered for BFSI vertical
Application services for money transfer, credit cards, loans,
U.S. BPO ADM wealth management, anti-money laundering, and mobile
APAC banking; ERP solutions; IT infrastructure support; product
licensing and reselling
Europe Infrastructure Major BFSI clients
services Bank A, Bank B, Financial Services Firm C, Insurer D, Trading
Services Firm E, Investment Bank F
1 FY ends on December 31
Source: Everest Group (2013)
Copyright © 2013, Everest Global, Inc.
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10. Company X | Insurance AO profile (page 2 of 5)
Insurance AO capability assessment and market success
Headline assessment Measure of capability: Very high High Medium Low
Targeted solutions for insurance, combined with strong revenue growth and client
Everest Group PEAK Matrix for insurance AO
wins, enabled Company A to further strengthen its leadership position in the
insurance AO marketplace High Leaders
Transaction success
Market success
 Over XX insurance AO clients, including global accounts, which are Major Contenders
served in multiple geographies Company A
 Over XX large active insurance AO deals with average TCV of US$XX
million and average contract duration of XX years
 Major insurance AO clients: XX, XX, XX
Success dashboard1 High Medium Low
Insurance lines of business Geographic scope Emerging Players
Low
Life and pensions Other North America EMEA Low High
Delivery capability
Property and casualty Latin America APAC
Scale Scope
 Derives XX% of its total revenue from the BFSI vertical, with  Offers solutions in the areas of XX, XX, XX
~US$XX million from insurance AO services  Covers all insurance subverticals with major focus on XX
 Registered a strong growth of XX% in its insurance AO revenue in 2011  Equal mix of revenue from large and small deals in insurance AO
 Over XX AO FTEs engaged in serving North American insurance clients
Domain investments Delivery footprint
 Proprietary solutions and frameworks: XX  Over XX delivery centers across multiple countries such as XX,
 Acquired XX in 2011 to strengthen its existing P&C, component-based XX, XX, XX, XX for insurance AO services
software platforms  High degree of offshore leverage with over XX% resources employed at
 Multiple alliances in the insurance vertical: XX low cost locations, especially India
1 Transaction success for large-sized deals; assessment relative across service providers
Source: Everest Group (2013)
Copyright © 2013, Everest Global, Inc.
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11. Company X | Insurance AO profile (page 3 of 5)
AO domain investments
Proprietary solutions (representative list)
Line of Business Solutions
Overall BFSI  Data management tools: tools for data cleansing, data generation, data migration solutions, and
data-masking tool
 ‘AAA’: financial services CRM solution
Insurance  “XYZ”: Policy software for P&C insurance carriers, which includes modules such as policy
administration, rating, rules, product definition and configuration as well as product templates
 “ABC”: Software to manage core business functions, including policy processing, billing, and
claims
Acquisitions (representative list)
Target Date Capabilities added
Target A 2009 Software testing capabilities for insurance industry
Key alliances (representative list)
Alliance partner Purpose of alliance
Partner A Implementation partner for P&C suite
Partner B Co-development of software for claims
Source: Everest Group (2013)
Copyright © 2013, Everest Global, Inc.
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12. Company X | Insurance AO profile (page 4 of 5)
Insurance AO transactions activity
NOT EXHAUSTIVE
Recent transaction activity1
TCV estimate Duration
Buyer’s name Announcement date (US$ million) (years) Contract details and services
Firm A Jan 2011 XX XX Maintenance of applications and provision of
desktop services
Firm B Mar 2009 XX XX Maintenance and support of insurance
administration systems
Firm C Dec 2008 XX XX Implementation of ‘ABC’ life insurance
solution; maintenance services
1 Publicly-announced insurance AO transactions during 2009 to 2012
Source: Everest Group (2013)
Copyright © 2013, Everest Global, Inc.
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13. Company X | Insurance AO profile (page 5 of 5)
Key offshore AO delivery locations
NOT EXHAUSTIVE
Confirmed location for insurance AO 500-1,000 AO FTEs
>5,000 AO FTEs 100-500 AO FTEs
1,000-5,000 AO FTEs <100 AO FTEs
Czech Republic
Poland
Slovakia Bulgaria
China
Mexico Vietnam
India
Thailand
Brazil
Malaysia
Chile
Source: Everest Group (2013)
Copyright © 2013, Everest Global, Inc.
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14. BFSI Outsourcing research agenda (page 1 of 2)
Published Current
Topic Release date
Trade Reconciliations Business Process Outsourcing (BPO) May-2012
Report Card for the Indian IT Majors – Pecking Order Analysis of the "WITCH" Group June-2012
IT Application Outsourcing (AO) in Banking – Trends and Future Outlook June-2012
BFS BPO Annual Report 2012 – Strong Growth Post the Downturn July-2012
Application Outsourcing (AO) in Banking: PEAK Matrix Provider Landscape – Evolution at Play August-2012
IT Application Outsourcing (AO) in Insurance – Navigating Business Challenges through Technology September-2012
A PEAK into the Leaders, Major Contenders, and Emerging Players of the Banking BPO Market October 2012
Applications Outsourcing in Banking – Service Provider Profiles Compendium October 2012
Global Sourcing Trends in the U.S. Mortgage Industry October 2012
IT Application Outsourcing (AO) in Capital Markets Annual Report – Change is the only constant October 2012
Webinar Deck: PEAK into the BFSI Outsourcing Market October 2012
Application Outsourcing (AO) in Insurance: PEAK Provider Landscape – Policies for Growth and Differentiation October 2012
Insurance Business Process Outsourcing (BPO) Market 2011-2012 – Annual Report November-2012
Copyright © 2013, Everest Global, Inc.
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15. BFSI Outsourcing research agenda (page 2 of 2)
Published Current
Topic Release date
A PEAK into the Leaders, Major Contenders, and Emerging Players of Capital Markets BPO November-2012
Banking BPO Service Provider Profiles Compendium November-2012
A PEAK into the Leaders, Major Contenders, and Emerging Players of Insurance BPO December-2012
Capital Markets BPO Service Provider Profile Compendium December 2012
Service Provider Landscape for IT application services in Capital Markets – PEAK report 2012 December 2012
BFSI BPO Service Provider Profiles Compendium – Insurance BPO January 2013
IT Application Outsourcing (AO) in Insurance – Service Provider Profiles Compendium January-2013
IT Application Services in Capital Markets – Service Provider Profiles Compendium 2012 Q1-2013
Copyright © 2013, Everest Global, Inc.
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16. Additional research references
The following documents are recommended for additional insight into the topic covered in this report. The recommended documents either
provide additional details on the topic or complementary content that may be of interest
1. IT Application Outsourcing (AO) in Insurance – Navigating Business Challenges through Technology (EGR-2012-11-R-0744): This report
provides an overview of the application services market for the insurance vertical, capturing key trends in market size, growth, drivers and inhibitors,
adoption trends, regional/functional break-outs of the market, emerging themes and key areas of investment, and implications for key stakeholders.
The focus in 2012 is also to capture the key movements in volumes/values of insurance-AO transactions, evolving trends, market dynamics and
emerging priorities of buyers in the last 12 months
2. Application Outsourcing (AO) in Insurance: PEAK Provider Landscape - Policies for Growth and Differentiation (EGR-2012-11-R-0772): This
report provides a comprehensive assessment of the service provider landscape in AO services for insurance and maps them on Everest Group’s PEAK
Matrix. It also benchmarks the scale, scope, domain investments, and delivery footprint of each provider’s insurance AO practice. Finally, the 2012
insurance AO PEAK analysis focuses on identifying the “Star Performers”, the providers with the strongest forward movement over time in terms of
market success and capability advancements
3. IT Application Outsourcing (AO) in Capital Markets Annual Report - Change is the only constant (EGR-2012-11-R-0766): This report provides
an overview of the Application Outsourcing (AO) market for the capital markets industry, through an in-depth analysis of large-sized AO contracts (i.e.,
contracts over US$25 million in TCV and over three years in duration). The report analyzes key trends in market size and growth, demand drivers,
adoption and scope trends, emerging priorities of buyers, key investment themes, and future outlook for 2012, with regards to such large capital
markets AO deals
For more information on this and other research published by the Everest Group, please contact us:
Jimit Arora, Vice President: jimit.arora@everestgrp.com
Rajat Juneja, Practice Director: rajat.juneja@everestgrp.com
Kiranjeet Kaur, Senior Analyst: kiranjeet.kaur@everestgrp.com
Pallavi Saxena, Analyst: pallavi.saxena@everestgrp.com
Everest Group
Two Galleria Tower
13455 Noel Road, Suite 2100 Phone: +1-214-451-3110
Dallas, TX 75240 Email: info@everestgrp.com
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