Overview
Introduction
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.
Report 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.
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