Marketers’ favourite dictum – Customer is the king – has never been truer for P&C insurers than it is today. P&C insurers have started investing in transformative steps to cater to the extreme levels of competitiveness in the industry and this need has been impacting their demands from sourcing vendors. Consequently, the P&C insurance BPO market is also adapting to establish itself as the customer experience delivery partner for its clients.

This dynamism created strong growth for P&C insurance BPO in the year 2018, and the momentum is only expected to accelerate as more and more insurers, irrespective of the size of their operations, acknowledge digital as the key to acquiring new and retaining existing customers. Following are the key trends being observed in the P&C insurance BPO market:

• Analytics, automation, and NLP technologies continue to emerge as the key digital levers being employed today, although a few service providers are also differentiating their offerings with drone inspections and blockchain solutions
• Further connected to digital potential and customer experience are the value chain segments emerging as front runners for service providers’ businesses – underwriting and claims – that allow for the greatest digital interventions and are the most sensitive from a customer experience standpoint
• The fact that P&C insurers are now looking for more than just offshore labor arbitrage leverage, while deciding on their sourcing partner, is also evident from the way deal trends are being shaped such as increase in output-based and other outcome-based pricing models, demand for plug-and-play augmentation solutions, and onshore delivery capabilities
• Given that digital enablement without investing in strategic planning involving maturity assessments, process optimization, and change management do not yield desired results, a consulting-led approach to delivery of digital solutions is gaining foothold with P&C insurance BPO service providers and is expected to increase competitiveness in this space

In addition to studying such emerging trends, this report also provides detailed analysis of P&C insurance BPO market size and growth, solution characteristics, and the service provider landscape. It will assist key stakeholders (P&C insurers, service providers, TPAs, and technology providers) to understand the changing dynamics of the P&C insurance BPO market and identify the upcoming trends.

Scope and Methodology

• Proprietary database of 350+ P&C insurance BPO contracts (updated annually)
• Coverage of 20+ P&C insurance BPO service providers including Accenture, Atos Syntel, Capgemini, Capita, Cognizant, Conduent, DXC Technology, Exela Technologies, EXL, Genpact, HCL Technologies, Infosys, Intelenet, Mphasis, NIIT Technologies, Sutherland, Shearwater Health, TCS, Tech Mahindra, and WNS

Membership (s)

Insurance - Business Process Outsourcing (BPO)