Although the life insurance sector has been lagging behind other industries in outsourcing non-core business operations, it is now poised to take advantage of handing over their business processes to external experts. Business process outsourcing (BPO) gives life insurance firms access to the process efficiencies and cost effectiveness of best-of-breed partners that will allow them to grow and stay viable in a very competitive market. Business process outsourcing has now become too compelling for insurance carriers to ignore.
Why Should You Outsource?
The increasing demand for BPO among life insurance companies clearly indicates that this marketplace acknowledges the business benefits that can be derived from this type of service. The reasons why insurers are transferring some or all of their business operations to an external vendor are many and diverse.
What are the some of the key issues?
It is clear that BPO can provide significant value to insurers. However, there are many issues that must be considered before signing a contract with a service provider.
The most important issue to recognize is that BPO has become a legitimate strategy for carriers to utilize in order to remain competitive and viable in a tight competitive market.
However, executives need to ask themselves:
Review the White Paper (PDF)
GeniSys is an international provider of market leading front and back-end policy administration services for the life and health insurance market. Utilizing experienced insurance professionals, refined business processes and best-of-breed technologies, GeniSys is able to provide substantial cost-savings and increased efficiencies for end-to-end policy administration services. For more information, visit http://www.genisysoutsourcing.com.