Celent profiles business process outsourcing (BPO) service vendors for the insurance industry. The report covers vendors from around the globe. Although not an exhaustive list, the report captures a wide cross-section of the available vendors and BPO services functions available to insurers.
The insurance industry is at a deflection point for change. Having lagged other portions of financial services, insurers are making major investments in transformation. While much of the focus, or buzz, is on the front-end — Digital! Direct to Consumer! Predictive Analytics! — the back end processes are still critical to the success of the insurers.
As part of any successful transformation, insurers need to consider all the alternatives. Regardless of whether they approach such a project full force, or in smaller pieces, one area to consider is the use of BPO for key components of their business.
The reasoning could be for older blocks of business or to allow the insurer to enter new lines of business, but regardless of the need, BPO providers are available to help.
To provide insurers with a jumpstart on the analysis, Celent has reviewed a solid cross-section of providers in the industry, throughout the globe, to provide a starting point for vendor selection. Some vendors have chosen not to be included. Their reasons vary, but a leading reason was that they were too busy with prospects. That alone says a lot about the growth of the industry.
