Deloitte Shines as Leader in Insurance IT Services Assessment
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Deloitte's Leadership Recognition in Insurance IT Services
Deloitte has recently been acknowledged as a Leader in the Everest Group's Life & Annuity (L&A) Insurance IT Services PEAK Matrix Assessment. This recognition highlights Deloitte's substantial investments in developing proprietary intellectual property and industry-specific solutions, which enhance its service offerings.
Significance of the Assessment
This assessment is highly regarded in the industry, with many organizations utilizing it for unbiased evaluations of service providers in the insurance sector. Factors such as vision, capabilities, talent availability, and market success contribute to the rankings. Deloitte emerged as one of only three providers that established credibility in supporting insurance carriers through comprehensive transformation needs, earning the highest position for Market Impact.
Expert Insights from Deloitte Executives
Commenting on this achievement, Santosh Kutty, the Life and Annuity/Group Technology leader at Deloitte Consulting LLP, stated, "Life & Annuity carriers are navigating a complex business environment which requires multi-disciplinary IT capabilities. Our positioning as a Leader with the highest market impact in this sector recognizes our dedication to delivering tailored IT capabilities that address carriers' distinct business expectations."
Customized IT Capabilities
Deloitte's well-rounded approach includes a portfolio that addresses issues such as outdated legacy systems, regulatory compliance challenges, and dynamic market shifts. The firm aims to deliver customized and platform-based solutions that assist clients in several critical areas, including pension risk transfer (PRT), retirement management, L&A distribution channels, and life benefits modernization.
The Role of Clients in Deloitte's Success
Doug Welch, Life Annuity Market lead at Deloitte Consulting LLP, expressed gratitude for the recognition, stating, "We appreciate that Everest Group provides a specific Life & Annuity Insurance focus. Our highest Market Impact rating is also a credit to our clients and technology platform collaborators. We will continue to combine our technical expertise with industry knowledge and significant investments in innovative solutions to best support our clients."
Evaluation Framework
The Everest Group report assessed 24 leading service providers in the market, detailing each firm's service focus, key solutions, industry investments, and case studies. The evaluation incorporated a rigorous Request for Information (RFI) process along with client references and ongoing market analysis.
About Deloitte
Deloitte encompasses a global network of member firms under the auspices of Deloitte Touche Tohmatsu Limited (DTTL). Each entity within the Deloitte organization operates independently and delivers a range of services, including audit, tax, consulting, and risk advisory, to a wide array of clients, including nearly 90% of the Fortune Global 500.
With a history spanning over 175 years, Deloitte has a presence in more than 150 countries, employing approximately 457,000 professionals dedicated to making an impactful difference in various sectors. To discover more about Deloitte and its endeavors, individuals can visit the official website.
Frequently Asked Questions
What is the significance of Deloitte's recent recognition?
Deloitte's recognition as a Leader highlights its robust IT services tailored for the Life & Annuity insurance sector, showcasing its capabilities and industry impact.
Who evaluates the insurance IT services market?
The Everest Group is responsible for evaluating the insurance IT services market, providing detailed assessments based on various performance metrics and client feedback.
How does Deloitte support insurance carriers?
Deloitte offers customized IT solutions that address the challenges faced by insurance carriers, including regulatory compliance and modernization of technology systems.
What areas does Deloitte focus on in the insurance sector?
Deloitte focuses on several key areas including pension risk transfer, retirement experience management, distribution channel digitization, and benefits modernization.
How many companies were evaluated in the report?
A total of 24 leading service providers were evaluated in the Everest Group's assessment, highlighting the competitive landscape in insurance IT services.
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