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Targeting P&C BPO in the Automotive Sector
Market Analysis
published on Oct 22, 2014
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Report Overview:
NelsonHall's market analysis of property and casualty outsourcing in the automotive sector consists of 67 pages.
Who is this Report for:
NelsonHall's "Targeting P&C BPO in the Automotive Sector" report is a comprehensive market assessment report designed for:
- Sourcing managers investigating sourcing developments within the automotive sector of property and casualty outsourcing
- Vendor marketing, sales and business managers developing strategies to target BPO service opportunities within the automotive sector of property and casualty insurance
- Financial analysts and investors specializing in the IT services and BPO sector, including property and casualty in the automotive sector.
Scope of this Report:
The report analyzes the worldwide market for property and casualty outsourcing (P&C BPO) in the automotive sector and addresses the following questions:
- What is the market size and projected growth for the global automotive insurance BPO market by geography?
- What is the profile of activity in the global automotive insurance BPO market by industry sector?
- What are the top drivers for adoption of automotive insurance BPO?
- What are the benefits currently achieved by users of automotive insurance BPO?
- What factors are inhibiting user adoption of automotive insurance BPO?
- What pricing mechanisms are typically used within automotive insurance BPO and how is this changing?
- Who are the leading automotive insurance BPO vendors globally and by geography?
- What combination of services is typically provided within automotive insurance BPO contracts and what new services are being added?
- What is the current pattern of delivery location used for automotive insurance BPO services and how is this changing?
- Which services are delivered from onshore and which from offshore?
- What are the challenges and success factors within automotive insurance BPO?
Key Findings & Highlights:
NelsonHall has segmented the drivers behind auto P&C BPO into four areas:
- The need to reduce customer churn
- Customer administration
- Claims transformation
- Upping the underwriter.
The majority of providers are not auto-focused and therefore provide wider P&C BPO services applicable to auto, e.g. policy admin. Providers with a defined auto strategy go beyond this to include offerings in support of VRNs and auto-specific analytics, e.g. telematics.
Growth across all segments will be driven by the requirement of P&C insurers to:
- Reduce cost: while ensuring service level is not impacted
- Strengthen and deepen customer engagements: including demonstrating the ability to enter and exit new lines quickly and offer online purchasing
- Improve claims skills: sometimes not possible in-house, forcing acquisition of specialist providers.
Within P&C BPO, fewer than 50% of vendors have an auto specific strategy; most providers tend not to separate auto from other lines. Auto P&C BPO has seven service areas, with claims management and policy admin making up the bulk of activity in 2014.
Around 40% of auto P&C BPO providers have acquired to build capability; others plan to invest the same way in the next five years, in particular in support of analytics, where key capabilities for auto P&C BPO include subrogation services and, increasingly, telematics.
Strong themes going into 2015 will be around predictive analytics, automation and digital transformation; investment in these areas is on the agendas of auto insurers and auto P&C BPO providers alike.
The U.S., U.K. and Continental Europe are the main target geographies for auto insurance BPO, but unlike wider P&C, APAC overtakes LATAM in terms of future vendor interest for auto P&C BPO.
Critical success factors include the ability to reduce cost, increase efficiency and identify areas of risk, across the whole auto process.
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P&C Insurance BPO in the Automotive Sector
published 2014-12-01 | Project by
NelsonHall's NEAT for P&C insurance BPO analyzes the performance of vendors offering P&C insurance BPO services specifically for the automotive sector. The NEAT tool allows NelsonHall customers to assess the capability of vendors across a range of criteria and business situations. Vendors within this NEAT analysis include: CSC, Cognizant, EXL, Genpact, Infosys, Innovation Group, MphasiS, Quindell, Sutherland, TCS, and WNS. This material is NelsonHall copyright and proprietary and no part is to be shared, reproduced or distributed in any form, or by any means, or stored in a database or retrieval system, without the prior written permission of NelsonHall. NelsonHall exercises its best efforts in the preparation of the information provided and believes the information contained herein to be accurate. However, NelsonHall shall have no liability for any loss or expense that may result from incompleteness or inaccuracy of the information provided.
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