Bengaluru, NFAPost: The report analyzes 16 companies that offer services for Guidewire insurance platform software, which is used extensively by Property and Casualty (P&C) insurers to support recurring revenue transactions.
Cognizant has also been recognized as a Star Performer for its expanded vision and delivery capabilities, positioning it again in the Leader Category, as it was in the previous 2018 report.
Globally, the utilisation of Guidewire services grew over 15% in 2019, becoming the core platform of choice by many P&C Insurers. As a consistent Leader in Everest Group’s Guidewire services assessments, Cognizant received the additional “Star Performer” recognition as a result of its strong revenue growth in its Guidewire services practice and multiple product specializations across the Americas and APAC.
Cognizant experts help insurers digitally transform their business infrastructures and processes using a variety of technologies, such as cloud, artificial intelligence (AI), automation and machine learning. For a top P&C carrier, Cognizant applied AI to its real-time customer service, improving experiences and cutting supervisor review times by 35%-40%. Cognizant also used automation and process optimization for another large P&C insurer to save the client over $20M as it began its digital transformation journey.
Everest Group Practice Director Aaditya Jain said with the Guidewire services market recently topping $2 billion, P&C insurers are looking for companies that can implement and support this technology with their broader digital transformation offerings.
“Cognizant has consistently strengthened its market position in recent years and demonstrated a focus on creating extensive Guidewire specializations to gain a competitive edge. As insurers look to advance their ecosystems with Guidewire services, Cognizant stands well positioned to support this growing market opportunity,” said Everest Group Practice Director Aaditya Jain.
Cognizant Senior Vice President, Insurance, Ben Bengtson the property and casualty insurance industry is facing a rapidly changing risk landscape, from cyber incidents to pandemics to social unrest, in addition to digital startups that require new ways of thinking to adapt, compete and thrive.
“Innovation is the key to driving growth, streamlining operations and providing superior customer experiences. Everest Group’s recognition of Cognizant’s growing leadership as a Guidewire services provider speaks to the investments we’ve made, as well as the value we bring to our clients and the insurance industry at large as it goes through this transition,” said Cognizant Senior Vice President, Insurance, Ben Bengtson.