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1. P&C Insurance Market Sentiment Survey Brought to you by Insurance Insider with WNS Global Services Survey results captured Q2 2020

2. P&C Insurance Market Sentiment Survey INTRODUCTION In partnership with WNS Global Services, Insurance Insider launched a survey targeted at the P&C insurance market with an aim to identify some key trends in this sector during the pandemic. We received 104 survey submissions from 43 companies between July and August, with around 15% of submissions coming from C-suite executives. The remainder of participants were made up of other senior market individuals since we only invited the highest levels of management to take part in the survey. We are delighted to share the key findings of the survey below, followed by full aggregated survey results with detailed analysis. For any additional queries related to the survey, please reach out to marketing@wns.com KEY FINDINGS Growth ● Introducing new products and investing in technology are carriers’ top two areas of focus over the next two years in order to maximise growth ● But insurers’ largest barrier to achieving this growth was internal change management followed by human resource issues and lack of data and analytics Distribution ● Some 80% of respondents worked at an insurer that followed a broker-driven distribution channel while just 3% had direct access to the customer ● The majority of respondents – 70% – said they were going to continue with broker-driven distribution arrangements, but over 12% of respondents said they were moving to a more direct distribution method, with many citing analytics and technology as a key enabler to make this shift work ● Over half of the survey participants thought the general market would move to a more equal split between broker-driven business and direct over the next three years Remote working ● In light of Covid-19, it was not surprising to see that almost 90% of respondents said their operational risk management plans would include more scenarios that enable their staff to work from alternative locations if they wish 02 Insurance Insider & WNS Global Services

3. P&C Insurance Market Sentiment Survey Growth The ongoing coronavirus pandemic has changed the way P&C insurance companies and individuals think. However, according to the survey results – which were captured in the middle of the pandemic – introducing new products and investing in technology remain the top two areas of focus for companies’ plans to maximise growth over the next two years. Meanwhile, just 35.5% of the survey sample said they would focus on minimising growth disruption from future pandemic threats. While 67.1% of participants said they would focus on investing in technology, just 27.6% were focusing on selling to the “digital native” – a person who has grown up in the digital age rather than having acquired familiarity with technology as an adult. 1. Which of the following areas will you focus on over the next two years in order to maximise growth? Choose as many that apply 67.1% 67.1% 35.5% 27.6% 17.1% Introduce new products Invest in technology Minimize growth disruption from future Covid-19-like threats Selling to the digital native, the new breed of customer Other* Respondents were able to choose more than one answer in this question so percentages will not sum to 100% *Respondents were required to write in an answer if they chose ‘Other’. Some said they would focus on expanding their direct distribution channel while another individual said they wanted to grow in a line of business that provides good returns. While the focus of this question was about maximising growth, one participant pragmatically said, “products will be updated, modified, in some cases enhanced, and in some cases discontinued”. Elsewhere, one senior market individual was particularly concerned about the impending financial downturn caused by Covid-19: “My focus will be on structured reinsurance transactions, and M&A will be a major topic going forward especially with the imminent financial collapse that’s about to unfold.” Some of the respondents said they would improve broker relationships, increase staffing, increase diversity and inclusion across the business and invest in training. Meanwhile, various sections of the sample were positive about the hardening P&C market, accelerated by Covid-19. One senior executive from Sompo said they would focus on “leveraging rate increases from a marketplace correction” in order to maximise growth. Barriers to maximising growth can vary different across organisations but, according to the survey results, internal change management is the biggest obstacle to achieving growth. Indeed, some 41.3% of survey respondents thought this was the case, while 36.0% highlighted human resources as a barrier to achieving growth. Human resources relates to retraining individuals, introducing new employees or dealing with the consequences of leavers. 03 Insurance Insider & WNS Global Services

4. 67.1% 67.1% 35.5% P&C Insurance Market Sentiment Survey 27.6% 17.1% Speaking about market conditions, a senior underwriter from Ethos Specialty Insurance added: “Most carriers take too long to make changes to take advantage of hardening (or softening) market conditions.” Meanwhile, around one third of survey participants selected lack of data and actionable insights as a barrier to achieving growth. However, one managing director from Markel added: “The data is available – using it strategically is the key to success.” Introduce new products Invest in technology Minimize growth disruption from future Covid-19-like threats Selling to the digital native, the new breed of customer Other* Respondents were able to choose more than one answer in this question so percentages will not sum to 100% 2. What do you think are your company-specific barriers to achieving this growth? Choose as many that apply 41.3% 36.0% 33.3% 29.3% 17.3% Internal change management Human resources – retraining/hiring/ leavers Lack of data and actionable analytics Limited innovation and product introduction Other* Respondents were able to choose more than one answer in this question so percentages will not sum to 100% *Respondents were again required to write in an answer if they chose ‘Other’. Below are some more answers given by respondents: ● “Clients not being ready” ● “Conveying change in a way that is understood and accepted by trading partners” ● “Delayed new product delivery” ● “Environmental headwinds” ● “Legal barriers” ● “Shifting operational priorities” 04 Insurance Insider & WNS Global Services

5. 67.1% 67.1% 67.1% 67.1% 35.5% 27.6% 35.5% 17.1% 27.6% 17.1% Introduce new products Invest in technology Minimize growth disruption from future Covid-19-like threats Selling to the digital native, the new breed of customer Other* Introduce new products Respondents were able to choose more than one answer in this question so percentages will not sum to 100% Invest in technology Minimize growth disruption from future Covid-19-like threats Selling to the digital native, the new breed of customer Other* Respondents were able to choose more than one answer in this question so percentages will not sum to 100% 41.3% 36.0% 33.3% 41.3% 29.3% P&C Insurance Market Sentiment Survey 36.0% 33.3% 29.3% 17.3% Distribution 17.3% To achieve growth, easy access to the customer is essential, whether that be direct or through a broker or an agent. In the P&C insurance market, many lines of business are complex and require broker support to sell to the customer, so it was not surprising that the majority of our survey sample – 80% – said their current distribution model used a broker but only 2.9% said they operate using a direct-to-customer distribution model. In the middle, 17.1% of respondents said they use a mix of broker and direct distribution. Internal change management Human resources – retraining/hiring/ leavers Lack of data and actionable analytics Limited innovation and product introduction Other* Internal change management Human resources – retraining/hiring/ leavers Lack of data and actionable analytics Limited innovation and product introduction Other* Respondents were able to choose more than one answer in this question so percentages will not sum to 100% One non-executive director from Beazley emphasised that specialist lines require assistance from brokers and direct trading would not be efficient for those lines: “Direct trading on specialty classes will be slower to be transacted by nature of the more complex issues.” Respondents were able to choose more than one answer in this question so percentages will not sum to 100% 2.9% 1. What is your current distribution model? 2.9% 17.1% 17.1% Broker/Agent About equal between broker driven and direct Direct/Captive Broker/Agent About equal between broker driven and direct Direct/Captive 80.0% 80.0% 2. Are you moving towards a direct-to-consumer distribution model? 12.5% 17.9% Yes No Not sure 69.6% 05 Insurance Insider & WNS Global Services

6. P&C Insurance Market Sentiment Survey 3. How are you moving towards a direct distribution model? For respondents that currently use brokers, 12.5% said they are looking to move towards a direct-to-consumer distribution model. When asked how they would make this shift, the majority said that data analytics and online portal systems that allow the customer to interact with the carrier would be essential. Some InsurTech businesses in the P&C market have already implemented these systems that allow customers to access complex insurance lines of business. One C-suite individual from a leading US workers’ compensation insurance organisation said: “We just introduced a digital distribution product that currently works with our agent partners – and while there are no plans currently to go direct – the capability we have just rolled out allows us to quickly pivot if the market changes.” Respondents provided the following further notable explanations of how they were going to move to a direct distribution model: ● “Portal-based systems for direct access to minimise acquisition costs” ● “Partnerships with MGAs” ● “Data analytics is key” ● “More widely used online platform” 4. Why are you not moving to a direct distribution model? Almost 70% of the respondents that currently operate a direct distribution model said that they were not going to move to direct and many explained that their lines of business are too complex to go straight to the customer. Other respondents said that they had gone direct on some lines but “other classes are dominated by broker business”. One senior individual said brokers “add value” across the entire insurance process. The value they add can be at the start of the process by pairing customers with carriers and providing insurers with analytics and modelling, as well as during the claims process. However, that is not to say this cannot be done without a broker, although many respondents cited costs or a regulatory burden when explaining why they cannot move to a direct model. One senior vice president at a leading US reinsurer added: “Brokers are too dominant in the commercial insurance sector.” Respondents provided the following further explanations for why they were not moving to a direct distribution model: ● “Specific product offering very technical in nature and requires expertise” ● “Target is mid- to large-sized multinational customers. Broker support is required to handle” ● “Brokers have a wonderful distribution network and control huge swathes of the business” ● “Direct distribution model requires higher investment in people and technology” ● “Majority of products do not readily lend themselves to direct sales model. Not particularly attracted to the commoditisation inherent in direct sales” 06 Insurance Insider & WNS Global Services

7. 67.1% 67.1% 35.5% 27.6% 17.1% Introduce new products Invest in technology Minimize growth disruption from future Covid-19-like threats Selling to the digital native, the new breed of customer Other* Respondents were able to choose more than one answer in this question so percentages will not sum to 100% 41.3% 36.0% 33.3% 29.3% 17.3% Internal change management Human resources – retraining/hiring/ leavers Lack of data and actionable analytics Limited innovation and product introduction Other* Respondents were able to choose more than one answer in this question so percentages will not sum to 100% 2.9% 17.1% Broker/Agent About equal between broker driven and direct Direct/Captive 80.0% 12.5% 17.9% Yes No Not sure 69.6% P&C Insurance Market Sentiment Survey 5. How do you see the general market’s distribution model changing over the next three years? 14.3% About the equal between broker driven and direct More direct More broker driven 30.0% 55.7% While the majority of respondents said that they would not be moving to a direct model, some 55.7% said they would see the market shift to an equal split between broker business and direct over the next three years. Some respondents explained that carriers could make the shift to a more direct distribution method over the next few years by investing in technology. This would in turn reduce costs by taking brokers out of the model. One respondent recognised that the Lloyd’s market “probably won’t disintermediate much in the next three years” but said insurance generally would go more direct. Meanwhile a senior individual from Axis Capital explained that different sections of the P&C market would follow different models: “The SME sector will follow the personal lines model with online products aimed at the masses.” Meanwhile, a relatively large section of the survey sample – 30% – believed the general market would change to become more direct, while just 14.3% of respondents thought customer access would become more broker driven over the next three years. Below are some comments from respondents: ● “Affinity partners will be new brokers” ● “Costs will drive more innovation and cost reduction” ● “Brokers will be pushed to lower costs to compete and become more efficient” ● “The brokers are being allowed too much rope and adding too much cost to what is a simple process. If the risk takers get their act together, the future trend will be towards disintermediation” ● “Complex risks require broker expertise and resources” 07 Insurance Insider & WNS Global Services

8. P&C Insurance Market Sentiment Survey 6. As you are moving towards a more direct distribution model, are you investing in making your insurance platform accessible via mobile devices? 14.3% Yes No Not sure 85.7% Yes No Don’t know Yes No Not sure 08 Insurance Insider & WNS Global Services

9. 14.3% P&C Insurance Market Sentiment Survey Remote working and blockchain As the coronavirus pandemic forced people to work from home, the option of remote working was quickly promised to many employees even after offices reopen. Therefore, it was no surprise that 89.2% of survey respondents said they would include more scenarios which enable their staff to work remotely if they wanted to. 85.7% However, 4.6% of participants said they would not include more scenarios. 1. Will your operational risk management plan include more scenarios which enable your staff to work from alternative locations if they wish to do so?  6.2% 4.6% Yes No Don’t know 89.2% Yes No Not sure 09 Insurance Insider & WNS Global Services

10. 14.3% 85.7% 6.2% 4.6% P&C Insurance Market Sentiment Survey The global market for blockchain in the insurance industry was expected to grow before Covid-19. Carriers were adopting distributed ledger technology across one or more business units, or were piloting or planning to pilot the technology. Through the survey we wanted to understand their sentiment towards investment in blockchain technology, which creates a level of transparency, security and trust not previously possible. 89.2% As per the survey, while 41.5% of respondents said they were not investing in blockchain, 15.4% of the respondents mentioned that their organisation is focusing on using blockchain to revolutionize interactions among stakeholders – such as brokers, vendors, reinsurers and ecosystem partners. 2. Are you investing in blockchain/are you part of a blockchain consortium? 15.4% 43.1% Yes No Not sure 41.5% 10 Insurance Insider & WNS Global Services

11. About WNS WNS (Holdings) Limited (NYSE: WNS) is a leading Business Process Management (BPM) company. We combine our deep industry knowledge with technology, analytics and process expertise to co-create innovative, digitally led transformational solutions with over 400 clients across various industries. The industries include healthcare and life sciences, banking and financial services, consulting and professional services, insurance, manufacturing, media and entertainment, retail and consumer packaged goods, telecommunications and diversified businesses, shipping and logistics, travel and leisure, and utilities and energy. We deliver an entire spectrum of BPM solutions including industry-specific offerings, customer interaction services, finance and accounting, human resources, procurement, and research and analytics to re-imagine the digital future of businesses. We have delivery centers worldwide including in China, Costa Rica, India, the Philippines, Poland, Romania, South Africa, Spain, Sri Lanka, Turkey, the United Kingdom and the United States. To know more, write to us at marketing@wns.com or visit us at www.wns.com The material contained in this report has been prepared solely for informational purposes by the Insurance Insider’s Insights team on behalf of WNS Global Services.