Published on March 11, 2014
Topic: Insurance BPO – Annual Report 2013: In an Increasingly Volatile World, Insurance is Finding New Takers Copyright © 2013, Everest Global, Inc. EGR-2013-11-PD-1004 Banking, Financial Services, and Insurance (BFSI) Outsourcing Annual Report: December 2013 – Preview Deck
Copyright © 2013, Everest Global, Inc. EGR-2013-11-PD-1004 2 Our research offerings for global services Subscription information The full report is included in the following subscription(s) – BFSI BPO In addition to published research, a subscription may include analyst inquiry, data cuts, and other services If you want to learn whether your organization has a subscription agreement or request information on pricing and subscription options, please contact us: Corporate Headquarters Office: +1-214-451-3000 firstname.lastname@example.org European Headquarters Office: +44-207-129-1318 email@example.com 1 Banking, financial services, and insurance Custom research capabilities Benchmarking | Pricing, delivery model, skill portfolio Peer analysis | Scope, sourcing models, locations Locations | Cost, skills, sustainability, portfolio – plus a tracking tool Tracking services | Service providers, locations, risk Other | Market intelligence, service provider capabilities, technologies, contract assessment Finance & accounting Procurement Human resources Recruitment process PricePointTM Global sourcing Locations InsiderTM Contact center Transaction Intelligence Healthcare information technology Information technology Cloud VistaTM BFSI1 business process BFSI1 information technology Market VistaTM Global services tracking across functions, sourcing models, locations, and service providers – industry tracking reports also available
Copyright © 2013, Everest Global, Inc. EGR-2013-11-PD-1004 3 Background and methodology of the research Background of the research The global insurance BPO market has grown steadily over the last three years to reach ~US$2.3 billion. Higher proportion of new contract signings as compared to renewals and extensions highlight longer term of insurance BPO contracts and the increasing penetration of insurance BPO into newer geographies. Although the overall value proposition of insurance BPO is driven by cost reduction, rising demand for complex work is slowly turning focus towards process efficiency and effectiveness. In this research study, we provide comprehensive coverage of the insurance BPO market. We focus on: Adoption trends across geographies and insurance segments Key solution characteristics Service provider landscape Areas of service investments The scope and methodology of this report includes: Proprietary database of 150+ insurance BPO contracts (updated annually) Coverage across 16 insurance BPO service providers including Capgemini, Cognizant, CSC, Dell, EXL, Genpact, HCL, Infosys, MphasiS, Serco, Sutherland Global Services, Syntel, TCS, Tech Mahindra, Wipro, and WNS
Copyright © 2013, Everest Global, Inc. EGR-2013-11-PD-1004 4 Table of contents (page 1 of 2) Introduction and methodology 6 Summary of key messages 11 Section I: Market size and growth 14 Summary 15 Size of insurance BPO 17 Insurance BPO contracts signed 19 Insurance BPO value proposition 20 BPO adoption by L&P and P&C 21 BPO adoption by geography 22 BPO adoption by size of insurance companies 29 Section II: Solution characteristics 30 Summary 31 Process scope of insurance BPO 33 Size and term of contracts 34 Topic Page no.
Copyright © 2013, Everest Global, Inc. EGR-2013-11-PD-1004 5 Table of contents (page 2 of 2) Section III: Solution characteristics Technology-led offerings in insurance BPO 36 Global sourcing and delivery regions 38 Pricing structures 40 Section IV: Service provider landscape 41 Summary 42 Market shares over time 44 Market shares by L&P and P&C 46 Market shares by geography 47 Appendix 49 Glossary of key terms 50 BFSI outsourcing research calendar 51 References 52 Topic Page no.
Copyright © 2013, Everest Global, Inc. EGR-2013-11-PD-1004 6 The global insurance BPO market has grown steadily over the last three years to reach ~US$2.3 billion. Higher proportion of new contract signings as compared to renewals and extensions highlight longer term of insurance BPO contracts and the increasing penetration of insurance BPO into newer geographies. Although the overall value proposition of insurance BPO is driven by cost reduction, rising demand for complex work is slowly turning focus towards process efficiency and effectiveness. With the CCO industry maturing, buyers are looking for value beyond just labor arbitrage. The conversations are now increasingly targeted at business outcomes. Service providers are focusing on non-voice channel, especially social media and enabler technologies to drive better customer experience. Market size and growth Overview and abbreviated summary of key messages (page 1 of 2) Some of the findings in this report, among others, are: Last two to three years have seen a higher proportion of new contract signings compared to renewals and extensions. While this is partly explained by longer term of insurance BPO contracts, it also highlights the increasing adoption of insurance BPO amongst new buyers The overall value proposition of insurance BPO is driven by cost reduction. However, rising demand for complex work is changing this trend While both Life & Pensions and P&C insurance BPO have similar number of contracts, the average ACV of L&P contracts is more than twice the average ACV of P&C contracts
Copyright © 2013, Everest Global, Inc. EGR-2013-11-PD-1004 7 Service provider landscape TCS and EXL are the biggest insurance BPO service providers and account for ~47% market share by revenue Serco, Sutherland Global Services, and Cognizant saw highest YoY growth in their 2012 insurance BPO revenue Overview and abbreviated summary of key messages (page 2 of 2) Insurance BPO solution characteristics Higher number of insurance BPO deals have included complex processes within its scope. P&C contracts have higher frequency of such inclusions when compared to L&P Inclusion of technology solutions in insurance BPO is increasing. While L&P shows preference for platform solutions, owing to closed books inclusion, P&C segment is leaning more towards augmentation solutions India remains the dominant offshore location while other geographies are emerging
Copyright © 2013, Everest Global, Inc. EGR-2013-11-PD-1004 8 2015E2012201120102009 This study offers four distinct chapters providing a deep dive into key aspects of the Insurance BPO market; below are four charts to illustrate the depth of the report Source: Everest Group (2013) Market size estimation Adoption by geography and LoBs Scope of Insurance BPO contracts Service provider landscape Insurance BPO market growth US$ billion Insurance BPO contract size by geography and LoB Number of contracts L&P P&C U.S. UK APAC 100% = Underwriting support Analytics support Acturial analysis Inclusion of complex processes across time Percentage of contracts signed Revenue FTEs Service provider 5 Service provider 2 Service provider 3 Service provider 4 Service provider 1 Service provider 8 Others Service provider 6 Service provider 7 2012 insurance BPO market share Revenue in US$ million, number of FTEs 100% =
Copyright © 2013, Everest Global, Inc. EGR-2013-11-PD-1004 9 BFSI BPO research calendar Topic Published Current June-2013Analytics in Banking: War is Ninety Percent Information January-2013Insurance BPO Service Provider Profile Compendium Release date Q1-2014BFSI BPO Service Provider Profile Compendium – Insurance BPO Q4-2013Insurance BPO – Service Provider Landscape with PEAK MatrixTM Assessment 2013 December-2013Insurance BPO – Annual Report 2013: In an Increasingly Volatile World, Insurance is Finding New Takers December-2013Capital Markets BPO – Service Provider Landscape with PEAK MatrixTM Assessment 2013 Q1-2014Capital Markets BPO – Service Provider Profile Compendium 2013 Q1-2014Banking BPO – Service Provider Profile Compendium 2013 September-2013Banking BPO – Service Provider Landscape with PEAK MatrixTM Assessment 2013 August-2013Banking and Financial Services (BFS) BPO Annual Report 2013 – Small is the New Big! October-2013Global Location Insights: Sun Is Rising In the "Middle" East
Copyright © 2013, Everest Global, Inc. EGR-2013-11-PD-1004 10 Additional BFSI BPO research references The following documents are recommended for additional insight on the topic covered in this report. The recommended documents either provide additional details on the topic or complementary content that may be of interest: 1. Insurance Business Process Outsourcing (BPO) Market 2011-2012 – Annual Report (EGR-2012-11-R-0781); 2012. This report discusses the global non-voice, third-party, industry-specific insurance BPO industry, providing coverage across market size and growth, solution characteristics, and the service provider landscape for the market. It also analyses the current trends and the future outlook for third-party BPO services for the global insurance industry 2. A PEAK into the Leaders, Major Contenders, and Emerging Players of Insurance BPO (EGR-2012-11-R-0801); 2012. This report uses Everest Group's proprietary PEAK Matrix to assess and rate service providers for insurance BPO on their market success and various dimensions of their delivery capabilities. It also highlights the key emerging trends in the insurance BPO market and the key implications for buyers and service providers 3. Insurance BPO Service Provider Profile Compendium (EGR-2013-11-R-0812); 2012. This report provides accurate, comprehensive, and fact-based snapshots of 10 service providers in the market. Each five page service provider profile provides a comprehensive picture of that provider’s service suite, scale of operations, technology solutions, and delivery locations; along with Everest Group’s assessment of the provider 4. Closed Books Insurance BPO: The Curious Divide across the Atlantic (EGR-2012-11-V-0665); 2012. This viewpoint analyzes the key underlying drivers behind closed books insurance BPO, the divide between the United States and the United Kingdom in closed books insurance BPO adoption across key dimensions, the future outlook and trajectory of these two markets, and implications for stakeholders For more information on this and other research published by Everest Group, please contact us: Rajesh Ranjan, Vice President: Anupam Jain, Practice Director: Skand Bhargava, Senior Analyst: Manu Aggarwal, Senior Analyst: FS BPO Team: Phone: +1-214-451-3110 Email: firstname.lastname@example.org Everest Group Two Galleria Tower 13455 Noel Road, Suite 2100 Dallas, TX 75240 Rajesh.email@example.com Anupam.firstname.lastname@example.org Skand.email@example.com Manu.firstname.lastname@example.org FSBPOresearch@everestgrp.com
Blogs www.sherpasinblueshirts.com www.gainingaltitudeinthecloud.com Twitter @EverestGroup @Everest_Cloud Stay connected Websites www.everestgrp.com research.everestgrp.com Dallas (Headquarters) email@example.com +1-214-451-3000 New York firstname.lastname@example.org +1-646-805-4000 Toronto email@example.com +1-647-557-3475 London firstname.lastname@example.org +44-207-129-1318 Delhi email@example.com +91-124-284-1000 At a glance With a fact-based approach driving outcomes, Everest Group counsels organizations with complex challenges related to the use and delivery of the next generation of global services Through its practical consulting, original research, and industry resource services, Everest Group helps clients maximize value from delivery strategies, talent and sourcing models, technologies, and management approaches Established in 1991, Everest Group serves users of global services, providers of services, country organizations, and private equity firms in six continents across all industry categories
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