Insurance enterprises grapple with economic hurdles, supply chain disruptions, reduction in discretionary incomes, demographics, and inflation, globally. At the same time, consumers are opting for personalized insurance, which is driving digital transformation with data and analytics for better customer experiences. Further, enterprises are pursuing efficient operations and tech with AI/ML for legacy data modernization. The industry is prioritizing risk mitigation over risk compensation, demanding resilience to weather economic swings. It is imperative for enterprises to remain vigilant and adapt to changes across market factors such as demographics, digitization, and debt, while also preparing for potential technological disruptions that may come as a surprise. In such a scenario, enterprises must consider outsourcing their business processes as achieving transformation across key processes in the value chain will require identifying efficient ways to improve the operating model at a lower cost over an extended period.
In this viewpoint, we provide directional guidance to insurance enterprises on navigating the operations outsourcing landscape and evaluate key elements within it to investigate how they are changing to align with evolving needs of enterprises.
Scope
Industry: insurance
Geography: global
Service: insurance BPS
Contents
In this study, we:
Describe key sourcing variables that may impact the operations of insurance enterprises
Analyze strategic sourcing imperatives for insurance enterprises
Assess difference between various sourcing models and their implication on enterprise priorities
List key provider imperatives and offerings in the operations outsourcing market
Enterprises have been increasingly turning to P&C insurance BPS providers during the recession to address elevated operating costs resulting from heightened inflation, which has led to increased claims expenses and rate adjustments for various P&C…
