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HCL named a Leader for L& P (Life & Pensions) Insurance Digital Services 2019 by Everest Group PEAK Matrix™
PUBLISHED DATE: Mar 12, 2019
Noida, India, March 12 , 2019: HCL Technologies (HCL), a leading global technology company has been categorized as a Leader in Everest Group’s recently released report, Life & Pensions (L&P) Insurance Digital Services PEAK Matrix™ 2019 – Leapfrogging the Digital Transformation Stage. This report analyzes the changing dynamics of the L&P Digital services landscape and assesses service providers across several key dimensions.
HCL received the Leader designation based on its well-diversified revenue streams, focus on ecosystem, growth momentum and consistent investments in developing frameworks and accelerators.
“This breakthrough leadership ranking reflects a validation of our Mode 1-2-3 strategy, where we have institutionalized our Scale Digital Framework, with continued investments in technologies and solutions that meet the demands of an evolving L&P Insurance industry landscape”, said Rahul Singh, President & Global Head, Financial Services, HCL Technologies. “Our diverse team of engineers, UX designers, data scientists and domain experts are working on some of the most exciting digital transformation projects in the industry today, with a focus on testing tomorrow’s solutions, today.”
“The Life and Pensions (L&P) insurance sector in the last 12-18 months can be characterized by a massive shift from applying digital levers at the peripheries to reimagining business and operating models by deploying digital technologies such as analytics, API-based integration, cloud, machine learning, and RPA. Although cost containment and efficiency gains are still on the top of their strategic agendas, significant investments are now pouring in to create a frictionless experience for end-customers,” said Ronak Doshi, Practice Director, Everest Group. “Significant revenue growth and client wins spread across multiple geographies, recent investments into partnerships and acquisitions of products/platforms, and consistent focus to build meaningful accelerators/frameworks have helped HCL Technologies secure a position as a Leader on the inaugural Everest Group L&P Insurance Digital Services PEAK MatrixTM.”
In its report, the Everest Group studied the vision & capability and the market impact generated by 19 leading service providers specific to their digital service portfolio for the global Life & Pensions (L&P) Insurance sector. 7 of the 21 providers included in this report witnessed over 20% growth in their L&P Insurance Digital Services business and the overall Insurance IT services market grew by 11-13%.
About HCL Technologies
HCL Technologies (HCL) is a leading global technology company that helps global enterprises re–imagine and transform their businesses through Digital technology transformation. HCL operates out of 44 countries and has consolidated revenues of US$ 8.4 billion, for 12 Months ended 31st December, 2018. HCL focuses on providing an integrated portfolio of services underlined by its Mode 1–2–3 growth strategy. Mode 1 encompasses the core services in the areas of Applications, Infrastructure, BPO and Engineering & R&D services, leveraging DRYiCE Autonomics to transform clients' business and IT landscape, making them 'lean' and 'agile'. Mode 2 focuses on experience–centric and outcome–oriented integrated offerings of Digital & Analytics, IoT WoRKS™, Cloud Native Services and Cybersecurity & GRC services to drive business outcomes and enable enterprise digitalization. Mode 3 strategy is ecosystem–driven, creating innovative IP–partnerships to build products and platforms business. HCL leverages its global network of integrated co-innovation labs and global delivery capabilities to provide holistic multi–service delivery in key industry verticals including Financial Services, Manufacturing, Telecommunications, Media, Publishing, Entertainment, Retail & CPG, Life Sciences & Healthcare, Oil & Gas, Energy & Utilities, Travel, Transportation & Logistics and Government. With 132,328 professionals from diverse nationalities, HCL focuses on creating real value for customers by taking 'Relationships Beyond the Contract'. For more information, please visit www.hcltech.com
Certain statements in this release are forward-looking statements, which involve a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to the statements containing the words 'planned', 'expects', 'believes’,’ strategy', 'opportunity', 'anticipates', 'hopes' or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in IT services, business process outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, customer acceptances of our services, products and fee structures, our ability to attract and retain highly skilled professionals, our ability to integrate acquired assets in a cost-effective and timely manner, time and cost overruns on fixed-price, fixed-timeframe contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages on our service contracts, the success of the companies /entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property, other risks, uncertainties and general economic conditions affecting our industry. There can be no assurance that the forward-looking statements made herein will prove to be accurate, and issuance of such forward-looking statements should not be regarded as a representation by the Company, or any other person, that the objective and plans of the Company will be achieved. All forward-looking statements made herein are based on information presently available to the Management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.
For further details please contact:
Anne Coyle, US
Elka Ghudial, Europe
Devneeta Pahuja, India and APAC