Building the Insurance BPS Workforce of the Future

11 Oct 2019
by Rajesh Ranjan, Rohitashwa Aggarwal, Hrishi Agarwalla

The Indian insurance BPS industry (offshore/nearshore services) employs 64,000-68,000 FTEs, accounting for 65-70% of the total insurance BPS workforce across all offshore/nearshore locations. Business and technology disruptions such as digital transformation and automation are having a profound impact on the industry. Automation of transaction-intensive jobs, the need to drive better customer experience, and increase in offshoring of judgment-intensive roles is changing the job profile of the offshore insurance BPS workforce. As a result, the nature of the skills required by offshore workforce is evolving at a rapid pace.

Unless global companies (both service providers and Global In-house Centers or GICs) take proactive action, this will create significant gaps in the skill sets of the existing workforce. Further, the nature of the skill gap and skilling needs will vary across processes, and organizations will need process-specific upskilling strategy. In this report, we have assessed the impact of automation and other digital interventions on the Indian insurance BPS industry workforce, identified the extent of skill gap that the industry is expected to witness across different processes, and recommended interventions required to prepare the workforce for the future.

The report covers three key aspects:

  • Current delivery landscape and expected impact of growth and disruptions on the offshore/nearshore insurance BPS industry

  • Assessment of expected changes in skill requirements for insurance BPS workforce

  • Skill gap identification and recommendations for service providers / GICs for building workforce of the future

 

Membership(s)

Catalyst™

Insurance - Business Process Outsourcing (BPO)

 

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