• 1-(800) 510-9053
  • 1-(415) 259-6503

Insurance Business Process Outsourcing

Sep3



Insurance Business Process Outsourcing – The Double-Digit Success Story

In relative terms, the insurance business process outsourcing industry has always lagged behind other dominant players such as the call center services outsourcing industry and the telemarketing services outsourcing industry. However, if recent trends are any indication, it appears that the insurance process outsourcing industry is fast catching up and is set to outwit many of its contemporaries in the near future.

Insurance Business Process Outsourcing

The D-day may come a lot sooner than expected because the insurance business process outsourcing industry has already achieved the distinction of being the fastest growing outsourcing sector, commanding an CAGR of approximately 32.9%. Critics may argue that 90% percent of that growth is coming from onshore outsourcing and only 10% from offshore, but we can overlook that because what it really indicates is that there is plenty of scope for offshoring. The current 9 to 1 ratio is fast changing in favor of offshore insurance process outsourcing and it’s just a matter of time before the inevitable happens.

Expected to generate revenues worth a staggering $25 billion globally by the next financial year, the insurance business process outsourcing industry is all set to become a leading player in the worldwide outsourcing market. However, for offshoring to grab a larger share of this pie, it will have to overcome some formidable challenges such as those brought about by cultural barriers, legal compliance issues, risk management etc. In the insurance sector, the majority of clients and customers still prefer onshore relationships and that’s something offshore insurance business process outsourcing firms will have to work on if they are to sustain their existing double-digit growth rate.

However, there need not be any doubts about the competence of the offshore insurance process outsourcing industry because it is responding quite well to a constantly evolving business environment. Most offshore insurance process outsourcing firms now show increased involvement in critical issues such as infrastructure modernization, cross-culture training, process value additions, data security and many others.

All these efforts are helping build a better brand image and allowing offshore insurance process outsourcing firms to create a level playing field wherein they can compete successfully with onshore outsourcing firms. It would not be wrong to assume then that the offshore insurance business process outsourcing industry will soon be able to add even more interesting chapters to its double-digit growth and success story.



Related Posts

  • 78
    In most cases, when insurance business process outsourcing plans are being finalized, businesses usually face resistance from organizational members. And that’s not all that surprising because the general perception surrounding insurance process outsourcing is that it is nothing more than an effective downsizing utility. It appears that a few businesses in the…
    Tags: outsourcing, insurance, process, business
  • 65
    Insurance Process Outsourcing: Customer Satisfaction Made Easy With thousands of customers requiring urgent help and support on a daily basis, achieving and sustaining desired customer satisfaction levels has become quite difficult for insurance companies and their TPAs. An inhouse customer support unit can certainly help, but since it can also…
    Tags: insurance, process, outsourcing
  • 60
    Outsourcing Newsletter: December 2008 sharing news, trends, opinions and insights OUTSOURCING SERVICES SPOTLIGHT Analyzing Help Desk Outsourcing Trends After medical transcription, the second position would probably go to help desk outsourcing, if the task were to make a chronological list of business domains that were added from the time the…
    Tags: outsourcing, business
  • 56
    The term 'outsourcing' is structured around the concept of transferring the ownership of a business process to a supplier. The term is distinct from usual business relationships wherein the buyer keeps control of the processes and merely controls the way the supplier completes the work. Once an organization out sources…
    Tags: outsourcing, business, process, industry
  • 49
    Creating Measurable And Actionable Metrics Unlocking-The-Full-Potential-Of-Offshore-Outsourcing-Contracts Quality-Assurance-In-BPO Offshore-Call-Center-Services-Analyzing-Best-Practices Outsourcing Fundamentals – How To Get It Done Business Process Outsourcing - Advantages Finance and Accounting Outsourcing Services Business Process Restructuring – An Overview of Applied Processes and Methodologies Electronic Risk Management Web Promotion in Travel Industry Choosing The Right Business Service…
    Tags: outsourcing, business, process, industry
  • 48
    If asked to identify the benefits of offshore outsourcing services, most people will probably point out the cost-savings and efficiency improvements. So, are they wrong when they say something like that? Well, certainly not because it’s a well-known fact that availing offshore outsourcing services help in reducing costs and increasing…
    Tags: outsourcing, offshore
  • 37
    January 10th, 2017 Fairfield, CA – Over the past decade Telegenisys has verified the correctness of over a ten million pages of healthcare records to ensure that the specialists employed by clients have exactly the right information on hand to properly handle each case. This has been achieved under revised…
    Tags: business, outsourcing, process
  • 36
        Outsourcing Newsletter: January 2009 sharing news, trends, opinions and insights OUTSOURCING SERVICES SPOTLIGHT Technical Support Services Outsourcing Is Still The Right Choice Due to prevailing recessionary trends, critics are working overtime to spell doom for fast growing businesses such as technical support services outsourcing... When Telemarketing Services Outsourcing…
    Tags: outsourcing
  • 34
    Cost, time and quality in outsourcing data entry. The right partner can deliver all three. More and more businesses are looking to their outsource data entry processes to recession-proof countries such as India. As per a report by SourcingLine, India ranks first for its cost competitive location, massive resource and…
    Tags: outsourcing, business

no Comment

  • c-icon

  • iso-9001-logo-small

  • iso-27001-logo-small

  • c-icon4

Telegenisys Inc. © Copyright 1999-2017 All Rights Reserved             Privacy Policy  |  Site Map