infoTECH Feature

February 25, 2010

Insurance BPO Client Industry Breaks Down IT Market

By Hans Lewis
The “Insurance BPO Client Industry” user survey for 2009 is based on investigations of more than 800 contracts held by 2,600 of the top-spending insurance corporations and organizations globally.
 
Sectors are divided by client type: ‘Life and Annuity Insurance,’ ‘Property and Casualty Insurance’ and ‘Health Insurance’
 
Eighteen Key Performance Indicators, or criteria, are employed, scored on each respective vendor by client type and ranked on a 0-10 scale per KPI.
 
Insurance BPO products typically fall into one or some combination of the following six categories:
 
1. Product Development: Includes marketing, pricing, risk analytics, and product testing (model office) in software services;
2. Sales and Marketing: includes agent management, external reporting and business intelligence/data warehousing in software services;
3. Underwriting and Risk Management: includes pricing support, quote and policy issuance and mid-term changes;
4. Policy Administration: includes billing, premium and claims booking, payment processing, testing and administration systems simplification in software services;
5. Claims Management: includes end-to-end claims management from adjudication to settlement and claims recovery services (subrogation and fraud detection);
6. Brokerage Services: includes Premium Accounting services, document management, Policy Maintenance, Operation Support services and client services;
7. Corporate Functions: Includes reporting, reconciliation, treasury, financial planning and analysis, ERP implementation in software services, client, network, server and security services.
 
Insurance ITO functions typically fall into one of the following:
 
1. Infrastructure: Help Desk, Applications Monitoring, Security, LAN WAN Management, Data Center management
2. Applications Management: Development, Maintenance and ERP Solutions
3. Data-warehouse and Business Intelligence Solutions
4. Bundled ITO/BPO/KPO Services
 
 
 
For more on IT, read here about how tech professionals feel about their salaries.

Hans Lewis is a contributing editor for TMCnet. To read more of his articles, please visit his columnist page.

Edited by Marisa Torrieri
FOLLOW US

Subscribe to InfoTECH Spotlight eNews

InfoTECH Spotlight eNews delivers the latest news impacting technology in the IT industry each week. Sign up to receive FREE breaking news today!
FREE eNewsletter

infoTECH Whitepapers