- Company Recognized for Vision, Strategy, Capabilities and Market Presence
NTT DATA, a digital business and IT services leader, today announced Everest Group has named the company as a Leader in Life & Annuities (L&A) Insurance BPS and Third-Party Administrator (TPA) PEAK Matrix® Assessment 2023. The report recognized NTT DATA as one of six Leaders among the 23 service providers evaluated based on their vision, strategy, capabilities and market presence.
The analyst firm awarded NTT DATA high -positions in all nine of the specific criteria in the report: market adoption, portfolio mix, value delivered, overall market impact, vision and strategy, scope of services offered, innovation and investments, delivery footprint and overall vision and capability.
"We are thrilled to be recognized by Everest Group's and named a Leader in its Life & Annuities insurance BPS and third-party administrator assessment," said Kaz Nishihata, Senior Executive Vice President and Representative Director at NTT DATA Corporation. "We believe it shows that NTT DATA has the technology, skills and market vision to help insurers respond to ongoing market challenges as we move beyond the pandemic."
The latest Leader designation for NTT DATA comes just five months after Everest Group named NTT DATA a Leader in its Application and Digital Services in L&A Insurance PEAK Matrix® Assessment 2023 report.
In the 2023 report, Everest Group listed as a key strength NTT DATA's development and expansion of its Global Insurance Digital Platform (GIDP).
NTT DATA's GIDP is a cloud-based platform and partner ecosystem that provides best-in-class consulting, partnerships, Business Process as a Service (BPaaS), third-party administration and technological capabilities to the life and annuity industry. Its approach standardizes and automates processes in the cloud so that clients can accelerate their responses to market needs. GIDP is built to address client problems such as launching products, customer service and automating business processes, and it provides a complete system of engagement.
"Today's insurers are responding to market pressures by focusing on improving product agility and meeting customer demands for personalization," said Rob Baughman, Head of Insurance at NTT DATA Services. "At NTT DATA, we are innovating on the product and services front to keep pace with insurers' needs – helping them speed up the delivery of new services and partner with insurtech and digital insurers to elevate customer experiences."
Everest Group also highlighted NTT DATA's moves to broaden its array of insurance partnerships, build out the interoperability of the technology components within its insurance ecosystem and build on its regional stronghold in North America through continued expansion overseas.
"We are seeing strong demand for NTT DATA life and annuities solutions in EMEA, Latin America and Asia Pacific. In a digital-first environment, insurers that underinvest in technology and innovation will be left behind," said Bruno Abril, Head of Insurance at NTT DATA EMEAL. "In EMEA, Latin America and Asia Pacific, insurers are taking a forward-looking view toward the market challenges they face. We're encouraged by the strong demand for NTT DATA's insurance services, and we're expanding our footprint in the Asia Pacific region."
"The economic uncertainties within the insurance industry have presented notable challenges. NTT DATA has actively focused on enhancing its digital capabilities to effectively navigate shifting market dynamics. The firm has made substantial investments to strengthen its GIDP platform, ensuring it is well-prepared to meet the evolving expectations of customers," said Abhi Kothari, Practice Director, Everest Group.
"NTT DATA's recent strategic partnerships with Atidot and SmartComm have played a pivotal role in driving digital offerings. In addition, it is expanding its footprint with the establishment of a new delivery center in Manila, capitalizing on market opportunities and accessing a diverse talent pool. These strategic endeavors have helped position NTT DATA as a Leader in Life and Annuities (L&A) Insurance BPS and Third-Party Administrator (TPA) PEAK Matrix® Assessment 2023."
The Everest Group Life and Annuities (L&A) Insurance BPS and Third-Party Administrator PEAK Matrix® Assessment 2023 is based on Everest Group's annual RFI process for calendar year 2022, which includes interactions with service providers, client reference checks, and an in-depth analysis of the insurance IT services market.
For more information, please visit NTT DATA's Insurance page.