NelsonHall’s “Business Process Services in Property & Casualty Insurance: 2016” 117-page report is based on global interviewing of senior executives across the property & casualty sector in four geographies: U.S., U.K., Continental Europe, and Asia Pacific.
In particular, the report analyzes the principal business issues faced by property & casualty firms over the period 2016-2018, the operational initiatives planned in response to these issues, and the suitability of their current business processes to meet future business needs.
It then addresses the satisfaction of property & casualty executives with current business process services (BPS or BPO), and their attitudes towards emerging models of BPS service delivery, together with their levels of anticipated BPS spend growth and purchasing intentions by service line.
Who is this Report for:
NelsonHall’s “Business Process Services in the Property & Casualty Insurance Sector: 2016” report is a comprehensive market assessment report designed for:
- Sourcing managers investigating sourcing developments within the property & casualty insurance sector
- Vendor marketing, sales and business managers developing strategies to target business process services (BPS) opportunities within the property & casualty insurance sector
- Financial analysts and investors specializing in the IT services and BPS sector
Scope of this Report:
The report is based on interviews with executives in the property & casualty insurance sector in the U.S., U.K., Continental Europe, and Asia Pacific.
The report analyzes the worldwide market for business process services (BPS or BPO) within the property & casualty insurance sector and addresses the following questions:
- What are the principal business issues faced by organizations in the property & casualty insurance sector?
- What operational initiatives and enhancements are planned by organizations in the property & casualty insurance sector?
- How suitable are their current processes perceived to be to support their future business requirements by executives in the property & casualty insurance sector?
- How satisfied are companies in the property & casualty insurance sector with the current delivery of BPS services?
- How would executives in the property & casualty insurance sector like to see BPS services improved?
- What shifts in sourcing policy are expected by executives in the property & casualty insurance sector over the next three years?
- Which approaches to BPS are favored by executives in the property & casualty insurance sector?
- How do companies in the property & casualty insurance sector expect their spend on BPS services to change over the next three years?
- Which processes will companies in the property & casualty insurance sector seriously evaluate for BPS/BPO in the near future?
Key Findings & Highlights:
Globally, property & casualty companies largely expect the rate of change to be reduced or unchanged over the next three years. Accordingly, the majority of property & casualty companies will focus on run-the-business initiatives to improve their current operations rather than change-the-business initiatives to introduce new business models.
The principal business issues identified unprompted by executives within property & casualty firms were the high cost of administration, particularly customer administration, the rising cost of marketing and the need to improve their return on marketing, a lack of investment expertise and difficult investment markets, and the rising cost of compliance. The need to address these issues is creating BPS opportunities in a number of process areas.
However, if BPS vendors are to take advantage of these opportunities, then they need to enhance their service delivery for P&C firms, which needs to evolve to meet changing expectations in the industry.
This report identifies the key areas of dissatisfaction of P&C companies with their current processes, the strength of BPS buying sentiment by process, and the new models of BPS service delivery expected by the market.
Table of contents:
Table of contents:
- Structure of the Report
- Executive Summary
- Reducing the Cost of Customer Administration is the Major Business Issue for Property & Casualty Firms
- P&C Firms’ Aim to Digitalize to Reduce Costs in Both Front- and Back-Office while Launching New Products & Services
- Property & Casualty Sector Forecasts 2.8% Increase in BPS Spend in 2016
- Standalone BPaaS Adoption Strongly Favored by Property & Casualty Sector over Next Three Years
- Property & Casualty Insurance Market Forecast & Vendor Market Shares
- Property & Casualty BPS Market Forecast
- BPS Vendor Shares: Property & Casualty
- Key Business Issues & Initiatives
- Key Business Issues
- Operational Initiatives Planned
- Operations Enhancements Planned
- Operations Satisfaction & Pain Points
- Process Suitability to Support Future Business
- Process Pain Points
- Satisfaction with, and Attitudes to, BPS
- Satisfaction with Delivery of BPS Services
- Attitudes to Vendor Approaches
- BPS Service Improvement Requirements
- BPS Adoption by Model Type
- BPS Purchasing & Spend Intentions
- Forecast Shifts in Sourcing
- Planned BPS Adoption by Process
- BPS Spend Growth & Productivity Improvements Sought
- Changing Contractual Approaches
- BPS Pricing Mechanism Trends
- BPS Contract Length Trends