Cognizant Named To "Winner's Circle" for Insurance As-a-Service in HfS Research Report
Leading Analyst Firm Cites Transformation and Innovation Abilities Among Key Strengths
TEANECK, New Jersey, Oct. 14, 2015 /PRNewswire/ -- Cognizant (NASDAQ: CTSH) today announced it has been placed in the "Winner's Circle" in the new HfS Research Blueprint Report: Insurance As-a-Service for its excellence in both execution and innovation for clients. HfS Research is a leading independent global analyst firm for the business and IT services industry.
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The Blueprint report compares the offerings and capabilities of 19 leading insurance as-a-service providers, with particular focus on the insurance industry's use of as-a-service platforms, commercial delivery models, robotic process automation and analytics. Service providers were rated on each of these on a number of differentiators under equally weighted categories of innovation and execution. Companies found to be leading in these categories are placed in the "Winner's Circle."
Cognizant is recognized in the HfS Blueprint report for "integrating diverse assets and partnerships to offer innovative and high-value insurance services." Specific strengths highlighted by the analyst firm include:
- Expansion of its global insurance delivery network, including new centers to support front, back and middle office operations and complex services;
- High momentum and growth with new clients and scale of operations;
- Diverse partnerships around platforms and technology, and
- Transformation and innovation abilities that are greatly valued by clients, including more focus on robotic process automation through Cognizant's Intelligent Process Automation solution to streamline and automate processes in claims administration, risk and fraud compliance, policy service and contract administration.
The report identifies Cognizant as an innovator through its use of emerging technologies, its investment in future capabilities and vision for insurance as-a-service capabilities. Hallmarks in execution include geographic footprint and scale, flexible pricing models, delivery of policy serving and claims administration, and quality of account management.
"Business models in insurance are changing, and service providers are in the midst of a storm enabled by the cloud and new digital technologies," said Reetika Joshi, Research Director at HfS and author of the report. "Insurance companies are seeking out partners that can balance execution and innovation, and deliver across the value chain. Customers have high expectations for service providers and firms need help to rapidly evolve their businesses to leverage As-a-Service capabilities and new advancements in robotic process automation and artificial intelligence. Cognizant has made strong progress in the last 18 months with a strategic investment in acquiring and building domain-specific automation capabilities, and in forging diverse partnerships that are benefitting clients by expanding its technology platform offerings."
"Our goal is to work with our insurance customers around the globe to capture opportunities presented by the digital world," said Gajen Kandiah, Executive Vice President, Business Process Services, at Cognizant. "We are honored that HfS Research has recognized our industry expertise, delivery excellence, and innovative ideas. The Winner's Circle placement is further validation that our process service offerings – including those powered by Intelligent Process Automation platforms – are delivering a secure, cost efficient, strategic advantage to our insurance customers."
About Cognizant's Insurance Practice
Cognizant's Insurance practice is committed to providing a stable economic foundation for individuals, families, communities, and commercial enterprise by partnering with insurers to build solutions for business, operational, risk and technology challenges, and continually improve the way they do business, set the pace in innovation, and deliver value to all stakeholders. The practice provides domain-aligned consulting, IT, and business process solutions globally.
Cognizant serves 7 of the Top 10 Global Insurers, 7 out of the top 10 U.S. P&C Insurers, 9 of the top 10 U.S. Life Insurers, and 8 out of the top 10 U.S. Annuity Insurers.
About HfS Research
HfS Research is the leading independent global analyst authority and knowledge community for the business and IT services industry. HfS serves the research and strategy needs of business and IT operations leaders across finance, supply chain, human resources, marketing, customer management, and core industry functions. HfS provides detailed and thoughtful analyst coverage of the various areas that impact successful business outcomes, namely, process automation and outsourcing, global business services frameworks, mobility, analytics, and social collaboration. HfS also focuses heavily on talent acquisition, development, and motivation strategies. HfS applies its acclaimed crowdsourced Blueprint Methodology™ to evaluate the performance of service providers in terms of innovating and then executing against those business outcomes.
About Cognizant
Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services, dedicated to helping the world's leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 100 development and delivery centers worldwide and approximately 218,000 employees as of June 30, 2015, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest growing companies in the world. Visit us online at www.cognizant.com or follow us on Twitter: Cognizant.
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