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Outsourcing In Insurance Industry<br />Group 12<br />
Agenda<br />SP Jain Center of Management<br />2<br />1<br />2<br />3<br />4<br />5<br />6<br />7<br />8<br />
Value Chain of the Insurance Industry<br />SP Jain Center of Management<br />3<br />
Key Drivers for Outsourcing<br />SP Jain Center of Management<br />4<br />
Various Service Providers In India<br />SP Jain Center of Management<br />5<br />
Insurance companies that Outsource<br />SP Jain Center of Management<br />6<br />
Processes<br />Claims registering<br />Non Core Processes<br />Marketing activities <br />Core Processes<br />Product Plan...
Process Complexity Graph<br />SP Jain Center of Management<br />8<br />Rising up the value <br />chain<br />
Outsourcing Model <br />I<br />N<br />S<br />U<br />R<br />A<br />N<br />C<br />E<br />I<br />N<br />D<br />U<br />S<br />...
Compliance Needs<br />SP Jain Center of Management<br />10<br />
Risks<br />SP Jain Center of Management<br />11<br />
Risks Mitigation<br />SP Jain Center of Management<br />12<br />
Higher-end processes such as underwriting, actuaries and analytics <br />Average billing rates upwards by more than 25 per...
SP Jain Center of Management<br />14<br />
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Outsourcing in Insurance industry

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The current state of outsourcing in Insurance Industry and the outsourcing model

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Transcript of "Outsourcing in Insurance industry"

  1. 1. Outsourcing In Insurance Industry<br />Group 12<br />
  2. 2. Agenda<br />SP Jain Center of Management<br />2<br />1<br />2<br />3<br />4<br />5<br />6<br />7<br />8<br />
  3. 3. Value Chain of the Insurance Industry<br />SP Jain Center of Management<br />3<br />
  4. 4. Key Drivers for Outsourcing<br />SP Jain Center of Management<br />4<br />
  5. 5. Various Service Providers In India<br />SP Jain Center of Management<br />5<br />
  6. 6. Insurance companies that Outsource<br />SP Jain Center of Management<br />6<br />
  7. 7. Processes<br />Claims registering<br />Non Core Processes<br />Marketing activities <br />Core Processes<br />Product Planning <br />Policy owner services<br />Payroll processing<br />Investment functions<br />Voice Support via call centers<br />Policy pricing <br />Performance Management<br />Forms data entry<br />Account reconciliation<br />Agency Management <br />Premium refund<br />Financial statement analysis<br />Business analysis <br />Technology & Maintenance<br />Accounts payable and receivable<br />Reinsurance <br />Support to agents/ policyholders<br />Compliance<br />Portfolio analysis and decisions <br />Forms design<br />Claims evaluation, examination and litigation<br />SP Jain Center of Management<br />7<br />
  8. 8. Process Complexity Graph<br />SP Jain Center of Management<br />8<br />Rising up the value <br />chain<br />
  9. 9. Outsourcing Model <br />I<br />N<br />S<br />U<br />R<br />A<br />N<br />C<br />E<br />I<br />N<br />D<br />U<br />S<br />T<br />R<br />Y <br />O<br />U<br />T<br />S<br />O<br />U<br />R<br />C<br />I<br />N<br />G<br />Services Offered<br />Service Segment<br />• Application Maintenance & Development<br />• Infrastructure Management<br />• Data architecture<br />• System Deployment and Integration<br />• Product design<br />• Network and desktop outsourcing<br />IT Services<br />ITO<br />• Premium accounting<br />• Policy owner services<br />• Support functions<br />• Data entry<br />• In bound and outbound call support<br />• MIS<br />BPO<br />ITES<br />• High end Claims Processing <br />• Annuity & Pension products process<br />• Business analysis and technical design<br />• Underwriting<br />• Portfolio analysis and decisions<br />• Corporate Treasury<br />KPO<br />SP Jain Center of Management<br />9<br />
  10. 10. Compliance Needs<br />SP Jain Center of Management<br />10<br />
  11. 11. Risks<br />SP Jain Center of Management<br />11<br />
  12. 12. Risks Mitigation<br />SP Jain Center of Management<br />12<br />
  13. 13. Higher-end processes such as underwriting, actuaries and analytics <br />Average billing rates upwards by more than 25 percent in the next two to three years<br />Future Trends<br />SP Jain Center of Management<br />13<br />
  14. 14. SP Jain Center of Management<br />14<br />
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