The economic woes of recent years were unkind to the insurance industry, among others.
Profits dwindled as financial market turmoil hurt investment portfolios. Meanwhile, a stricter regulatory environment led to a dramatic increase in compliance and risk-management expenses.
These pressures combined created a very difficult global business environment for life and property and casualty (P&C) insurers.
This is where a new way of looking at business process services (BPS) comes in.
Insurance companies seeking to address these challenges and achieve a competitive advantage should explore all the opportunities BPS offers.
In short, if you're only using BPS to reduce costs, you might be missing out on opportunities to drive profitable growth.