BPO/BPaaS Allows Insurers to Enter Markets Quickly and Fills Gaps in Processing Those Market Segments
Business process outsourcing market focusing on rapid expansion rather than just cost reduction: Novarica
Boston, MA (Sept. 15, 2020) – As insurers expand their offerings and markets, using a BPO/BPaaS provider to augment their skills can provide greater speed to market and address skill gaps and new processing considerations. In BPO-BPaaS Providers for P/C Insurers and BPO-BPaaS Providers for L/A Insurers, two new Market Navigator reports from research and advisory firm Novarica, 19 services providers are profiled to help insurers understand and compare their options.
“While few insurers are considering moving their entire operations to BPO,” said Nancy Casbarro, Vice President of Research and Consulting, and co-author of Novarica’s new report. “BPO/BPaaS can create significant value for either insurers who need to expand into a new area and may not have the resources to build their own capabilities or insurers that need to create more flexibility within their own infrastructures.”
Each profile summarizes the vendor organization and details the provider’s experience levels in specific, targeted functions.
Analysis of the 19 BPO-BPaaS providers is available in property/casualty and life/annuity volumes from Novarica:
Report Summary: BPO-BPaaS Providers for P/C Insurers
As BPO continues to grow, providers can offer insurers greater speed to market while addressing skill gaps and new processing considerations. This report provides an overview of 13 BPO-BPaaS providers to North American property/casualty insurers with a focus on their experience levels in key functional areas. The information in this report was collected directly from the providers using a proprietary Novarica RFI. The report contains a brief profile of each vendor, including a chart detailing the provider’s experience levels in specific, targeted functions.
Providers included: CGI, Cognizant, Covenir, DXC, EXL, Genpact, Infosys BPM, ReSource Pro, Seibels, Solartis, TCS, West Point Insurance, and WNS.
Click here for the table of contents or to access the report.
Report Summary: BPO-BPaaS Providers for L/A Insurers
As BPO continues to grow, providers can offer insurers greater speed to market while addressing skill gaps and new processing considerations. This report provides an overview of 13 BPO-BPaaS providers to North American life/annuity insurers with a focus on their experience levels in key functional areas. The information in this report was collected directly from the providers using a proprietary Novarica RFI. The report contains a brief profile of each vendor, including a chart detailing the provider’s experience levels in specific, targeted, functions.
Providers included: Capgemini, Coforge, Cognizant, Concentrix, DXC, EXL, Genpact, Infosys BPM, NTT DATA, SE2, TCS, Wipro, and WNS.
Click here for the table of contents or to access the report.
About Novarica
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.
Source: Novarica
Tags: BPaaS, Business Process Outsourcing (BPO), Capgemini, CGI, Cognizant, dxc, Infosys, Life & Annuity, Novarica, NTT DATA, Property/Casualty (P&C) insurance
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