Mumbai (India), December, 2015: Larsen & Toubro Infotech Limited (“L&T Infotech”), one of India’s global Information Technology (“IT”) services and solutions companies and a subsidiary of Larsen & Toubro Limited (“L&T”), today announced being named as one of the ‘Star Performers’ and ‘Major Contenders’ in the service provider landscape for Analytics in Global Insurance in Everest Group’s PEAK MatrixTM Assessment 2015.
The report titled “IT Outsourcing in Global Insurance – Service Provider Landscape with PEAK Matrix™ Assessment 2015: Driving Differentiation through Digital” (the “Report”) assessed 21 leading application outsourcing (“AO”) service providers based on parameters related to scale and scope of operation, technology, domain investments, delivery footprint, innovation, buyer satisfaction and resultant market success in the context of a given outsourcing function.
According to the Report, the distinguishing features of market success of L&T Infotech include recording of more than 50% of the annualized contract value (ACV) growth from large AO deals as well as the addition of two new large insurance AO deals bagged in 2014. L&T Infotech has been featured as a ‘Star Performer’ twice in the last three years, a reflection of consistent performance across all dimensions of Delivery Capability and Market Success. Moreover, the report also recognizes L&T Infotech’s launch of new accelerators and solutions, across the insurance value-chain and investments in product development centers
“The need of insurance firms to introduce differentiated products and services, enhance customer experience, and contain costs are driving service providers’ investments in digital portfolios, insurance-specific products and platforms, as well as the adoption of innovative engagement models,” said Jimit Arora, Vice President, Everest Group. “A consistent double digit growth in its insurance AO business, sustained focus on enhancing its proprietary portfolio with domain-centric solutions, investments in building digital transformation expertise, and a focus on managed services capabilities helped L&T Infotech enhance its position as a Major Contender, as well as lead to its designation as a Star Performer, on the 2015 Everest Group Insurance AO PEAK MatrixTM.”
Speaking on the achievement, Mr. Sanjay Jalona, Chief Executive Officer & Managing Director, L&T Infotech, said, “This achievement signifies our ability to help our clients realize critical business outcomes and growth in a highly competitive environment. We will continue to build capabilities in the areas of automation and digitization to differentiate our offerings.”