To be competitive, insurers need to transform their legacy policy administration process so that they can get to market quicker and lower their costs. One strategy for addressing these issues is business process outsourcing (BPO) of the policy administration function.
Scope
This report looks at policy administration BPO from the perspective of both the provider and the insurer. The report covers both life and non-life policy administration. The report is globally orientated but speaks a great deal to the US and European market.
Highlights
Insurers must match innovation and expansion with a policy administration platform that can cost-effectively improve time-to-market. Old, rigid systems do not suffice, highlighting the potential value of working with an outsourcer. The increasingly competitive marketplace along with the long-term deterioration of wage arbitrage elevates the importance of business transformation outsourcing (BTO). Only 4% of insurers with fewer than 1,000 employees currently outsource their policy administration; however, 22% are considering it.
Reasons to Purchase
Gain an understanding of the current market adoption for policy administration BPO, and explore how it could likely change. Explore different strategies that BPO providers are taking.
