Wipro BPO Insurance Services
As insurers continue to grapple with management’s mandate to become more efficient, there is a renewed focus on BPO. Insurers are becoming increasingly aware that their ability to focus on their core competencies will be key to success in an increasingly tight and competitive field. By outsourcing non-core operations, insurers can focus on what they might consider most strategic, i.e. the external marketplace and its customers.

Insurers are using outsourcing to help them improve their business processes while reducing costs - thus ensuring continued success. Wipro Insurance Services helps insurers standardize, simplify and automate, to achieve high performance and competitive differentiation with minimal upfront capital investment.

BPO Drivers in Insurance

Reducing Operating Costs
Reducing operating costs is the primary driver for insurance process outsourcing. The commoditization of insurance products, higher payouts within the P&C industry, and a poor investment market has increased this pressure.

Back Office Processes
These include billing, mailroom functions and payment processing. Back office processes are commodity functions with little value additions for clients. These are location-independent, relatively easy for carriers to implement, and are high in volume.

Customer Service
Customer service is a significant management problem, because turnover of customer service representatives is typically 25% per year; centers are usually dispersed, and keeping up with supporting technology is expensive.

Core Business Processes
There is now a fairly strong interest in outsourcing of insurance back office tasks such as claims processing and new business. The maturity of the BPO providers allows these tasks to be successfully completed with the help of standard operating procedures and highly trained resources.

Management of Closed Books of Business
Life policies are particularly well suited to this option. Typically, these are old mainframe applications that can be expensive to maintain or to move to a more modern platform. Given the large number of policies to be moved for tier 1 and tier 2 companies, most choose to maintain the old applications themselves or outsource them.

Wipro BPO Insurance Solution
Wipro has a dedicated Insurance and Financial Service verticals, with over a dozen customers across the globe. With practice groups in P&C, life and annuities, broking and re-insurance, Wipro offers customized IT & BPO solutions that leverage our experience, the industry research and cross-functional workgroups.

Wipro pioneered outsourcing of business processes in the insurance industry in 2003. Our insurance experience, combined with our expanding network of global delivery centers, has allowed us to offer a complete portfolio of products customized for specific needs of the insurance industry.

Our track record for doing large scale and complex transactions underscore our commitment to provide ‘world-class service’ through continuous process improvements in a cost-effective manner. Our focus on quality allows us to streamline processes, decrease turnaround time, and reduce costs; thereby increasing productivity and profitability for our clients.

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