Do You Outsource Moments that Matter?
North American Life Insurer Attitudes towards Outsourcing
Insurance companies today face both internal and external challenges that hinder them from becoming more competitive and meeting business goals. Of course, the impact of the global pandemic is at the forefront of challenges, but add to that legacy technology, changing customer buying preferences, low interest rates, and new regulations and laws. Each impacts an insurer’s bottom line. It is for these reasons that insurers search for ways to reduce costs, address operational issues, and create new opportunities for growth. One of options they consider is business process outsourcing (BPO).
In September 2020, Celent conducted a survey of North American insurance technology officers regarding their attitudes towards and use of BPO. This report will analyze the CIO responses across the North American life insurance market. A companion report will look at P&C insurance.