Topic: Trends in Indian Insurance BPO market             

Offshore insurance BPO has grown into a significant industry in India with revenues close to two billion, with a potential to grow by as much as 12-15 times in the next five years. Global insurance majors are embracing offshoring for processes across the insurance value chain and the industry has gained significant delivery maturity in processes such as customer interaction and support, policy servicing and reporting, and claims processing. Complex processes like modeling and analytics are also increasingly offshored. Contrary to popular perception, processes requiring voice-based interaction are being delivered successfully from offshore centers.

Although the industry is rapidly maturing, the final state is far from clear and the degree of evolution may quicken in coming years. Insurance companies leveraging offshore delivery should stay tuned to new developments and continue to re-assess their strategies to reap the benefits of lessons learned across the industry. 

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