The insurance sector is highly volatile, with ever fluctuating demand and the authorities bringing in new regulations every now and then. This propelled the emergence of new and advanced business models like insurance outsourcing, which offers the much-needed benefits of flexibility and agility. Insurance BPOs serves as a pillar of strength to the Insurance companies who are bogged down by neck-to-neck competition, and rising operating costs. They support the insurance providers by streamlining the back-office…

Accounts receivable services is a major problem area for insurance carriers. Factors such as increasing days sales outstanding (DSO), legacy soft tools, and overall non-intuitive accounting functions are clogging the revenue streams of insurance agencies. The Q2 US Accounts Receivable and Days Sales Outstanding Industry Report by Dun & Bradstreet and the Credit Research Foundation stated that about over 10 out of 211 industries reported accruing over 10% ARs that are more than 90 days…

Insurance BPOs have emerged as important partners to the insurance companies in helping them realize their growth goals. The most important benefit of insurance BPOs is that they bring down the operational costs significantly. Furthermore, as they take care of all day-to-day tasks, the insurance companies are able to focus all their energies on growing their business Insurance BPOs come in different models which we will discuss later in the article. The selection of the…

According to the findings of Marketwatch, the global insurance business process outsourcing market size will reach a value USD8395.6 million by 2028 and will grow at a CAGR of 4.5%. The global insurance sector is poised to face a score of challenges in 2022. These challenges include talent shortages, customers’ expectations for innovative products, stringent regulatory requirements, uncertain socio-economic scenarios because of international political strife, and others. Insurers are finding it extremely difficult…