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For 30 years, insurers have used BPO to reduce expenses and provide excellent service. But, if an insurer is only using BPO to reduce costs, it might be missing out on an opportunity to drive profitable growth.
The past decade has not been kind to the insurance industry. The recent economic crisis has resulted in a dwindling of profits caused by, among other things, the declining financial performance of investment portfolios and a dramatic increase in the cost of complying with hardening risk and regulatory oversight requirements.
These pressures combined have created a very difficult global business environment for life and property and casualty (P&C) insurers.
Insurance companies looking for a way to address these challenges to achieve a competitive advantage should explore all the opportunities offered by business process outsourcing.
January 24, 2014
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