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Insurance ITO and BPO Practices: Themes from a Summer 2006 SurveyProduct Type: Market Research ReportPublished by: IDC Published: November 2006 Product Code: R104-28455 Description
This Financial Insights report analyzes the results of a survey we fielded in partnership with SourceMedia's Insurance Networking News about insurance outsourcing practices. We asked insurance company representatives to tell us where they were using or planning to use information technology outsourcing and business process outsourcing, with specific attention to policy administration, customer care, and claims management. We asked about numbers of ITO or BPO providers, the drivers for using outsourcing, where the cost savings were going, and their concerns about outsourcing. Finally, we asked a "reality check" question that impacts insurers and outsourcing providers alike: Does the ITO or BPO provider understand the insurance business and the processes it is supporting for your firm? "Insurance companies and outsourcing providers alike would be much better served if insurers took the time to renew or establish the business models they need to successfully compete. These business models would then drive the outsourcing tactics insurers should use as a complement to their strategy. Our survey shows that insurers are conflicted: On the one hand, they are pursuing both ITO and BPO, and on the other hand, they are concerned about unrealized expectations and about the adequacy of their outsourcing provider's knowledge of the insurance industry." ? Barry Rabkin, senior research analyst, Insurance Table of Contents
Table of ContentsFinancial Insights Opinion In This Report Methodology Figure: Respondents by U.S. Geography Figure: Respondents by Insurance Company 2005 Net Written Premium Figure: Respondents by Major Insurance Lines of Business Situation Overview Table: U.S. Insurance ITO and BPO Spending, 2005 and 2010 ($B) Research Findings: Insurance ITO and BPO Sourcing Practices General ITO and BPO Outsourcing Tendencies Figure: Outsourcing Method Currently Used Figure: Number of Outsourcing Providers Company Would Consider Using Outsourcing the Core Policy Administration Figure: Use of ITO and BPO for Some or All Policy Administration Processes Claims Management Figure: Use of ITO and BPO for Some or All Claims Management Processes Customer Care Figure: Use of ITO and BPO for Some or All Customer Care Processes Drivers, Benefits, and Concerns ? Oh My! Figure: Most Important Driver for Using ITO or BPO Figure: Where the Cost Savings from Using ITO or BPO Will Go Figure: Projected IT Savings from All ITO Activities in 2006 Figure: Major Concern Regarding ITO or BPO Figure: ITO or BPO Provider's Understanding of the Insurance Business and the Processes It Is Supporting Future Outlook Figure: Respondents Not Planning to Use ITO or BPO for Select Core Administration Processes Figure: Respondents Not Planning to Use BPO for Select Core Administration Processes Figure: Insurance Company Outsourcing Stages Essential Guidance Learn More Related Research Synopsis |
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