Moving Insurance BPO into the As-a-Service Economy

The state of business process outsourcing for insurance industry processes is evolving today. HfS discussions with Property and Casualty (P&C) as well as Life and Annuities (L&A) carriers across the globe reveal that outsourcing buyers are looking for something new that goes beyond transactional back-office claim processing. Today, these buyers are looking for more advanced BPO capabilities including business platforms, robotic process automation, operational analytics, and expanded scope of services such as actuarial and underwriting support. With the sponsorship of EXL, a market-leading insurance BPO service provider, HfS Research conducted a two-part survey to explore how BPO for insurance is changing to better meet the business needs of insurance carriers. We hosted a webinar with insurance BPO buyer attendees who took a live poll on key research themes. We then followed up with a targeted survey to understand buyer expectations. In this report, we present the findings from surveying a representative group of 35 insurance BPO decision makers on how they are moving insurance into the As-a-Service economy.