UK and US policy admin BPO in life insurance: Industry Research Report

UK and US policy admin BPO in life insurance

Published Date: August 2004

Published By: Datamonitor

Page Count: 35

Order Code: R313-6963

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TABLE OF CONTENTS
ABOUT DATAMONITOR 2
EXECUTIVE SUMMARY 7
INTRODUCTION 9
THE POLICY ADMINISTRATION PROCESS IN LIFE AND PENSIONS 10
CUSTOMER ACCEPTANCE 13
VENDOR CHALLENGES 16
Open block administration 16
Growth strategies 18
VENDOR DYNAMICS 21
Vendor overview 22
Other vendors 24
FUTURE DECODED 26
Latent market 27
SUMMARY 30
APPENDIX 31
Definitions 31
Business process outsourcing 31
Abbreviations 33
Forecasts and assumptions 33
What currencies are used? 33
How has inflation been treated? 33
Further readings 34
SPP writing team 34
Author: 34
Manager: 34
How to contact experts in your industry 35

LIST OF TABLES
Table 1: Acceptance remains at a low level, but grows rapidly after initial market defining deals 14
Table 2: Tapping into the open block insurance BPO market remains the single most significant challenge for the BPO providers, numbers refer to end 2003 17
Table 3: UK and US policy administration outsourcing growth, 2003-2008 27
Table 4: Policy administration outsourcing has nearly infinite growth potential with the current market only covering 1.7% of life and pensions policy administration spend 29

LIST OF FIGURES
Figure 1: Process breakdown of policy administration 10
Figure 2: Acceptance remains at a low level, but grows rapidly after initial market defining deals 13
Figure 3: Relative market sizes based on outsourced and addressable policy administration markets in UK and US life and pensions 15
Figure 4: Tapping into the open block insurance BPO market remains the single most significant challenge for the BPO providers, numbers refer to end 2003 17
Figure 5: Vendor positioning dynamics, July 2004 21
Figure 6: Vendor overview by geography and key differentiators 22
Figure 7: UK and US policy administration outsourcing growth, 2003-2008 26
Figure 8: Policy administration outsourcing has nearly infinite growth potential with the current market only covering 2% of life and pensions policy administration spend 28

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