TEANECK, N.J., June 24, 2020 /PRNewswire/
-- Cognizant (Nasdaq: CTSH) has been named a Leader in
Everest Group's Guidewire Services PEAK Matrix® Assessment
2020. 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 utilization 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.
"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," said Aaditya Jain,
Practice Director, Everest Group. "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."
"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," said Ben Bengtson, Cognizant Senior Vice President,
Insurance. "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."
To view an extract of the Everest Group PEAK Matrix
Report, visit:
https://www.cognizant.com/Resources/everest-guidewire-services-peak-matrix-2020-focus-on-cognizant.pdf
Learn more about Cognizant Insurance Digital
Transformation Solutions:
www.cognizant.com/insurance-digital-transformation
About Cognizant
Cognizant (Nasdaq-100: CTSH) is one
of the world's leading professional services companies,
transforming clients' business, operating and technology models for
the digital era. Our unique industry-based, consultative approach
helps clients envision, build and run more innovative and efficient
businesses. Headquartered in the U.S., Cognizant is ranked 194 on
the Fortune 500 and is consistently listed among the most admired
companies in the world. Learn how Cognizant helps clients lead with
digital at www.cognizant.com or follow us @Cognizant.
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SOURCE Cognizant