Dublin-based consultants Research and Markets have announced the addition of “BPO and Sourcing Trends in Insurance (Customer Focus)” to their offering. The study concludes that the use of outsourcing continues to rise in the insurance sector “as insurers look for operational efficiency enhancements as well as growth opportunities.”
R&M said is brief “provides end-user insight in terms of take-up, planned BPO and attitudes to BPO and offshore sourcing,” covering “insurance specific processes and functions as well as horizontal processes.” It includes100 in-depth insurance interviews providing detailed understanding of current and planned outsourcing.
“The analysis is based on interviews with insurers from the Americas, Asia Pacific and EMEA,” the bulletin continued. “Highlights of this title: Nearly half of insurers use BPO: insurers have made great progress in terms of BPO acceptance with the practice having gone from being considered a risky strategy for the few to a mainstream strategic choice. In fact it shows that that insurers to a degree feel compelled to put BPO on the C-level agenda.
“The horizontal processes such as HRO, F&A and CRM continue to grow significantly despite their dominance in terms of absolute usage. However the fastest growth going forward will be in the industry specific processes such as claims processing and policy administration.
“India’s leadership in the offshore sourcing industry is all but assured, but a number of contenders are emerging in individual service areas. Eastern Europe, Canada and South Africa will be particularly well placed to benefit from growth in higher value BPO services.”
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