|
|
 |
|
Viewing report
|
|
|
|
Top Insurance Industry Business Process Outsourcing Vendors
Orbys Black Book, Feb 2008, Pages: 42
2775 qualified respondents ranked 140 comprehensive BPO services suppliers covering over 700 contractual relationships, revealing seven functional segments of Insurance Industry Business Process Outsourcing as part of the Black Book annual survey.
Intro: The US insurance industry is a large and attractive market for outsourcing. Considered by many to be a late adopter in context to rush-to- offshore standards, the Insurance industry is slated to escalate its outsourcing to almost $4B in 2008.
This includes costs associated with insurance-claims handling, transcription of personal medical files, and credit card processing. That total represents a 70% increase from the previous year. The list of new offshore providers of Insurance BPO grows daily, particularly from India, China and the Philippines. How can you best determine the risk versus the benefit of outsourcing your firm’s non-core services?
There are over 1500 property & casualty insurance companies and over 1300 health insurance companies in the US. Insurance companies have traditionally been among the slowest to outsource their processes.
However, reducing margins and increasing competition in recent years has forced many of these companies to outsource in order to stay competitive and become more efficient.
In 2008, almost two thirds of US insurance companies outsource at least one BPO function but most cherry-pick the function and the provider. The last few years have seen the emergence of outsourcing companies with strong domain expertise, encouraging insurance companies to outsource more core and non-core processes.
The emergence of comprehensive Insurance BPO providers is poised to meet the movement of once-skeptical insurance firms to transfer their back-office operations to third party outsourcers in 2008.
The Black Book Insurance Industry BPO analysis and client-balloted satisfaction ranking of service suppliers provides prospective buyers, and arms them with the information to cut through mountains of outsourcing propaganda and sales proposals.
Markets Covered: The major product lines of Insurance Industry Business Process Outsourcing included the following segments:
- LIFE & ANNUITY INSURERS
- PROPERTY & CASUALITY INSURERS (Including Homeowners, Automobile and Commercial Business BPO)
- HEALTH INSURERS (HMO, PPO, TPA & MSO)
Functions surveyed and ranked by operational performance on eighteen key performance indicators include:
- Claims Management
- Policy Administration
- Brokerage Services
- Corporate Functions
- Sales & Marketing
- Underwriting & Risk Management
- Product Development
Product samples
A sample for this product is available. Please Login/Register to download this sample.
Customers who bought this item also bought
Insurance Industry - Global Outlook
United States Insurance Industry - Global Strategic Business Report
Non-Voice BPO in the Insurance Sector - India
Managing the Downturn and Preparing for the Rebound: Outsourcing in Insurance (Strategic Focus)
The 2009-2014 Outlook for Business Process Outsourcing (BPO) Services in Asia
The 2009-2014 Outlook for Business Process Outsourcing (BPO) Services in Latin America
The 2009-2014 World Outlook for Business Process Outsourcing (BPO) Services
The 2009-2014 Outlook for Business Process Outsourcing (BPO) Services in Europe
The 2009-2014 Outlook for Business Process Outsourcing (BPO) Services in Oceana
Financial Services Outsourcing - Targeting Key Insurance BPO Opportunities: NA and EMEA (Review Report)
Detailed Company Profiles 50 third-party Indian BPOs - Focused on Diversification
BPO in European and North American Insurance
|
|
|
|
