The Role of BPO in the Insurance Industry
In today’s volatile and highly complex business environment, substantial change is being witnessed in the insurance sector. The main reason behind this is the changing market drivers and stringent regulatory norms. The cut throat competition in the insurance sector has given rise to various operational challenges such as improving turnover ratios and their activity along with establishing a pricing model that remains competitive. In the past decade or so, enterprises engaged in the insurance sector have been appreciating the importance of flexible and agile outsourcing models. By leveraging the potential of business process outsourcing (BPO), insurance companies have drastically minimized operating expenditures along with streamlining back-office operations. Furthermore, outsourcing also facilitates the insurance company to carry out its daily functions by forming a robust foundation of profitability and growth. BPO represents an efficient and strategic option for insurance comp