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India Offshore Non-voice Insurance BPO industry

Published by: Cygnus Business Consulting and Research

Published: Jan. 1, 2010 - 143 Pages


Table of Contents


1. EXECUTIVE SUMMARY

2. OVERVIEW

2.1 Global BPO Industry

2.2 Indian BPO Industry

3. GLOBAL INSURANCE

3.1 Industry segments

3.2 Major Markets

3.2.1 Insurance industry in the US

3.2.2 Insurance industry in the Europe

3.2.3 Insurance industry in the UK

3.2.4 Australia

4. OUTSOURCING POTENTIAL

4.1 Major Outsourcing and willing to outsource Insurance Companies

5. OUTSOURCING PROCESSESS

5.1 Claims Processing

5.2 Policy Administration

5.3 New Business Acquisition

5.4 Expert Knowledge Services

5.5 Healthcare Insurance Claims Management

5.6 Emerging functional areas / processes being outsourced

6. BPO IN INSURANCE - INDIA

6.1 Overview

6.2 Market Trends

6.2.1 Buyer Market to Shift towards UK and Europe

6.2.2 Innovative Operating Models to Lead the Way in Contracts

6.2.3 Growth in Emerging Markets to Translate into More Business

6.2.4 Favourable Eco-system to Support Talent and Skill Availability in India

6.2.5 Research and Analytics Services to Provide Value Growth to BPOs

6.2.6 Non-Voice Transaction Based Processes to Go Up Significantly

6.2.7 Convergence in vendor landscape expected

6.2.8 Third-party administrator -- BPO service provider convergence

6.3 Insurance BPO Vendors in India

6.4 Regulations

6.4.1 Setting up BPO operation in India

6.4.2 Other Regulations

6.5 Government policies

6.5.1 Union government

6.5.2 State governments

6.5.3 IT & ITES-BPO Policies - Karnataka, Andhra Pradesh and Haryana

6.6 Initiatives and strategies of NASSCOM

6.7 Issues & Challenges

6.7.1 Confidentiality & Data Security

6.7.2 Loss of control

6.7.3 Legal issues

6.7.4 Competition from other BPO destinations

6.7.5 High attrition rate

6.7.6 Increasing number of start-ups

6.8 Strategies for success

7. INDIA-A Potential Outsourcing Hub

7.1 India as a Destination - Extent of Outsourcing

7.2 Market Size of Insurance BPO in India

7.3 Major Insurance Outsourcing Service Providers

7.3.1 Leading insurance outsourcing providers

7.3.2 Niche Players

7.3.3 Details of Top Captive and Third Party Insurance BPOs in India

7.3.4 Recent Insurance Outsourcing Contracts

8. PROFILES OF MAJOR BPO VENDORS IN INDIA

8.1 Captive Companies

8.1.1 Prudential Process Management Services

8.1.2 TCS e-Serve International Ltd

8.2 Integrated IT Companies

8.2.1 HCL BPO

8.2.2 Wipro BPO

8.2.3 Infosys BPO

8.2.4 Mahindra Satyam BPO

8.2.5 TCS BPO

8.2.6 Hinduja Ventures Ltd.

8.2.7 MphasiS

8.3 Third-party BPO Service Providers

8.3.1 Firstsource

8.3.3 WNS Global Services

8.3.4 EXL Service

8.3.5 IBM Daksh

8.3.6 Intelenet

8.3.7 HOV Services

8.3.8 24/7 Customer India

8.3.9 Fortune Infotech Limited

9. FUTURE OUTLOOK

Bibliography

Abstract

BPO is no longer an optional strategy but it is a strategic necessity.

BPO and ITO continue to find favour with organisations looking to slash costs and raise productivity. Low labour costs, a huge pool of skilled manpower, and abundant natural resources make India a highly competitive manufacturing base for global exports in addition to catering to the vast domestic market. The use of English for business and official communication, and the high-quality managerial and technical talent created by some of the best higher education system in the developing world, add to India's business friendliness.

SCOPE OF REPORT
The global business process outsourcing (BPO) industry ranks amongst the fastest-growing industries in the world. In the global BPO market, BFSI has emerged as the fastest-growing sector. Within the global BFSI BPO market, insurance segment accounts for more than 25% share. BPO is no longer an optional strategy but it is a strategic necessity. BPO industry has demonstrated its ability to reduce insurance back-office costs by 30% to 50%. An understanding of the global insurance industry is necessary to comprehend the potential for insurance BPO services. This report contains a comprehensive overview of the global insurance industry with a special reference to the US, the UK and Australia.

The Industry report - Non- voice BPO in Insurance analyses the global Insurance Industry and its ability to outsource along with the in-depth analysis of outsourcing potential and processes in Indian BPO market. It presents the future outlook of one of the fastest growing industry worldwide.

PROVIDING YOU WITH
  • Overview of Global & Indian BPO Industry
  • Outsourcing Potential
  • Outsourcing processes
  • BPO in Insurance
  • India as potential Outsourcing Hub
  • Profiles of Major BPO
  • Vendors in India
  • Captive Co’s
  • Integrated IT Co’s
  • Third Party
KEY POINTS DISCUSSED
  • Non-voice offshore Insurance-BPO services industry in India
  • Insurance industries in the US, the UK, and Australia
  • The global outsourcing potential and the list of major outsourcing and willing to outsource insurance companies in US and UK
  • Operational structure of insurance company
  • Current & emerging Insurance process being outsourced
  • Contribution of BFSI segment in total BPO revenues in India as well as break-up of voice and non-voice BFSI
  • Outsourcing Potential - Why India?
  • Issues and challenges faced by the industry
  • An exclusive list of niche, captive and third party BPOs in India
  • Recent insurance outsourcing contracts signed by Indian BPO vendors
  • Profiles of Indian insurance BPO vendors and their respective functions - Company info, brief write -up, milestones, its competitors, revenues
  • Future outlook - Offshore Non-voice Insurance BPO industry in the year ahead.
REASONS WHY YOU SHOULD BUY THE REPORT
  • sharpen the focus and identify new markets
  • crystallizing strategic plans
  • learning about outsourcing trends in the insurance industry.
  • Gaining a comprehensive understanding of a fast-growing industry.
FOR WHOM
  • BPO with Insurance vertical
  • BPO planning to enter into Insurance
  • Insurance companies
  • Entrepreneurs
  • Govt. Dept.
  • Analyst
  • Students
  • Consultants


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