Ernst & Young's global insurance industry outlook points out that 2014 is the year that the industry is finally bouncing back after years of financial turmoil and economic uncertainty. As companies take cautious steps towards revival, insurance BPO can be a potent performance enhancer if employed the right way. In WNS's view, outsourcing offers 7 valuable benefits from cost reduction to improved customer service.
BPM can help organizations:
- Reduce costs and gain additional efficiency benefits.
- Optimize pricing and make accurate premium calculations by outsourcing actuarial support and other research needs to cover newer demographics, groups and risk profiles.
- Provide deep domain experience to support customer retention, cross-sell and up-sell new initiatives, and make headway in new geographies by fully exploiting sales channels.
- Reduce policy service costs and provide a more industrialized approach to insurance processing, making operation transparent and easy to monitor.
- Provide a standardized business process and a rationalized delivery model.
- Prepare for a rapid entry into the global market by providing the scale, experience and flexible talent pool.
- Improve customer service by consolidating systems and technology platforms across the enterprise.