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Press Release

February 12, 2015

Everest Group Names Virtusa Major Contender in PEAK Matrix for Large Insurance Application Outsourcing Relationships

WESTBOROUGH, Mass.,  (February 12, 2015)  Virtusa Corporation (NASDAQ GS: VRTU), a global business consulting and IT outsourcing company that combines innovation, technology leadership and industry solutions to transform the customer experience, today announced it has recently been named a Major Contender in Large Insurance Application Outsourcing Relationships by Everest Group, an advisory and research firm on global services. This is the first year Virtusa has been positioned by Everest Group in this category.Everest Group evaluated 22 global large insurance application outsourcing providers in the recently released report https://research.everestgrp.com/Product/EGR-2014-11-R-1340/IT-Outsourcing-in-Insurance-Service-Provider-Landscape-with-P

The in-depth report, issued annually, measures service providers on its proprietary Performance, Experience, Ability and Knowledge (PEAK) Matrix. According to the report Everest Group highlighted Major Contenders, combining strong growth focus, flexible staffing models and a willingness to take risks with a client-focused approach with an enthusiasm to invest in relationships.Our inclusion in this year's PEAK Insurance Matrix is an endorsement that our application outsourcing approach is delivering exceptional results for our clients, said Steve Lowry, senior vice president, Insurance Business Unit at Virtusa. We have successfully leveraged our engineering heritage, innovation, and technical advances in creating a differentiated outsourcing approach. It is great to be recognized as a Major Contender by Everest Group as we continue to see increasing demand for our application outsourcing support services. Our investments are paying off and we will continue to grow this aspect of our business.Backed by a strong domain expertise and extensive experience in serving leading global insurers, Virtusa provides strategic outsourcing services using a proven global delivery model.

Virtusa is perfectly positioned with its best-in-breed, innovative insurance solutions, and domain expertise to respond where Insurance ITO buyers want to complement their supplier services portfolio with an agile transformation partner. Its experience and expertise with the value chain of insurance functions helps provide solutions and services that improve efficiency, support growth and retention, and enhance the customer experience. Virtusa is currently implementing one of the largest claims transformation initiatives for a Global multi-line insurer. The insurance AO market is expanding, as providers continue to build capabilities and expand their client bases, said Jimit Arora, vice president, Everest Group. “In this market, Virtusa has launched a number of proprietary solutions, including its data storage and cloud capabilities, to strengthen its insurance consulting capabilities and position itself as a Major Contender in the application outsourcing industry.

To view the Everest Group PEAK Matrix on IT AO in Insurance for large (>25M USD), annuity based, multi-year (> 3 years) relationships, please visit https://www.virtusa.com/download/major-contender-in-everest-group-s-peak-matrix-for-it-outsourcing-in-insurance-services/

To learn more about Virtusa's insurance practice, please visit https://www.virtusa.com/industry/insurance/

 

About Virtusa

Virtusa Corporation is a global provider of digital business strategy, digital engineering, and information technology (IT) services and solutions that help clients change, disrupt, and unlock new value through innovative engineering. Virtusa serves Global 2000 companies in Banking, Financial Services, Insurance, Healthcare, Communications, Media, Entertainment, Travel, Manufacturing, and Technology industries.

Virtusa helps clients grow their business with innovative products and services that create operational efficiency using digital labor, future-proof operational and IT platforms, and rationalization and modernization of IT applications infrastructure. This is achieved through a unique approach blending deep contextual expertise, empowered agile teams, and measurably better engineering to create holistic solutions that drive the business forward at unparalleled velocity enabled by a culture of cooperative disruption.

Virtusa is a registered trademark of Virtusa Corporation.  All other company and brand names may be trademarks or service marks of their respective holders.

 

Media Contact:

Alex Nickols
Edelman
+1 (415) 430-8056
Alex.Nickols@edelman.com

Contact
Matt Weaver
Global Head of Media Relations
(617) 275-6514
mweaver@greenoughcom.com

 

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