HfS Blueprint Report: Insurance BPO

In our inaugural Blueprint for the global insurance BPO market, HfS has evaluated the innovation and execution capabilities of service providers catering to life and annuities (L&A) and property and casualty (P&C) insurers, brokers, reinsurers and others (excluding healthcare). The key challenges global insurers in our study face today are regulatory compliance, member retention, reducing total cost to service, integration efforts for aggressive acquisitions, multi-line agency management, profitable growth in new markets (esp. for L&A), pricing pressure (esp. for P&C) and most importantly, risk management. Our conversations with these insurers and their service providers, along with exhaustive secondary research reveal the changing mindset of buyers in this industry. Insurance clients’ outsourcing motivations are slowly starting to change, going from task outsourcing and optimization to impacting total cost to serve, cost of compliance, organization level efficiency and insight generation – in line with core organizational challenges.