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The outlook for insurance BPO market growth remains favorable. More so perhaps Carriers are facing huge pressure on cost owing to upheavals from the financial crisis. Players are sensitive to changing and more cautious buyer behaviors, as Carriers adjust to staffing challenges, become more focused on transformation and innovation, and seek competitive differentiation. We recognize different regional buyer preferences and shifting regulatory directives. These trends play to iProjects.in strengths, i.e.

• Strategic view of our clients’ businesses and issues
• Deep industry operational knowledge
• Granular understanding of P&C, Life, Annuity and Health Insurance industry processes
• Reliability in delivery execution

We are bullish on insurance BPO. Opportunities in Vertical (middle office) BPO will be focused on cost reduction, new business generation and organizational transformation with expected growth rates through 2015 of nearly 12% for L&A, 10% for P&C and 25% for Health. Demand for improved claims and policy administration customer service and lower costs, speed to market for new products, geographic expansion and improved claims effectiveness and efficiencies are forces that are stimulating insurers’ vertical BPO market growth. The $8.2 billion front office BPO market is more than double that of the back office. For both L&P and P&C insurers, we believe horizontal BPO purchases will be focused on front office customer acquisition service related activities. Back office support activities like F&A will put a premium on IT consulting and systems integration skills. Demand for purchases of horizontal insurance BPO services, also varies by geography.

Rising claims levels will present opportunities for BPO providers to help insurers improve claims ratios through on-line fraud detection, highly integrated service supplier networks, data analytics as well as process improvement and labour arbitrage services. Competition for new premiums will increase the use of offshore BPO to support new business generation, e.g., account setup, quotations, intermediary validation and agent management. L&A insurers will focus their horizontal BPO purchasing and evaluation activities primarily on front office such as customer service & customer care. Levels of support processes for back office outsourcing by the L&P insurance sector are low and this seems unlikely to change dramatically.

BPO Projects will be focused on transformation and innovation. Few BPO projects will emerge without some ITO or consulting. There will be greater interest in large outsourcing projects for application development, IT transformation and BPO. Most outsourcing demands will include ITO, hence business outsourcers will need to have business domain knowledge and possibly some elements of BPO. Industry knowledge and expertise will be the key in successful deals.

Top Global Life and Annuity (L&A) BPO Players @ a glace

Top Global Property and Casualty (P&C) BPO Players @ a glance

Top Health BPO Players @ a glance

Major Insurance BPO Workflows