Trends and Strategies in Policy Administration BPO (Strategic Focus): Industry

Trends and Strategies in Policy Administration BPO (Strategic Focus)

Published Date: May 2008

Published By: Datamonitor

Page Count: 8

Order Code: R313-32540

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Overview: Catalyst; Summary; Key Messages; Reducing costs and concentrating on core functions is driving policy administration BPO; A flexible policy administration process can improve time-to-market and enable growth; Transformative outsourcing will become increasingly important; Platform utility is an increasingly important way for BPO providers to protect margins; A balanced portfolio can afford BPO providers lower cost of sales and fewer market risks; Table of Contents; Table of figures; Market Opportunity: Lean and Flexible - 21st Century Requirements; Increased competition highlights the importance of cost reduction; Maturing markets in the US and Europe drive the need for new products and new markets; Complex and disparate regulations call for a flexible policy administration system; Small and large insurers alike are interested in policy administration BPO; Full-scale market adoption has been hindered by real as well as unfounded concerns; Policy Administration BPO Evolution; BTO: Taking BPO to the next level; Historical evolution: Why the UK is a BPO hotbed; Customer Impact; Reducing cost and increasing flexibility; Enabling insurers to concentrate on core competencies; Making insurers over-dependent on one vendor; Potentially diminishing the customer and/or agent relationship; Go to Market; A balanced portfolio lowers cost of sales and mitigates market risk; Platform utility will become an increasingly important way for providers to protect margins; A global delivery network can help alleviate some fears among insurers; Recommendations; Gain a balanced portfolio of open and closed books; Gain a balanced portfolio of life and non-life policies; Develop / acquire / enhance platform IP; Build a global delivery network
APPENDIX: Methodology; Further reading; Ask the analyst; Datamonitor consulting; Disclaimer
List of Figures: Figure 1: Per capita premiums; Figure 2: Premium volume of US, UK Japan, BRIC and emerging markets (2002-2006); Figure 3: Business drivers for retooling the policy administration function; Figure 4: Current and planned policy administration outsourcing; Figure 5: Current and planned BPO adoption rates by function; Figure 6: Levels of policy administration BPO; Figure 7: Current and planned policy administration BPO in UK, North America and Europe; Figure 8: Benefits / risks balance for policy administration BPO; Figure 9: Balanced portfolio of open and closed books; Figure 10: Delivery center country destinations, ranked 1-4 (4 being best)