Insurance BPO Service Provider Profile Compendium

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The insurance BPO service provider profile compendium provides accurate, comprehensive, and fact-based snapshots of 10 service providers in the market. Each five page service provider profile provides …

The insurance BPO service provider profile compendium provides accurate, comprehensive, and fact-based snapshots of 10 service providers in the market. Each five page service provider profile provides a comprehensive picture of that provider’s service suite, scale of operations, technology solutions, and delivery locations; along with Everest Group’s assessment of the provider.

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  • 1. Topic: Insurance BPO Service Provider ProfileCompendiumBanking, Financial Services, and Insurance (BFSI) OutsourcingMarket Report: January 2013 – Preview Deck Copyright © 2013, Everest Global, Inc. EGR-2013-11-PD-0812
  • 2. Our research offerings for global servicesSubscription information Market Vista The full report is included in Global services tracking across functions, sourcing models, locations, and the following subscription(s) service providers – industry tracking reports also available – Banking, financial services, insurance Banking, financial Healthcare Finance & accounting services, insurance In addition to published research, a subscription may Information include analyst inquiry, data Procurement Cloud Vista technology cuts, and other services If you want to learn whether Human resources Recruitment process Global sourcing your organization has a subscription agreement or request information on pricing Service provider Transaction PricePoint and subscription options, Intelligence Intelligence please contact us: – info@everestgrp.com Custom research capabilities – +1-214-451-3110  Benchmarking | Pricing, delivery model, skill portfolio  Peer analysis | Scope, sourcing models, locations  Locations | Cost, skills, sustainability, portfolio  Tracking services | Service providers, locations, risk  Other | Market intelligence, service provider capabilities, technologies Copyright © 2013, Everest Global, Inc. 2 EGR-2013-11-PD-0812
  • 3. Everest Group’s definition of BFSI includes the following threesegments Focus of this report Banking, Financial Services, and Insurance (BFSI)Banking Capital markets Insurance Retail financial services  Investment banking  Life & pensions (B2C1) – Retail banking  Asset management  Property & casualty – Lending – Cards  Custody & fund administration Commercial banking (B2B2)  BrokerageNote: This report covers vertical-specific BPO within the capital markets space. The report does not includecoverage of horizontal business processes such as F&A, HR, procurement, and contact centers1 Business-to-consumer relationships2 Business-to-business relationships Copyright © 2013, Everest Global, Inc. 3 EGR-2013-11-PD-0812
  • 4. Table of contentsTopic Page no.Section I: Insurance BPO service provider landscape snapshot 5Section II: Profile of insurance BPO Leaders 9 EXL Service 10 TCS 15 WNS 20Section III: Profile of insurance BPO Major Contenders 25 Genpact 26 HCL 31 Infosys 36 Wipro 41Section IV: Profile of insurance BPO Emerging Players 46 Capgemini 47 Cognizant 52 Serco 57Section V: Appendix 62 PEAK Matrix framework 63 Glossary of terms used in the report 64 BFSI outsourcing research agenda 65 Additional insurance BPO research references 67 Copyright © 2013, Everest Global, Inc. 4 EGR-2013-11-PD-0812
  • 5. ABC (page 1 of 5)Insurance BPO overviewCompany overview 2010 2011XX XX Revenue (US$ million) XX XX Number of FTEs XX XX Number of clients XX XXKey leaders XX XX XX XX Recent acquisitions and partnerships  XX XX  XX XXHeadquarter: XX, XXWebsite: www.abc.comSuite of services Recent developments XX XX  XX XX XX XX  XX XXSource: Everest Group (2012) Copyright © 2013, Everest Global, Inc. 5 EGR-2013-11-PD-0812
  • 6. ABC (page 2 of 5)Insurance BPO location landscape Cincinnati Gurgaon Mumbai Kolkata Bangalore Chennai SantiagoSource: Everest Group (2012) Copyright © 2013, Everest Global, Inc. 6 EGR-2013-11-PD-0812
  • 7. ABC (page 3 of 5)Insurance BPO – capabilities and key clientsKey insurance engagementsClient name LoB Region Year since clientXX XX Life & pensions Europe 2006XX XX Life & pensions North America 2007XX XX Life & pensions Europe 2009XX XX Life & pensions Europe 2011Insurance BPO FTE mix by segment Insurance BPO revenue mix by Split of FTEs by location Insurance BPO number of contractsFTEs in numbers geography FTEs in numbers by buyer size Revenue in US$ million Number of contracts 100% = 100% = 100% = 100% = Asia Pacific Near shore Medium Property & casualty X% Offshore Small X% North Europe Onshore America X% Large Life & pensionSource: Everest Group (2012) Copyright © 2013, Everest Global, Inc. 7 EGR-2013-11-PD-0812
  • 8. ABC (page 4 of 5)Insurance BPO technology solutionsTools XX XX XXSolution XX XX XXdescriptionYear launched XX XX XXLoB Life & pension, property & Life & pension Life & pension and property & casualty, and retirement casualtyNumber of XX XX XXclients Copyright © 2013, Everest Global, Inc. 8 EGR-2013-11-PD-0812
  • 9. ABC (page 5 of 5)Competitive position and assessmentABC is a Leader on Everest Group PEAK Matrix for insurance BPO Market share by region High Middle East & Leaders North America Europe Asia Pacific Africa Major Contenders ABC XX% XX% XX% XX% Market success Market share by insurance BPO line of business Life & pension Property & casualty XX% XX% Emerging Players Low Low High Insurance BPO delivery capability Overall market share By number of contracts By FTEs By revenueDelivery capability assessment High Low XX% XX% XX%Assessmentdimension Rating RemarksScale XX Overall remarks  XX XX  XX XXScope XX  XX XXTechnology XXcapabilityDelivery footprint XXSource: Everest Group (2012) Copyright © 2013, Everest Global, Inc. 9 EGR-2013-11-PD-0812
  • 10. BFSI Outsourcing research agenda (page 1 of 2) Published CurrentTopic Release dateTrade Reconciliations Business Process Outsourcing (BPO) May-2012Report Card for the Indian IT Majors – Pecking Order Analysis of the "WITCH" Group June-2012IT Application Outsourcing (AO) in Banking – Trends and Future Outlook June-2012BFS BPO Annual Report 2012 – Strong Growth Post the Downturn July-2012Application Outsourcing (AO) in Banking: PEAK Matrix Provider Landscape – Evolution at Play August-2012IT Application Outsourcing (AO) in Insurance – Navigating Business Challenges through Technology September-2012A PEAK into the Leaders, Major Contenders, and Emerging Players of the Banking BPO Market October 2012Applications Outsourcing in Banking – Service Provider Profile Compendium October 2012Global Sourcing Trends in the U.S. Mortgage Industry October 2012IT Application Outsourcing (AO) in Capital Markets Annual Report – Change is the only constant October 2012Webinar Deck: PEAK into the BFSI Outsourcing Market October 2012Application Outsourcing (AO) in Insurance: PEAK Provider Landscape – Policies for Growth and Differentiation October 2012Insurance Business Process Outsourcing (BPO) Market 2011-2012 – Annual Report November-2012 Copyright © 2013, Everest Global, Inc. 10 EGR-2013-11-PD-0812
  • 11. BFSI Outsourcing research agenda (page 2 of 2) Published CurrentTopic Release dateA PEAK into the Leaders, Major Contenders, and Emerging Players of Capital Markets BPO November-2012Banking BPO Service Provider Profile Compendium November-2012A PEAK into the Leaders, Major Contenders, and Emerging Players of Insurance BPO December-2012Capital Markets BPO Service Provider Profile Compendium December 2012Service Provider Landscape for IT application services in Capital Markets – PEAK report 2012 December-2012Insurance BPO Service Provider Profile Compendium January-2013IT Application Services in Insurance – Service Provider Profile Compendium 2013 January-2013IT Application Services in Capital Markets – Service Provider Profile Compendium 2013 Q1-2013 Copyright © 2013, Everest Global, Inc. 11 EGR-2013-11-PD-0812
  • 12. Additional insurance BPO research referencesThe following documents are recommended for additional insight on the topic covered in this report. The recommended documents provideeither additional details on the topic or complementary content that may be of interest:1. Insurance Business Process Outsourcing (BPO) Market 2011-2012 – Annual Report (EGR-2012-11-R-0781); 2012 This report discusses the global non-voice, third-party, industry-specific insurance BPO industry, providing coverage across market size and growth, solution characteristics, and the service provider landscape for the market2. IT Application Outsourcing (AO) in Insurance – Navigating Business Challenges through Technology (ERI-2012-11-R-0744); 2012. This report provides an overview of the application services market for the insurance vertical, capturing key trends in market size, growth, drivers and inhibitors, adoption trends, regional/functional break-outs of the market, emerging themes and key areas of investment, and implications for key stakeholders. The focus in 2012 is also to capture the key movements in volumes/values of insurance-AO transactions, evolving trends, market dynamics, and emerging priorities of buyers in the last 12 months3. Closed Books Insurance BPO: The Curious Divide across the Atlantic (EGR-2012-11-V-0665); 2012. This viewpoint analyzes the key underlying drivers behind closed books insurance BPO, the divide between United States and United Kingdom in closed books insurance BPO adoption across key dimensions, the future outlook and trajectory of these two markets, and implications for stakeholders4. The Two Billion Dollar (and some more) Giant: Implications of TCSs Insurance BPO deal with Friends Life (ERI-2011-11-R-0612); 2011. This breaking viewpoint analyzes this deal and presents insights on why the deal came to be signed, why this was expected, what this portrays about the UK insurance BPO market, why this deal is significant for both insurers and BPO service providers and the trends that it affirms, how this deal will impact TCS in terms of scale, profits, future outlook, and things to watch out for For more information on this and other research published by Everest Group, please contact us: Rajesh Ranjan, Vice President: rajesh.ranjan@everestgrp.com Rishabh Gupta, Senior Analyst: rishabh.gupta@everestgrp.com Vikas Menghwani, Analyst: vikas.menghwani@everestgrp.com FS BPO Team: FSBPOresearch@everestgrp.com Everest Group Two Galleria Tower 13455 Noel Road, Suite 2100 Phone: +1-214-451-3110 Dallas, TX 75240 Email: info@everestgrp.com Copyright © 2013, Everest Global, Inc. 12 EGR-2013-11-PD-0812
  • 13. Everest GroupLeading clients from insight to actionEverest Group is an advisor to business leaders on the next generation of global services with a worldwide reputation for helpingGlobal 1000 firms dramatically improve their performance by optimizing their back- and middle-office business services. With afact-based approach driving outcomes, Everest Group counsels organizations with complex challenges related to the use anddelivery of global services in their pursuits to balance short-term needs with long-term goals. Through its practical consulting,original research, and industry resource services, Everest Group helps clients maximize value from delivery strategies, talent andsourcing models, technologies, and management approaches. Established in 1991, Everest Group serves users of globalservices, providers of services, country organizations, and private equity firms in six continents across all industry categories. Formore information, please visit www.everestgrp.com and research.everestgrp.com.Dallas (Corporate Headquarters) Toronto India / Middle Eastinfo@everestgrp.com canada@everestgrp.com india@everestgrp.com+1-214-451-3000 +1-416-865-2033 +91-124-496-1000New York Londoninfo@everestgrp.com unitedkingdom@everestgrp.com+1-646-805-4000 +44-207-129-1318Stay connectedWebsites Twitter Blogswww.everestgrp.com @EverestGroup www.sherpasinblueshirts.comresearch.everestgrp.com @Everest_Cloud www.gainingaltitudeinthecloud.com Copyright © 2013, Everest Global, Inc. 13 EGR-2013-11-PD-0812