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Key Points
  • Insurance industry is in a dire state as a result of illogical geographical footprint because of aggressive M&A, complex regulations, expensive legacy products and customers
  • Insurers must transform operations reducing unit cost, enhancing delivery quality, and improving the producer and policy holder experience without significant capital investment
  • Information technology outsourcing (ITO) transformation may be the right option for a financially solid insurer that does not foresee major business challenges in the next two-three years
  • However, BPO-led transformation is simpler, less expensive and quicker for insurers seeking immediate cost savings, sales growth, improved customer experience and an empowered sales force

How insurance companies can undergo a BPO-driven transformation for immediate cost savings, sales growth, and an empowered sales force

Continuous change has been the status quo for the life insurance and annuity industry over the past several years. And the monumental impact of these changes underscores a stark reality… insurers that do not rapidly transform their operations across the board will not be able to effectively compete in the near-term. Most insurance companies have historically had an initial predilection to approach transformation as an information technology initiative, starting with Information Technology Outsourcing (ITO). However, ITO-led transformation involves extensive upfront capital expenditure, a lengthy deployment program and a substantial investment in program management. There is a simpler, less expensive and quicker-to-benefits realization path for insurance companies seeking immediate cost savings, sales growth, improved customer experience and an empowered sales force ─ BPO-led transformation. Read on to find out how this approach wins over ITO-led transformation.

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