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Non-Voice BPO in the Insurance Sector - India
CYGNUS Business Consulting & Research, July 2006, Pages: 106
The recent business trends have generated more interest among insurance carriers than business process outsourcing. The combination of unrelenting pressure on expenses, vast improvements in networking and communication technology, and an increased appreciation of highly flexible business models has caused virtually all insurance carriers to explore non-traditional options for running their businesses. Though the adoption of BPO for core insurance services is progressing slowly, the market has grown to almost US$3 billion by 2006. Outsourcing offers a convincing business model that insurance companies can leverage in the constant drive to attain customer satisfaction, operational effectiveness, and market advantage that will ultimately drive the bottom line. In a highly competitive market where differences in policy premiums are insignificant, the focus must be on customer retention. Business process outsourcing (BPO) is growing within the insurance industry, driven by increasing comfort with vendors and the need to reduce costs. In fact insurance industry itself has born out of the need to outsource ones risks!
This report on BPO industry in Insurance has been prepared keeping in mind the growing need to understand the emerging industry. The latest Industry Insight is designed to provide the information on the scope of the Non - Voice BPO in insurance which classifies Non - Voice BPO in Insurance into non-core services and core insurance services. Core insurance services are industry-specific operational areas such as underwriting, policyholder and agent services, and claims. Non-core services include areas such as HR and benefits administration, as well as enterprise services like property management and purchasing.
This report covers non-voice offshore Insurance-BPO services industry in India. It focuses on insurance industries in the US, the UK, and Australia-the target markets of Indian insurance BPO service providers. Highlights include snapshots of major insurance markets worldwide, in-depth coverage of insurance BPO services, government policies, and profiles of leading companies in India in the insurance BPO space.
The report highlights some of the following points - Why BPO is gaining ground in INDIA:, Factor Cost Advantage, Economy of Scale, Business Risk Mitigation, Superior Competency, Utilization Improvement, Some of the benefits out of Business Process Outsourcing are:, Low transition period, higher efficiency, Execution of projects through Business Expertise, Advance analysis of your requirements, Setting up your outsourcing strategy, Hiring of professionals with domain expertise, Standardizing project specific knowledge process, Flawless performance commitment, Time bound delivery management , Business level project management , 24/7 days support , Superior communications , Ensure easy business services. The report will act as a ready reference tool for BPO service providers, government departments, analysts, students, consultants and entrepreneurs will gain a comprehensive understanding of a fast-growing industry
Total No. of Pages - 106, Total No. of Figures - 20, Total No. of tables - 17, Total No. of Charts - 1
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