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Managing the Downturn and Preparing for the Rebound: Outsourcing in Insurance (Strategic Focus)
Datamonitor, June 2009, Pages: 40
In response to the economic downturn, insurers have focused on short-term savings. However, economic downturns always turn into periods of expansion. Regardless of whether a recovery is months or years away, the smart insurers are planning for a future where expenses need to be tightly controlled and opportunities can only be exploited by companies with flexible operations.
Scope
- The report discusses the market challenges facing both life and non-life insurers.
- Application outsourcing, infrastructure outsourcing and business process outsourcing is discussed in detail.
Highlights of this title
As the economy recovers, the benefits of functional outsourcing will be marginalized. Therefore, in order to make meaningful improvements, insurers will need to re-engineer their business processes and improve their technology assets.
The suspension of variable annuity products presents a great opportunity for BPO providers. Closed books of business that is, a block of policies that are still in force but no longer being actively sold are often the logical starting point for insurers considering outsourcing.
Moving forward, Datamonitor believes that few insurance captives will be established, while the rate of divestitures will increase. This provides vendors with not only greater sales opportunities, but also the potential to acquire the assets of dismantled captives.
Key reasons to purchase this title
- Gain insight into the market challenges facing insurers, and how the effective use of outsourcing is being used to mitigate these challenges.
- Learn about the market strategies of key vendors serving the insurance vertical.
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