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Non-Voice BPO in the Insurance Sector - India
Description: 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
Contents: 1.
2. OVERVIEW
2.1 Global BPO Industry, 2.2 Indian BPO Industry
3. GLOBAL INSURANCE
3.1 Industry segments, 3.2 Major Markets, 3.2.1 Insurance industry in the US, 3.2.2 Insurance
industry in the Europe (excl. UK), 3.2.3 Insurance industry in the UK, 3.2.4 Australia
4. OUTSOURCING POTENTIAL
4.1 Major Outsourcing and willing to outsource Insurance Companies
5. OUTSOURCING PROCESSESS
5.1 Claims Processing, 5.2 Policy Administration, 5.3 New Business Acquisition, 5.4 Expert
Knowledge Services, 5.5 Healthcare Insurance Claims Management, 5.6 Emerging functional areas
/ processes being outsourced
6. BPO IN INSURANCE – INDIA
6.1 Overview, 6.2 Market Trends, 6.2.1 Expanding to smaller cities, 6.2.2 Setting up overseas
operations, 6.2.3 Moving up the value chain
KPO, 6.2.4 Rapid maturity of third-party vendors, 6.2.5 Consolidation of BFSI outsourcing
companies, 6.3 Regulations, 6.3.1 Setting up BPO operation in India, 6.3.2 Other Regulations, 6.4
Government policies, 6.4.1 Union government, 6.4.2 State governments, 6.4.3 IT & ITES-BPO
Policies
Karnataka, Andhra Pradesh and Haryana, 6.5 Initiatives and strategies of NASSCOM, 6.6 Issues &
Challenges, 6.6.1 Confidentiality & Data Security, 6.6.2 Loss of control, 6.6.3 Legal issues, 6.6.4
Competition from other BPO destinations, 6.6.5 High attrition rate, 6.6.6 Increasing number of start
-ups, 6.7 Strategies for success
7. INDIA-A Potential Outsourcing Hub
7.1 India as a destination
extent of outsourcing, 7.2 Market Size of Insurance BPO in India, 7.3 Major Insurance Outsourcing
Service providers, 7.3.1 Top tire insurance outsourcing providers, 7.3.2 Niche Players, 7.3.3 Details
of Top Captive and Third Party Insurance BPOs in India
8. PROFILES OF MAJOR BPO VENDORS IN INDIA
8.1 Captive Companies, 8.1.1 Prudential Process Management Services, 8.1.2 e-Serve
International Ltd, 8.1.3 Other Major Captive players, 8.2 Integrated IT Companies, 8.2.1 HCL BPO,
8.2.2 Wipro BPO, 8.2.3 Progeon, 8.2.4 Nipuna, 8.2.5 TCS BPO, 8.2.6 Hinduja TMT (HTMT), 8.2.7
MphasiS, 8.3 Third-party BPO Service Providers, 8.3.1 ICICI OneSource, 8.3.2 Genpact (GECIS),
8.3.3 WNS Global Services, 8.3.4 EXL Service, 8.3.5 IBM Daksh, 8.3.6 Intelenet, 8.3.7 Lason India,
8.3.8 24/7 Customer India, 8.3.9 Fortune Infotech Limited
9. FUTURE OUTLOOK
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