insurance BPO

C-Suite executives in the insurance industry have enlisted product innovation as their top priority in the years to come. This is because factors such as evolving consumer expectations, fluctuating interest rates, proliferation of insurtechs, embedded insurance, among others are making it difficult for traditional insurance carriers to stay relevant in the industry. Product innovation will help them come up with diverse customized offerings and become more competitive in a post-pandemic world. Product Innovation Pathways There…

The insurance industry is staring at a huge resource crunch. Almost 400,000 posts are expected to fall vacant this year. The shortage of skilled resources will make filling up of the posts a difficult task. One of the primary reasons for the crisis is the high number of median age staff in the industry. This makes replacing talent a serious issue in the industry. Yet another reason is failure to attract new talent. The industry…

Demanding customers and an ever-changing business environment influence the insurance industry landscape. On the one hand, dynamic market drivers and complex regulations impact the industry. On the other, modern day insurance customers are highly tech-savvy and expect a frictionless, efficient, and positive experience. Such shifts pose enormous challenges to insurance companies in terms of operations and business growth. They struggle with customer query overloads due to the lack of a digitized claims management process. They…

The Covid 19 pandemic has turned out to be a blessing in disguise for the insurance industry in some ways. This is because it has compelled insurers to bring numerous operational changes that was long overdue. One such change brought about mostly during the pandemic was digitizing their processes. Digitization helped many insurers survive and adapt to the pandemic-induced changes. For instance, when remote or hybrid work became unavoidable due to the lock down, digitization…

Despite concerns about new Covid-19 variants, 2022 is expected to be a busy year for insurers. Major insurers around the world are already buckling up to accelerate their growth in 2022 and are investing in digital technology to handle rising operational demands. As they respond to the long-term effects of the Covid-19 crisis and continue to meet changing consumer expectations, the next few months will be critical. In a recent survey of insurance carriers, 77%…

A Boston-based property insurance company with footprint in 13 cities across the US was facing significant problems with its mailroom operations – a problem common across the insurance spectrum. The 200+ workforce of the firm was trying to manage all aspects of operations in-house which is why it was struggling to distinguish between its core and non-core functions. And then came the Covid-19 pandemic which forced it to suspend operations temporarily as there was very…

The impact of the Covid-19 pandemic on the insurance industry has been disastrous. The primary area of loss for most insurers across all business lines – from property and casualty to specialties – has been the balance sheet. Besides, the crisis has disrupted the fundamental working structure of insurers, disabling their staff from serving their clients. Today, most insurers are faced with a high surge in the number of incoming claims combined with a rapid…

A strategic management of policy services has never been more critical than in the current situation. The Covid 19-induced depreciated economic conditions of consumers have prompted regulatory authorities to impose mandates for insurers to provide pandemic-related coverages and exemptions. Insurers are facing fresh complications in managing their policies in a bid to abide by these mandates. Chubb Limited has estimated USD1.4 billion losses of the global insurance industry in the Q2 2020 owing to the…

The Covid-19 pandemic has caused an unprecedented slowdown in the insurance industry, forcing stakeholders to change the way they conduct business. Insurers were clearly unprepared for such a brutal crisis and had to pay for it in terms of opportunity loss, revenue loss, and workflow disruptions, and even halting of operations. The crisis has underscored the need for insurers to brace themselves for more such unexpected setbacks and catastrophes in the future. And to do…

Customers are smart and look to have a deep-dive knowledge of services they avail. They are more than keen to know about the possible benefits, challenges, and outcomes of subscribing to a service. The necessity to scale up to consumer smartness have triggered the need to frame customized policies and match it with smart service delivery. This has in turn spawned digital disruption in the insurance industry With the advent of technology, IT spending is…