Looking for a Few Good Outsourcers
It may seem like the market is sated with outsourcing firms, but a review of the insurance market for outsourcers conducted by Boston Associates, an insurance venture advisory organization, found the North American insurance industry is still seeking good outsourcing options, both from outsourcing providers in the U.S. and overseas. The U.S. middle-market insurer category has been largely untouched by the vendors and is a market waiting to happen, says Henrik Sandell, technology partner with Boston. Opportunities abound for the improvement of sales and customer service.
The report listed three major conclusions on insurance outsourcing options:
The window of opportunity to establish a significant presence in the insurance outsourcing market for a new or expanding player is only one year.
Ample room exists for an investorof specialized IT/BPO organizations fo-cused on the middle-market insurance vertical.
The market-share and pricing battle currently under way will force numerous vendors to exit the market completely, align themselves with other competitors, or move upstream by offering high-value-added products and services.
Numerous areas possess significant potential for enhanced revenues, says Sandell.
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