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CAPABILITY

Life insurance BPO

Accenture helps life insurance companies take advantage of outsourcing to improve their business.

Overview

High-performance insurers take advantage of outsourcing as a strategic, quick, safe, dependable and efficient way to strengthen their operational capability in support of their business vision.

Accenture is considered the world’s leading insurance BPO provider, with a solid reputation for our ability to take over an insurer’s non-core functions quickly, efficiently and cost effectively – while simultaneously improving service levels.

Life Insurance BPO leverages Accenture’s deep understanding of the insurance industry to streamline operational processes and achieve critical mass across every aspect of an insurance transaction. Using a combination of onshore, near-shore and offshore resources, Life Insurance BPO creates a seamless network of human capital that responds to each situation with the most appropriate level of experience and quality of service.

This environment allows insurers to move from fixed costing to a variable model that scales infinitely, allowing for more efficient labor arbitrage.

Management is freed up to focus on strategy, product development, marketing and sales activities, with the confidence of knowing that operational and regulatory requirements and service levels remain aligned with the company’s promise to its channel partners and customers.

Why Accenture

Accenture is the world’s preeminent insurance outsourcing service provider. We received the Outsourcing Excellence Awards for six years (2007, 2008, 2009, 2011, 2012 and 2013). In addition we were ranked the number one provider for five years running (2008 – 2012) by the International Association of Outsourcing Professionals.

We provide a complete portfolio of BPO services that help ensure tight integration across the entire enterprise. This portfolio includes sophisticated business consulting expertise and methodologies, IT system integration and application outsourcing services. Accenture’s unique Insurance Data Migration Factory works with carriers to transfer client and policy data onto new technology platforms accurately, efficiently and without any drop in service levels.

With more than 4,500 insurance specialists in seven countries working with more than 55 carriers, Accenture BPO centers handle more than 20 million transactions annually, administer in excess of 2 million policies and provide pension fund administration to over 1 million members.

Benefits to clients to date have included:

  • Improved customer and intermediary service levels

  • Policy management error costs reduced by 30 percent

  • Expenses reduced by 30-50 percent of the costs of their outsourced business services

  • A switch from fixed to variable costing

  • Accelerated speed-to-market with up to a 75 percent reduction in new product development costs

In addition, insurers that used BPO to consolidate and modernize their processing platforms reported cost and speed-to-market benefits that were, on average, 17 percentage points greater than those that did not outsource any of their processing.