Insurance - BPO – Buyers’ Perception of the Service Providers’ Ability to Deliver on their Expectations

18 Dec 2018
by Skand Bhargava, Saurabh Verma, Somya Bhadola

The nature of engagements that carriers have with their service providers has continued to evolve over the years and the pace of evolution is further being accelerated by digital revolution. Thus, carriers’ demands from their service providers have expanded to more strategic values such as faster product launch, customer experience, analytics services, and much more. This, combined with the continued importance of traditional outsourcing drivers such as cost reduction, means that providers now have a mandate to push themselves more strongly on holistic capability development.

Several questions consequently arise regarding the actual progress of buyer and service provider engagements. This report attempts to address such questions as:

  • How are the traditional and new demand drivers shaping the buyer and service providers engagements?
  • What is the extent of buyers’ satisfaction with the performance of their service providers?
  • Where does service providers’ present performance stand when compared to their buyers’ expectations?
  • On what dimensions could service providers differentiate themselves in the time of evolving buyer demand?
  • What are the different demand nuances corresponding to P&C and L&P insurance BPO that service providers should be cognizant of?

Through this report, service providers would gain deeper insights into their buyers’ expectations, their current performance, identifying gaps in capabilities, and how to address these gaps. At the same time, buyers of insurance BPO services could leverage this report to qualitatively benchmark the level of their present engagements to their peers’ and could accordingly target expanding their relationships with the service providers.

The analysis is based on quantitative and qualitative insights generated from interviews and surveys of 130+ enterprises that have engagements with 20+ P&C and L&P insurance BPO service providers.

Membership(s)

Insurance - Business Process Outsourcing (BPO)

 

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