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BPO in US Insurance
Datamonitor, Nov 2003, Pages: 37
As US insurers continue to grapple with management’s mandate to become more efficient, a renewed focus is on BPO. While many insurers remain skeptical to yielding control to a third party, there are mounting business cases due to increasing vendor expertise and models. BPO vendor camps, armed with strengthening drivers for BPO, are striking right at insurers most sensitive spot, operations.
Scope
- This report covers the strategic, business, and technology drivers and inhibitors of the current US insurance BPO market.
- Delves into claims management/policy administration sub-processes of BPO. It also discusses onshore/offshore delivery, governance, and BPO models.
- This report also gives an in-depth analysis of US insurance BPO spend-including forecasts until 2006.
- Lastly, this report discusses BPO market leaders and dissects their market perceived strategy.
'. Clearly, vendors and insurers need to focus on incorporating performance and flexibility, not only cost, as drivers for contract scoping. Service level agreements (SLAs), transfer of resources and points of integration are just some of the key factors that go into a BPO contract. '
Report Highlights
Insurers’ are becoming increasingly aware that their ability to focus on their core competencies will be the key to success in an increasingly tight and competitive field. By outsourcing non-core operations, insurers can focus on what they might consider most strategic, i.e. the external marketplace and its customers.
We are advocating that the future of BPO is in the sub-process and niche market. There may be some windfall, end-to-end deals that set the market abuzz, but those deals will be few and far between: instead, vendors should focus on creating success stories around relative competencies and marketing themselves as subject matter experts.
By the year 2006, Life BPO will comprise over 65% of total US BPO.
Reasons to Purchase
Develop a compelling go-to-market strategy with our timely and concise analysis of key business and technology issues
Determine your short/medium/long-term objectives using our robust, granular market forecasts.
Assess your current offering in light of your current competitors and determine targeted strategic objectives for a competitive edge.
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