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Mumbai-based consultants Bharat Book Bureau has announced the addition of "Insurance Outsourcing: India Gains Momentum As Offshoring Intensifies - Trends, Insights And Key Vendor Profiles" to their offering.
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:
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Captives of large
insurance carriers, mainly based in the US and Europe,
such as Aviva, AXA, Prudential, Allianz, Principal,
etc.
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Indian offshore
third party BPO vendors which include,
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Large
third party BPO vendors like Genpact, WNS, EXL
Service, etc |
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BPO
offshoots of IT majors such as TCS, Wipro,
Infosys, etc |
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Mid-tier
vendors - mostly large BPO vendors with a
relatively small insurance presence - such as
IBM Daksh, Patni BPO, HCL BPO, etc |
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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 visit http://www.bharatbook.com/detail.asp?id=25417
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