Vendor Analysis
published on Feb 18, 2020
Report Overview:
This NelsonHall vendor assessment analyzes Mphasis' offerings and capabilities in transforming Property & Casualty BPS with touchless processing
Who is this Report for:
Who Is This Vendor Assessment For?
- NelsonHall’s comprehensive assessment of Mphasis’ property and casualty (P&C) business process service (BPS) offerings and capabilities is designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of capital market process outsourcing and identifying vendor suitability for Digital Banking Services RFPs
- Vendor marketing, sales and business managers looking to benchmark themselves against their peers
- Financial analysts and investors specializing in the support services sector.
Scope of this Report:
The report comprehensively analyzes the company’s P&C BPS practice:
- Strategy, emphases, and new developments
- Strengths, weaknesses and outlook
- Target market
- Offerings and associated technology capabilities
- Delivery organization, including locations and partnerships
- Breakouts of P&C BPS specific revenue and delivery resources.
Key Findings & Highlights:
Mphasis goes to market in eight vertical groups, but its primary client set is in the broader financial services sector. Mphasis derives 12% of revenue from property and casualty (P&C) and life and annuities (L&A) insurance carriers. The majority of Mphasis insurance revenue is generated by IT services work, but Mphasis serves P&C BPS clients, particularly small carriers, in addition to a few large global carriers and mid-tier carriers in processing new business, underwriting and in claims management.
NelsonHall estimates that 18-20% of Mphasis' in insurance vertical revenue was generated by P&C BPS contracts. This revenue for FY19 stands at $11m.
Mphasis' P&C expertise extends across PL, CL, specialty lines, Lloyds markets, broker services, and reinsurance. PL product expertise includes personal auto and home coverage. CL product expertise includes auto, liability, workers' compensation, and loan protection. Specialty lines expertise includes specialty line brokerage services.
The company currently serves about 50 P&C customers, including three global insurance companies, but only a fraction have BPS contracts with Mphasis. While Mphasis serves many small carriers, its strength is in serving a few large global insurers and mid-tier carriers, particularly in processing new business and in underwriting. P&C insurance is an industry that Mphasis has targeted for growth.