The Indian offshore insurance services (BPO) industry is estimated to be worth $690 million in 2006, and is expected to grow at a CAGR of 30% a year up to FY2010
February 15, 2007 (Press Release) --
Insurance Outsourcing: India Gains Momentum As Offshoring Intensifies
The Indian offshore insurance services (BPO) industry is estimated to be worth $690 million in 2006, and is expected to grow at a CAGR of 30% a year up to FY2010, driven by the need to reduce costs, differentiate products in an increasingly competitive environment, and ensure regulatory compliance.
The research also expects insurance outsourcing from UK and Europe based insurance carriers to grow faster than US based insurance carriers in the next two to three years. This business will increasingly seek new, innovative business arrangements, which are hybrids between captive and third party models.
The offshore vendor landscape is made up of:
Captives of large insurance carriers, mainly based in the US and Europe, such as Aviva, AXA, Prudential, Allianz, Principal, etc.
Indian offshore third party BPO vendors which include, o Large third party BPO vendors like Genpact, WNS, EXL Service, etc
o BPO offshoots of IT majors such as TCS, Wipro, Infosys, etc
o Mid-tier vendors - mostly large BPO vendors with a relatively small insurance presence - such as IBM Daksh, Patni BPO, HCL BPO, etc
o Smaller, undifferentiated vendors
In the future, we will see a rising trend towards outsourcing of higher-end processes such as underwriting, actuaries and analytics to the larger third party BPO vendors, who are fast gaining capabilities in these areas. "By FY2010", says Arun Jethmalani, CEO of ValueNotes,"a large number of Indian vendors will have evolved into mature, end-to-end service providers, competing with multinational outsourcing companies". Players like Genpact, WNS and EXL Services, as well as BPO offshoots of IT companies like IBM, TCS, Infosys (Progeon) and Wipro will emerge as formidable global players in the next few years.
Arpita Bedekar, analyst at ValueNotes expects "greater offshoring of high-end, higher-value services like analytics, actuaries and underwriting to push industry average billing rates upwards by more than 25 percent in the next two to three years".
The report provides an overview of the buyer scenario and an in-depth analysis of the Indian vendor space along with profiles of major industry players. The report is designed to help:
Insurance companies looking to outsource/offshore
Outsourcing consultants to evaluate and compare the offerings of vendors
Insurance services vendors to assess their competitive environment
Venture Capital companies looking for investment opportunities
Researchers looking for detailed information on financial services offshoring
This study is based on secondary data as well as extensive interviews with key people at various BPOs (captive as well as third-party) in India.
For more information kindly visit the following url http://www.bharatbook.com/detail.asp?id=25417
The Indian offshore insurance services (BPO) industry is estimated to be worth $690 million in 2006, and is expected to grow at a CAGR of 30% a year up to FY2010, driven by the need to reduce costs, differentiate products in an increasingly competitive environment, and ensure regulatory compliance.
The research also expects insurance outsourcing from UK and Europe based insurance carriers to grow faster than US based insurance carriers in the next two to three years. This business will increasingly seek new, innovative business arrangements, which are hybrids between captive and third party models.
The offshore vendor landscape is made up of:
Captives of large insurance carriers, mainly based in the US and Europe, such as Aviva, AXA, Prudential, Allianz, Principal, etc.
Indian offshore third party BPO vendors which include, o Large third party BPO vendors like Genpact, WNS, EXL Service, etc
o BPO offshoots of IT majors such as TCS, Wipro, Infosys, etc
o Mid-tier vendors - mostly large BPO vendors with a relatively small insurance presence - such as IBM Daksh, Patni BPO, HCL BPO, etc
o Smaller, undifferentiated vendors
In the future, we will see a rising trend towards outsourcing of higher-end processes such as underwriting, actuaries and analytics to the larger third party BPO vendors, who are fast gaining capabilities in these areas. "By FY2010", says Arun Jethmalani, CEO of ValueNotes,"a large number of Indian vendors will have evolved into mature, end-to-end service providers, competing with multinational outsourcing companies". Players like Genpact, WNS and EXL Services, as well as BPO offshoots of IT companies like IBM, TCS, Infosys (Progeon) and Wipro will emerge as formidable global players in the next few years.
Arpita Bedekar, analyst at ValueNotes expects "greater offshoring of high-end, higher-value services like analytics, actuaries and underwriting to push industry average billing rates upwards by more than 25 percent in the next two to three years".
The report provides an overview of the buyer scenario and an in-depth analysis of the Indian vendor space along with profiles of major industry players. The report is designed to help:
Insurance companies looking to outsource/offshore
Outsourcing consultants to evaluate and compare the offerings of vendors
Insurance services vendors to assess their competitive environment
Venture Capital companies looking for investment opportunities
Researchers looking for detailed information on financial services offshoring
This study is based on secondary data as well as extensive interviews with key people at various BPOs (captive as well as third-party) in India.
For more information kindly visit the following url http://www.bharatbook.com/detail.asp?id=25417
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