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Many insurers have used business process outsourcing to reduce costs and improve efficiency. It can also help them improve their workforce effectiveness and efficiency.
Many insurers have taken advantage of business process outsourcing (BPO) to reduce operational costs, improve the quality of their processing and accelerate their speed to market. But BPO also has the potential to help insurers overcome the challenge of improving the effectiveness and efficiency of their workforces.
Workforce optimization is vital given the key role that motivated and skilled staff play in helping companies achieve high performance. Insurers, however, face specific workforce challenges:
Accenture’s High Performance Workforce Study has already touched on the upheavals under way within the insurance sector, with most insurers acknowledging that they are some way from having a truly effective workforce.
Demographic and other changes are not the only factors militating against a more effective workforce. As important are the structural and operational deficiencies that make it difficult for insurers to improve productivity and customer service—both essential for revenue growth, satisfactory margins and finally, for high performance. These deficiencies include an over-complex processing environment, a siloed organizational structure and suboptimal business processes. As a result, staff remain mired in a tactical mode of operating.
Outsourcing key insurance processes can help insurers meet these challenges and enable the transformation of the retained workforce. Among the areas where BPO can effect change are:
Benefits of this approach may include lower costs and risks, more satisfying jobs for the retained workforce and measurable improvements in business value (in terms of productivity, cost, retention or other significant metrics).
Based on its wide experience with customers and its research-based understanding of high performance in insurance, Accenture recommends that executives think of at least the following three areas when transforming their retained workforces:
Contact Us to benefit from our experience in helping insurance clients to benefit twice from BPO.
October 15, 2008
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