Insurance & Brokerage - White Papers

Business Process Outsourcing - Insurance

Globally the Insurance industry has been under significant focus due to several world events recently. Numerous unanticipated claims have effected badly the Insurance industry resulting in an adverse impact on their bottom-lines. Continuous demands for improved services have clogged the insurance organizations to re-vamp the way the services are being provided.

The insurance business is very diversified & complex whether you are a Life Insurer, a General Insurer, a Re-insurer or an Insurance Brokerage house. Taking the complexity of the industry into account we invest a great deal in understanding such businesses. We work closely with our clients using our domain experts and incisive technological understanding to create customized solutions that bring measurable business benefits.

Competition is increasing in insurance industry and growing on a day by day basis, the declining margins has made the insurers to sit up and take stock of their current processes and practices. Insurers are now realizing that they need to focus on their core competencies and have to optimally use their resources to be competitive. The solution for the same lies in outsourcing the business processes, which are not critical to the business. Outsourcing the business process allows the insurers to reduce the operating cost, which gives them a competitive edge again. Insurers can also expect improved service quality and flexibility, which add value to their business.

A Gartner-Data quest study projects that BPO in financial services will reach $58 billion by 2005. In a survey conducted in October and November 2001, Gartner Inc. estimated that among 114 U.S. insurance carriers who have written at least $100 million in net premiums, 51% of life and health insurers and 48 % of property and casualty insurers outsourced at least one business process in 2001. This will become a trend.