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Cogneesol Positioned as Major Contender in the Everest Group’s P&C Insurance BPS PEAK Matrix(R) Assessment Report 2022

Wednesday, November 30, 2022 8:00 AM

NEW YORK, NY / ACCESSWIRE / November 30, 2022 / Cogneesol, a global professional services firm delivering business process management, consulting, and technology solutions to businesses, has been positioned as a Major Contender in the Everest Group's P&C Insurance BPS PEAK Matrix® Assessment Report 2022.

This positioning by Everest Group is a testimony of Cogneesol consistent delivery excellence through the years, the partnership commitment to their clients, and of their intent to widen their playing field. Positioned very high in the ‘value delivered' segment under the market impact matrix, the recognition is a reflection on Cogneesol's client and delivery focus.

"Cogneesol's client centricity and delivery excellence have created strong confidence in our wide-ranging insurance solutions. Our offerings not only help clients tackle business disruptions but also enable them to enhance their competitive positioning. Our concerted focus and deep investments in building domain expertise, moving up the value chain and offering consistent value-adds have borne fruits", said Ashim Khurana, Cogneesol's head of Operations.

With an experience of over fourteen years, Cogneesol has been delivering a variety of insurance business process management services to clients across several countries. Leveraging domain expertise coupled with technology and data solutions, their insurance solutions reflect their determination and ambition toward optimizing clients' business processes and being their partner of choice.

Working with carriers, MGAs, wholesalers, retail brokers, agencies and loss adjusters Cogneesol today covers the entire insurance ecosystem from a business process point of view. Cogneesol has built a steady client base that grows 12% per annum. Accordingly, their employee base has been growing at a rate of 15% per annum.

Through the years, they have moved up the value chain, adding complex processes to their suite. Few of their complex and niche product lines within commercial lines include aviation insurance, sexual harassment insurance, cybersecurity risk, liability insurance of software products, strata insurance, logistics insurance. Additionally, they have upped the game by developing a new Analytics Center of Excellence focussed on providing, both descriptive and predictive analytics to its clients and enabling them to make informed decisions based on data. This diversified portfolio has earned Cogneesol a niche place in the insurance service providers' category.

In its assessment report, the Everest Group notes, "Cogneesol's presence in the P&C insurance landscape has been gradually evolving in terms of geographical expansion, focus on carrier and MGA markets, investments in targeted technology solutions, and domain upskilling of talent through relevant certifications and courses such as for underwriting. Although it has a small-scale portfolio currently for P&C insurance BPS, it has been clocking decent growth and still has a healthy pipeline in different geographies such as North America, the UK, and Asia Pacific, especially the ANZ region. It is also gradually moving to larger clients that would offer a greater volume of work on an average than its current clientele."

The report further adds, "Considering that the majority of its engagements are sole-sourced, this also reaffirms its reference ability in this space, thereby leading to better growth prospects moving forward. Even the referenced clients who were interviewed appreciated the domain, transition, and flexibility that the provider brings to the table."

Their technology and digital interventions pre-empt market needs and guide the development of bespoke solutions for core insurance functions on the one hand; and on the other, make non-core processes such as accounting, digital marketing, customer services smarter and more intelligent. In recent times, Cogneesol has been making significant investments to augment their automation and digitization add-ons in order to offer their clients end-to-end solutions to handle complex operational and business changes, and still achieve high performance in a volatile market. The Everest report specifically adds, "From a data investment standpoint, Cogneesol has started to fulfill the need for a consolidated view of data residing on multiple systems, especially for such intermediaries that are acquiring other smaller peers in the market.

Cogneesol's structured quality assurance program overarches all its offerings. Governed by strong metrics to control service levels and monitor end-customer requirements to ensure delivery excellence, consistency and increased customer satisfaction, quality monitoring at Cogneesol is a default. Working across industry-accepted agile and business process re-engineering approaches, continuous improvements drives Cogneeesol's both operational and strategic goals.

The positioning of Cogneesol as a Major Contender in the Everest Group's P&C Insurance BPS PEAK Matrix® Assessment Report 2022 will boost its image of a credible service provider, and will entrench its position as a strong player in the market. Read here to have an overview of Cogneesol's full range of insurance outsourcing solutions.

About Cogneesol

Cogneesol is a leading business transformation, technology, and consulting services company, that partners with clients, across service lines and industries, helping them to overcome operational challenges and optimize processes, thereby unlocking business value, and driving growth. Our extensive suite of solutions include business process management services, technology solutions, customer experience services, digital services, analytics. We cater to clients spread across twenty-five countries and who span across multiple industries. We understand our client's vision, devise performance accelerating strategies for them, and deliver unmatched outcomes throughout the business lifecycle. Headquartered in North America, we have a strong team of professionals and specialists across our onshore and offshore delivery centers in countries including North America, India and Philippines.

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Contact Number - +1 833 313 3143
Email ID - [email protected]

SOURCE: Cogneesol

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