Midmarket insurers in North America are under pressure to adapt. Regulatory shifts, climate-driven risk volatility, rising customer expectations, and tech-savvy insurtechs are forcing carriers to reconsider how they operate, and how fast they can evolve.
To respond, many are turning to Information Technology Outsourcing (ITO) partners with insurance-specific capabilities. These partners bring the domain knowledge, digital maturity, and delivery agility needed to modernize systems, improve efficiency, and strengthen competitiveness.
The ISG Provider Lens™ Insurance Services 2024 North America Quadrant Report highlights this trend, and names Hexaware a Leader in the “Insurance ITO Services – Midmarket” quadrant for North America.
Why Midmarket Insurers Are Re-evaluating Their IT Strategy
The midmarket insurance segment is a unique space; companies here operate at scale but often without the resources of global carriers. They can’t afford overengineered solutions or multi-year programs with unclear ROI.
Yet, they face the same challenges:
- Customer expectations shaped by digital-first players
- Tightening regulations and increased oversight
- Climate-related volatility affecting claims
- Legacy systems that aren’t built for speed or integration
According to Grand View Research, North America’s insurance analytics market is growing at 13%+ CAGR and is expected to reach $10 billion by 2030. That growth reflects where insurers are investing: data, automation in insurance, cloud, and smarter operations.
For many, IT insurance outsourcing isn’t about cost-cutting, it’s about moving faster and reducing the risk of doing it alone.
ISG’s Top Midmarket ITO Providers
ISG evaluated over 60 providers for its Insurance ITO Services – Midmarket quadrant. Only 24 met the criteria for inclusion, and just nine were named Leaders. These are the providers demonstrating the strongest combination of insurance-specific delivery capability, insurance IT modernization scale, and client impact.
Hexaware earned its position as a Leader based on its automation-first approach, cloud-native delivery model, and ability to deliver transformation at speed—without compromising on domain depth. The ISG Provider Lens™ Insurance Services 2024 North America Quadrant Report also highlighted Hexaware’s strengths in legacy system modernization, post-migration support, and insurance consulting across platforms like Guidewire and Duck Creek.
Each of the leaders brings a different set of capabilities to the table, and are listed below in an alphabetical order:
|
Provider |
Notable Strength |
|
Coforge |
Simplified transformation models that help insurers modernize efficiently and at lower risk. |
|
EPAM |
Strong digital engineering capabilities with a focus on cloud-native insurance IT modernization. |
|
EXL |
Analytics-led transformation with an emphasis on customer experience and operational efficiency. |
|
Hexaware |
Application modernization and industry cloud consulting, enabling insurers to enhance legacy systems and accelerate insurance digital transformation. |
|
HTC Global Services |
End-to-end delivery across core systems, infrastructure, and managed services. |
|
Mphasis |
Balances legacy expertise with modern technology, enabling insurers to move at their own pace. |
|
Persistent Systems |
Known for process optimization and outcome-focused modernization programs. |
|
Tech Mahindra |
Offers proven accelerators and a strong methodology-driven approach to transformation. |
|
Zensar Technologies |
Experience-first engineering with a focus on front-end transformation and customer-facing systems. |
The Hexaware Approach — Practical, Focused, Built for Insurance
Hexaware partners with insurers to modernize legacy systems based on actual business needs. The approach emphasizes flexible engagement models, domain-driven delivery, and outcomes aligned to business objectives.
A Six-Path Modernization Framework
Modernization isn’t one-size-fits-all. Hexaware supports six strategic paths, each tailored to an organization’s readiness and existing IT landscape:
- Rehost: Lift and shift systems with minimal disruption
- Re-platform: Modernize platforms for greater scalability
- Rearchitect: Redesign for improved flexibility and integration
- Rebuild / Reimagine: Recreate applications from the ground up
- Replace: Transition to modern insurance platforms such as Guidewire or Duck Creek
- Run: Optimize and support performance post-migration
Not every path needs to be taken at once. Success begins with a strategy aligned to business context.
Tools That Accelerate Change
Hexaware brings more than just advisory services. Its proprietary tools power real transformation:
- Amaze®: Automates cloud migration and data transformation
- Tensai®: Enables faster deployment with built-in security and compliance features
- RapidX™: Leverages GenAI to assess legacy code and chart a high-speed modernization path
These tools enable faster outcomes, lower risk, and smoother rollouts.
Cloud- and Platform-Ready
Hexaware supports a wide range of platforms already embedded in insurers’ ecosystems—Guidewire, Duck Creek, AWS, Azure, and others. Whether moving off mainframes or launching new product lines, the goal is always the same: simplify integration and avoid overengineering.
Deep Insurance Expertise
Hexaware has delivered transformation programs across the insurance value chain—from underwriting and claims to policy servicing and customer support. This domain depth ensures that every technical change maps back to operational realities—unlocking better service delivery, fewer delays, and more streamlined insurance operations.
Final Thoughts
Midmarket insurers need clarity and speed—not more complexity. ISG’s recognition of Hexaware validates a track record of practical delivery and measurable value.
For insurers evaluating core modernization or IT operations transformation, Hexaware offers a partner ready to engage at any stage and drive forward momentum. Let’s start a conversation.
