Insurance Services Outsourcing
Most insurance companies have historically addressed transformation through information technology initiatives, including ITO. In this approach, operational transformation is addressed through a technology solution, which demands investment in one global instance of a system or global standardization of platforms. It is then followed by wrapping a BPO solution around the capital - and people-intensive systems implementation. Read on to find out why this approach is flawed.
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ITO-led transformation is not the holy grail for insurers looking at transformation. As much as the IT providers will make you believe so. There is a simpler, less expensive and quicker-to-benefits realization path for insurance companies seeking immediate cost savings, sales growth, improved customer experience and an empowered sales force ─ BPO-led transformation.
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The insurance sector is abuzz with discussions on the likely fallout of the Aldermanbury Declaration presented in March last year. The Declaration requires insurance companies to establish clearly defined policies with respect to customer service and ethical conduct on the one hand, and qualifications and continuing professional development of its employees on the other. The Declaration takes effect in December 2013 when every UK insurer and broker will exceed a minimum threshold in terms of the number of the staff qualified to advanced diploma level. What is evident, however, is that the Declaration will not impact service providers like WNS to a large extent, with an already deeply ingrained work culture of continuous learning and development, higher customer service levels, professionalism and ethical conduct.
Business Process Outsourcing (BPO) leaders like WNS already have in place systems and processes envisioned in the Declaration.
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It’s not unusual to find the denizens of the Web world using the Internet to compare prices on everything from travel to hospitality to loans, and now, more so, insurance products. What was traditionally thought of as an impregnable domain, owing to the requirement for 'human' contact, is finally yielding to the meteoric scope that the Internet offers.
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A catastrophe can be the true test of an organization’s ability to provide customer support with quality service levels. To effectively meet the challenges of exceptionally high claims volume and call rates, while adhering to compliance requirements and cost-effective resource management, the Business Continuity Plan (BCP) of an organization must include Catastrophe Planning and Management and an offshore strategy that utilizes the services of an experienced BPO service provider.
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Large, incumbent firms find it difficult to introduce radical product innovations, due to vendor fatigue. In the insurance industry, where customers are highly value-sensitive, innovative product propositions are essential. Insurance companies must, therefore, tie up with an outsourcing provider with the capability to provide innovation in service offering, a strong focus on process outsourcing, and are able to analyze and improve detailed process flows to help clients break free of the incumbency fatigue cycle rather than look at a vendor rationalization initiative.
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Even as companies consider and continue to take claims management offshore, one of the most pressing challenges in the process of claims management remains the lack of well-organized and comprehensive documentation. Some elements of claims management involve a great deal of individual judgment on the part of the claims handler. Can technology be leveraged to compensate for individual judgment?
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Many insurers the world over, have already become proponents of tele-underwriting. However, the success of the process and the value it can generate for the company is largely determined by the quality of manpower that an insurance company deploys for the underwriting call.
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Insurance companies have enough reason to rejoice as they can deliver quotes using new-age technology within minutes. However, there is enough scope for insurance seekers to submit fraudulent information in an attempt to get a lower quote. I believe that the focus should not be on delaying the quote, but to be able to detect the misrepresentation before a claim is made.
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A recent survey by search firm Kinsey Allen International, states that the 2012 deadline for insurance companies has them paying through the roof for the right professionals. According to the survey, a risk analyst who was being paid GBP 310 per day will now look at no less than GBP 400 as a daily rate. However, will companies have to contend only with the affordability aspect to crack the Solvency II puzzle?
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