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Trends and Strategies in Policy Administration BPO (Strategic Focus)

Published by: Datamonitor

Published: May. 23, 2008 - 8 Pages


Table of Contents


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)


Abstract

Introduction

To be competitive, insurers need to transform their legacy policy administration process so that they can get to market quicker and lower their costs. One strategy for addressing these issues is business process outsourcing (BPO) of the policy administration function.

Scope

This report looks at policy administration BPO from the perspective of both the provider and the insurer. The report covers both life and non-life policy administration. The report is globally orientated but speaks a great deal to the US and European market.

Highlights

Insurers must match innovation and expansion with a policy administration platform that can cost-effectively improve time-to-market. Old, rigid systems do not suffice, highlighting the potential value of working with an outsourcer. The increasingly competitive marketplace along with the long-term deterioration of wage arbitrage elevates the importance of business transformation outsourcing (BTO). Only 4% of insurers with fewer than 1,000 employees currently outsource their policy administration; however, 22% are considering it.

Reasons to Purchase

Gain an understanding of the current market adoption for policy administration BPO, and explore how it could likely change. Explore different strategies that BPO providers are taking.


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