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Insurance BPO – An Industry Overview

Business process outsourcing (BPO) for the insurance sector continues to gain momentum as insurers look for operational efficiency enhancements as well as growth opportunities. BPO practice has evolved from being considered a risky strategy that only the heroic or the adventurer would deploy to a mainstream strategic choice. A vast majority of insurers use BPO services and have made significant progress in terms of BPO acceptance. In fact, studies show that several insurers feel the need to put BPO on their C-level agenda. Horizontal processes such as HRO, F&A and CRM, which are less visible but still as critical for an organization's sustenance, will continue to be upwardly mobile. However, going forward, the fastest growth is expected in industry-specific processes such as claims processing and policy administration. India will continue to be the torchbearer of the offshore sourcing industry, but emerging destinations will also contend for their share in the pie. A growth in higher value BPO service will benefit the economies of Eastern Europe, Canada and South Africa. Expansion strategies and M&As implemented by insurance companies have also aided the outsourcing process. Outsourcing is believed to be the quickest and most effective way to consolidate disparate data, processes, and technologies that result out of acquisitions. Companies looking at growth and global presence get a much needed boost by outsourcing.

Insurance BPO


Insurance BPO – Vendor Snapshot

Cambridge Solutions: -

HQ: 340 Pemberwick Road, 2nd Floor 06831, Greenwich, CT
Phone: 800-662-1170

Cambridge is provider of global outsourcing services that includes knowledge-based processes such as insurance & claims management and finance & accounting. It offers a wide range of high-end back office services and enhances administrative and operational efficiencies. The company employs skilled labor to manage transaction requirements within industries such as insurance, third party claims administration, finance and accounting, banking, mortgage, and healthcare. 

CGI Group Inc.: -

HQ: 1130 Sherbrooke Street West, 7th Floor, Montreal, Quebec H3A 2M8 
Phone: 514-841-3200

CGI, established over 30 years ago, is one of the topmost providers of IT and Business Process Services (BPS). It employs around 26,500 professionals and has more than 100 office locations across the world. BPS includes the management of back office operations for property & casualty, and life & health insurance providers. The company delivers single service such as call center support, as well as a multitude of services including policy administration, premium accounting, underwriting, rating and actuarial, loss adjusting/claims management, risk management, compliance monitoring and reporting, document management and workflow, financial asset management, human resources and payroll. 

Cognizant Technology Solutions: -

HQ: "500 Frank W. Burr Boulevard Teaneck, NJ 07666"
Phone: 201-801-0233

Cognizant Technology Solutions offers a wide range of services including information technology (IT), and business process outsourcing (BPO). The company employs more than 55,000 professionals and operates from over 35 delivery centers worldwide. It is listed on the NASDAQ-100 index and S&P 500 Index. Cognizant is also listed as a Forbes Global 2000 company and is positioned as a leading IT firm in BusinessWeek’s Info Tech 100, Hot Growth and Top 50 Performers listings. 

ExlService Holdings, Inc.: -

HQ: "350 Park Avenue, 10th Floor, New York, NY 10022"
Phone: 212-277-7100

EXL is a core business process outsourcing (BPO) services provider that offers services to the banking, financial services, and insurance industry. The company offers integrated outsourcing solutions and have successfully migrated more than 230 processes that cover a wide range of products and services to their operations centers. Additionally, EXL delivers complex transaction processing management, research and analytics, risk advisory services, and process consulting services. The company’s deep industry knowledge allows it to offer cost effective solutions for its customers to help them accomplish high business efficiency. 

Genpact: -

HQ: "1251 Avenue of the Americas, Suite 4100, New York, New York 1002"
Phone: 646-624-5900

Genpact is a leading global provider of business process services covering areas like financial services, sales and marketing, enterprise application, analytics, supply chain and procurement, collections, customer services, information technology and e-learning, and content management. It integrates expertise, information technology, analyzing ability and insight earned through experience in several industries to deliver these services. It allows its customers to upgrade their business operations by helping them improve their business processes using Six Sigma and Lean principles as well as by deploying advanced technology. 

Mastek Limited: -

HQ: "#106,SDF IV, SEEPZ Andheri (East), Mumbai - 400 096,
Phone: 91-22-6695-2222

Mastek is a provider of IT programs and platforms that allows its clients to transform their businesses. The company’s clientele includes Fortune 500 companies. It provides several enterprise solutions to the insurance as well as government sectors. 

Maxil Technology Solutions Inc: -

HQ: "2625 Butterfield Rd, St 316W, Oak Brook, IL -60523"
Phone: 630-472-7335

Maxil Technology Solutions Inc. offers IT services to financial, manufacturing, healthcare, transportation, retail, and information and communication industries across the globe. The company’s services are divided into four major segments - Applications Development, e-Business Consulting, Resource Management, and Knowledge Process Outsourcing (KPO). Its clientele includes banking, insurance, capital markets, and telecommunications industries. 

Neusoft Group Ltd.: -

HQ: "Neusoft Park, Hun Nan Industrial Area, New & High-Tech, Development Zone Shenyang 110179, P.R. China" Phone: 86-24-8366-5662

Neusoft provides software solutions, digital products and services and specialized software solutions to its clients. Neusoft’s core technology offerings include IT solutions and services, medical systems and services and IT education and training. It offers its clients business solutions through research, design, development, production, sales, training and services. 

Objectiva Software Solutions: -

HQ: 5958 Priestly Drive Carlsbad, CA 92008 
Phone: 866-688-9020 / 760.635.2633

Objectiva Software Solutions, a subsidiary of the EMC Corporation, is one of the topmost providers of software solutions to the Chinese markets. Since 2001, the company has focused on establishing dedicated Offshore Development Centers in China. Objectiva offers support to its clients for developing enterprise software solutions (J2EE, COM+, and MS.NET), web-based client-server solutions and solutions for wireless internet. Additionally, it has an expertise in developing customized solutions and offers quick return on investment based on its China-based operations as well as through process automation. With branches in San Diego, San Francisco, Boston, Toronto, Frankfurt, Beijing and Xi'an., the company provides long-term benefits by automating processes. 

Patni Computer Systems Limited: -

HQ: Akruti, MIDC Cross Road No 21, Andheri (E), Mumbai 400 093.
Phone: 22-6693-0500

Patni provides a comprehensive range of IT services that includes Customer Interaction Services (CIS) and Business Process Outsourcing (BPO) services. Both the services, CIS and BPO, are based on domain expertise and innovative technology and maintain high quality standards. Patni offers customized software solutions to clients in several types of industries, who depend on them for domain specific operations and shared corporate services. The company delivers finance and accounting, IT helpdesks and technical support services including a complete suite of CIS and BPO services to the insurance and financial services industries. It provides services that support the benefits administration lifecycle for 401(K) Plan administrators in the insurance sector. 

ReSource Pro: -

HQ: "6 East 43rd Street, 15th Floor, New York, NY 10017"

ReSource Pro offers remote staffing solutions for MGAs, Program Administrators, Retail Brokers, Insurance Carriers, Moving and Storage Companies. The company focuses on sectors such as real estate, transportation, and professional Services. ReSource Pro links with client’s current systems using terminal server, citrix or the internet to execute numerous tasks that support the client’s agency staff.

Tata Consultancy Services: -

HQ: "TCS House, Corner of Hazarimal Somani Marg & Raveline street, Near Sterling Cinema, Fort, Mumbai - 400 001" Phone: 22-6750-9595

Tata Consultancy Services (TCS) is one of the world's largest providers of information technology and business process outsourcing services. It offers innovative solutions to identify, manage, and operate its client’s non-core processes. The company helps insurance firms spot non-core yet important business operations that allow them to concentrate on core processes and stay ahead in competition. It delivers services such as claims administration, closed book administration, policy servicing, and new business servicing. Its global network delivery model makes sure that clients are provided low cost and high quality results at lower risk. 

Xchanging: -

HQ: "Xchanging, 13 Hanover Square, London W1S 1HN"
Phone: 44-0-20-7780-6999

Xchanging is an international pure-play business process outsourcing company focusing mainly on insurance and financial sectors. The company also provides HR, procurement, accounting and hosting services across several industrial sectors. The company also provides a variety of administrative outsourcing services in areas such as human resources, payroll, and accounting to clients in the manufacturing, financial services, and retail sectors, among others. With operations at seven locations in Europe, the US and Asia, Xchanging serves customers in more than 30 countries around the globe.

Wipro BPO: -

HQ: "Doddakannelli Sarjapur Road Bangalore - 560 035"
Phone: 91-80-2844-0011

In 2002, Wipro Technologies entered the BPO segment by acquiring Spectramind. Now, operating out of 9 different locations across India and Eastern Europe, Wipro BPO employs 19,000 trained professionals to service customers in various industries including Banking & Capital Markets, Insurance, Travel & Hospitality, Hi-Tech Manufacturing, Telecom & Healthcare sectors. Wipro Insurance Services enables insurance firms to standardize, optimize and automate processes to ensure better performance and competitive advantage with lesser capital investment. The company has invested approximately USD 15 million in offshore centers which are expected to establish next year. It plans to employ more than 900 people to deliver voice and non-voice based processes in areas such as technical, finance and accounting, customer support, and human resources. 

Infosys: -

HQ: "Plot No. 44 & 97A, Electronics City, Hosur Road, Bangalore - 560 100"
Phone: 080-2852-0261

Infosys BPO, formerly known as Progeon, operates out of 11 delivery centers spread across India, the Czech Republic, Poland, Mexico, the Philippines, Thailand and China. The company’s clientele includes total 530 active customers. It provides a range of BPO services including customer services, finance and accounting, human resources, knowledge services, legal processes, and procurement outsourcing. The company offers its services across several industries including aerospace and automotive, banking and capital markets, healthcare and life sciences, insurance, media and entertainment, and transportation among others.

WNS Global Services: -

HQ: "Gate No. 4, Godrej & Boyce Complex, Pirojshanagar, Vikhroli West, Mumbai 400 079"
Phone: 91-22-6797-6100

WNS delivers high quality performance of client operations, monitors them against several performance metrics, and improves them continually. Its clientele includes firms in the travel, banking, financial services, insurance, manufacturing, retail, logistics, utilities and professional services sectors. The company provides industry-specific and broad range of services across industries including finance and accounting, human resources, supply-chain management, market, business and financial research, and analytics. WNS also provides end to end client services in areas such as consulting, business process outsourcing and information technology. It serves insurance sectors including property and casualty insurance, life insurance, healthcare insurance and annuities.


Coverage: -

Client base, geographies, and industries targeted are the parameters considered for measuring Coverage.

  • Client Base – This includes specifics such as size and type of the client base served by the vendor.
  • Geographies – This covers all the geographical regions wherein the vendor operates.
  • Industries Targeted – This includes specifics such as the total number and type of industries targeted.
  • targeted.

Growth Potential -

Scope of services offered, expansion plans, and innovation plans are the parameters considered for measuring Growth Potential.

  • Scope of Services Offered – This covers the entire range of services, including but not limited to document outsourcing, offered by the vendor.
  • Expansion Plans – This criterion assesses all the strategies adopted by the vendor with regards to expansion. Specifics such as planning for future growth, distribution network, type of partners, total number of partners, mergers and acquisitions if any, and other expansion plans are considered.
  • Recognition – This takes into account the vendor’s ability to prove itself as a leader. Recognition the national or international awards the company has achieved for its services, processes, or innovation. This also includes the various certifications that reflect the vendor’s commitment to process improvement and business excellence.

Pioneers/Frontrunners/Key Players:

Industry pioneers can be identified by their broad range of service offerings and a balanced rate of growth. Such players, typically, have a large client base (relative to market size) and deliver services across industries. In addition, they operate from multiple locations worldwide.

Emerging Players:

Emerging Players are potential leaders of tomorrow. They demonstrate a high growth rate and have several growth strategies in the pipeline to target multiple industries. These players have a rapidly expanding client base and provide services from growing number of locations.

Specialized Players:

Specialized Players offer limited but quality services. They have a moderate client base and operate from multiple locations. As compared to leaders and contenders, they operate on a smaller scale.


Contenders deliver a wide range of services and design innovative strategies, products and services to promote healthy competition. Such players operate from multiple locations and concentrate on several industries.