Mphasis Named Contender on Everest Group PEAK Matrix for Insurance Application Outsourcing Service Providers and Property Casualty Insurance Application Outsourcing Service Providers
Mphasis (BSE: 526299; NSE: MPHASIS), a leading IT solutions provider specializing in cloud and cognitive services, today announced that it has been recognized as a Major Contender by Everest Group, a consulting and research firm focused on strategic IT, business services and sourcing, in the reports titled: “Everest Group PEAK MatrixTM for Insurance Application Outsourcing Service Providers” and “Everest Group PEAK MatrixTM for Property & Casualty (P&C) Insurance Application Outsourcing Service Providers".
- New York, NY (1888PressRelease) December 07, 2017 - The reports cite Mphasis’ growth momentum in its insurance Application outsourcing (AO) business in 2017, driven by enhanced wallet share in select large P&C insurance accounts. The Peak Matrix™ covers Mphasis’ insurance offerings focused around process optimization, point analytics solutions on top of enterprise data governance services, and policy administration platform for P&C insurers. In addition, it highlights how Mphasis differentiates its value proposition by offering front-to-back transformation™ capabilities leveraging automation and cognitive processing across back & mid-office operations. The evaluation for both reports was based on propriety database of 400+ large, active multi-year AO contracts within insurance and operational capability of 25+ insurance AO service providers.
“The industry is rapidly moving towards digital solutions for end to end transformation, and Mphasis has been one of the pioneers in this transformation led by deep domain expertise. Our efforts and move in the digital direction is validated by this recognition from an independent third party, like Everest Group. This recognition is a testament to the company’s overall direction of progressively enhancing our automation and cognitive capabilities to provide compelling solutions for our clients,” said Dinesh Venugopal, President, Mphasis Direct and Digital.
Key reasons that helped Mphasis strengthen its position on Everest Group PEAK Matrix include:
• Strong focus on the P&C segment; successful markets in the APAC region compared to other similar sized players
• Setting up Mphasis NEXTLabs as part of a strategic initiative to drive innovation around next generation technologies
• Mphasis’ recent Intellectual Property (IP) led solution offerings – including InfraGenie, Deep Insights and HyperGraf – showcase its enhanced capabilities around automation, cognitive computing and machine learning
In the Insurance AO Service Providers report, the research analyzed the capabilities of 23 leading AO service providers, specific to the global insurance sector.
“As technology becomes core in creating superior customer value and driving differentiation in the market, the expectations from service providers have shifted from an arbitrage-based model to a digital-first model defined by skills, digital solutions, and business outcomes,” said Ronak Doshi, Practice Director, Everest Group. “Strong growth momentum in its insurance IT application outsourcing business, renewed focus on driving front-to-back transformation for insurance clients through intelligent automation and cognitive processing capabilities, and targeted investments in setting up of research centers such as Mphasis NEXTLabs to foster capabilities around emerging technologies helped Mphasis to strengthen its positioning as a Major Contender on the 2017 Everest Group Insurance AO PEAK MatrixTM.”
The research in the P&C Insurance AO Service Providers report analyzed the capabilities of 22 leading AO service providers, specific to the global property and casualty (P&C) insurance sector.
“Property and Casualty (P&C) insurers are moving from a product-centric approach to a customer-centric approach by leveraging digital technology themes to provide superior customer experiences and drive innovation,” said Ronak Doshi, Practice Director, Everest Group. “A differentiated value proposition to drive front-to-back transformation for insurance clients, investments in proprietary solutions such as policy administration system ‘ComPASS,’ and enhanced wallet share in select large P&C insurance accounts helped Mphasis be positioned as a Major Contender on the inaugural P&C Insurance AO PEAK MatrixTM 2017.”
Everest Group’s PEAK MatrixTM assesment adopts an objective and fact-based approach (leveraging service providers RFIs and Everest Group’s proprietary databases containing providers’ deals and operational capability information). In addition, these results are validated/fine-tuned based on the firm’s market experience, buyer interaction, and provider briefings.
About Mphasis
Mphasis (BSE: 526299; NSE: MPHASIS) enables customers to reimagine their digital future by applying a unique formula of integrated cloud and cognitive technology. Mphasis X2C2 TM formula for success, (anything to cloud powered by cognitive), drives multi-dimensions of business value with an integrated consumer-centric Front to Back Digital Transformation™, enabling Business Operations and Technology Transformation. Mphasis applies advancements in cognitive and cloud to traditional application and infrastructure services to bring much needed efficiency and cost effectiveness. Mphasis’ core reference architectures and tools, combined with domain expertise and hyper specialization are the foundation for building strong relationships with marquee clients. Click here to know more.
For further information, please contact:
Deepa Nagraj
Mphasis Corporate Communications
deepa.nagaraj ( @ ) mphasis dot com
+1 (347) 268-0661 | +1 (646) 424-5160
+91 9845 256 283
Sumana Bhat
Mphasis Corporate Communications
Sumana.bhat ( @ ) mphasis dot com
09902980980
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