Today’s Webinar is brought to you by Everest Group
Today’s Webinar
Insurance Outsourcing – Ensuring a Brighter Future
Synopsis:Everest Group will highlight the findings of its reports on the insurance IT Application Outsourcing (AO) and insurance Business Process Outsourcing (BPO) market covering the following aspects: Insurance outsourcing – Market size and growth: Define insurance outsourcing industry size, review growth trends,
understand the key factors driving the growth of insurance outsourcing and discuss the specific AO and BPO valueunderstand the key factors driving the growth of insurance outsourcing, and discuss the specific AO and BPO value propositions in light of these drivers
Key transaction and adoption trends in Insurance AO & Insurance BPO: Analyze the current IT-BP activity in the insurance sector covering ‘large, multi-year AO relationships’ within IT, and ‘insurance industry specific and non-voice BPO’
Emerging priorities and future outlook: Highlight themes that are influencing the sourcing priorities of global insurance majors; and discuss how these changes will impact the AO and BPO outsourcing landscape evolution in the futurej ; g p g p
About Everest Group
Everest Group is an advisor to business leaders on the next generation of global services with a worldwide reputation for helping Global 1000 firms dramatically improve their performance by optimizing their back and middle office business serviceshelping Global 1000 firms dramatically improve their performance by optimizing their back- and middle-office business services. With a fact-based approach driving outcomes, Everest Group counsels organizations with complex challenges related to the use and delivery 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 and sourcing models, technologies and management approaches. Established in 1991, Everest Group serves users of global services, providers of services, country organizations and private equity firms, in six continents across all
Proprietary & Confidential. © 2011, Everest Global, Inc. 1
g , p , y g p q y ,industry categories. For more information, please visit www.everestgrp.com and research.everestgrp.com.For more information, contact Mark Williamson at [email protected]
Q&A
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Proprietary & Confidential. © 2011, Everest Global, Inc. 2
Webinar: Insurance Outsourcing –Ensuring a Brighter FutureSeptember 2011
Introductions
Rajesh RanjanResearch DirectorEverest [email protected]
Rajat JunejaSenior Research AnalystEverest Group
j t j j @ [email protected]
Proprietary & Confidential. © 2011, Everest Global, Inc. 4
Agenda
Background and context
Insurance outsourcing – Market size and growth
Key transaction and adoption trends in Insurance AO & Insurance BPO
Emerging priorities and future outlook
Q&A
Proprietary & Confidential. © 2011, Everest Global, Inc. 5
This webinar presents results of Everest Group’s recently released reports on the Insurance BPO and Insurance Applications Outsourcing (AO) market
NOT EXHAUSTIVEFocus of webinar
BFSI
Applications Outsourcing (AO) market
Retail financial services (B2C1)– Retail banking– Lending– Cards
Banking Investment banking Asset management Custody Fund administration
Capital markets Life and pensions Property and casualty
Insurance
Commercial banking (B2B2)
Services industry
Traditional IO Remote Infrastructure
Management (RIM) Infrastructure Management
IT Infrastructure Outsourcing (IO)
Application development Applications maintenance Independent testing Package implementation
IT Applications Outsourcing (AO)
BFSI-specific BPO
HRO FAO
Business Process Outsourcing (BPO)
IT strategy/operations consulting
Business consulting Infrastructure consulting
Consulting
Infrastructure Management Services (IMS)
Cloud
Package implementation ERP services Business intelligence / Data
warehousing
FAO PO Contact center Knowledge services
Infrastructure consulting Infrastructure roll-outs
Everest Group’s research analyzes business process (BPO) and IT applications outsourcing (AO) market in the Insurance sub-ti l ith f i d t ifi BPO d l AO t ti
Everest Group’s research analyzes business process (BPO) and IT applications outsourcing (AO) market in the Insurance sub-ti l ith f i d t ifi BPO d l AO t ti
Proprietary & Confidential. © 2011, Everest Global, Inc. 6
vertical with a focus on industry-specific-BPO and large AO transactionsvertical with a focus on industry-specific-BPO and large AO transactions1 Business-to-consumer relationships2 Business-to-business relationships
From a scope perspective, the BPO section of this webinar provides coverage of non-voice and industry specific BPO in insuranceTypical value chain for insurance business processes
Product development and business acquisitionProduct development and business acquisition New businessNew business Policy servicing
and reportingPolicy servicing and reporting Claims processingClaims processingProduct development
and business acquisition New business Policy servicing and reporting Claims processing
nctio
ns
insurance
and business acquisitionand business acquisition and reportingand reportingand business acquisition and reporting
esse
sFu
n
Actuarial data processing
Actuarial analysis and review
Initial policy creation
Underwriting
Premium collection and
Policy servicing –financial
Policy records management
Initial claims processing
Claims management This report covers industry specific
try-
spec
ific
proc
e
Proposals andillustrations
Agent and broker management
accounting
Policy issuance
gClaims review and investigation (adjudication)
Claims adjustment and disbursements
Member enrollment and management
Eligibility requirement and verification
industry specific Insurance BPO
This report also covers insurance-specific
Indu
st Regulatory and compliance management
Product testing
Fraud detection and management
Claims litigation, recovery/ subrogation
pknowledge services (such as, analytics) and F&A work like closing of books but does not cover horizontal F&A processes like accounts
bl tKnowledge services
Human resource management
Customer interaction and support
Finance & accounting
Hor
izon
tal
proc
esse
s
payable or accounts receivable
This report is not aimed at coverage of voice-based BPO and other horizontal BPO areas like
Proprietary & Confidential. © 2011, Everest Global, Inc. 7
Procurement serviceshorizontal BPO areas like HR or procurement
Source: Everest Group (2011)
These reports are a part of Everest Group’s series of 15 reports focused on BFSI Outsourcing in 2011
Global Lending BPO across Credit Cards, Consumer Loans and
Capital Markets BPO Market Overview
Service Providers’ (Profiles Compendium) for IT Application Services
Published
Focus of the webinar
Consumer Loans, and Commercial loans
FS BPO Service Provider Profile Compendium
Insurance BPO Market Overview
for IT Application Services in Banking
Market Trends for IT Application Services in Capital Markets
Upcoming
Global sourcing in FS BPO – Significant Traction Yet Tremendous
Capital Markets
Market Trends for IT Application Services in Insurance
Service Provider Landscape for IT Application Services in
Market Trends for IT Application Services in Banking
Traction, Yet Tremendous Potential
Insurance
Service providers’ Profiles Compendium for IT Application Services in
Application Services in Capital Markets
Service Provider Landscape for IT Application Services inBanking
Service Provider Landscape for IT Application Services in
Service Providers’ Profiles Compendium for IT Application Services in
Application Services in Capital Markets
Application Services in Insurance
Trade Reconciliations BPO Market Overview
Proprietary & Confidential. © 2011, Everest Global, Inc. 8
Application Services in Banking
IT Application Services in Insurance
Everest Group’s BFSI research is based on two key sources of proprietary information
Proprietary Everest Group database of ~345 large, multi-year AO contracts within BFSI (updated annually), and 820+ publicly announced BFSI BPO contracts signed as of Q1 2011
The database tracks the following elements of each BPO / large AO relationship:
1
g g– Buyer details including industry, size, and signing region– Contract details including TCV, ACV, term, start date, service provider FTEs, and pricing structure– Activity broken down separately for banking, capital markets, and insurance, and by Lines of Business (e.g., retail banking, credit
cards, loans and mortgages)– Scope includes coverage of buyer geography as well as functional activities– Global sourcing, including delivery locations and level of offshoringG oba sou c g, c ud g de e y ocat o s a d e e o o s o g
Proprietary Everest Group database of operational capability of 20+ BFSI AO and 15+ BFSI BPO service providers (updated annually)
The database tracks the following capability elements for each service provider:– Key leaders
M j BFSI BPO BFSI AO li t d t i
2
– Major BFSI BPO + BFSI AO clients and recent wins – Overall revenues, total employees, and BFSI employees– Recent BFSI-related developments– BFSI BPO + AO delivery locations– BFSI BPO + AO service suite– Domain capabilities, proprietary solutions, and intellectual property investments
In addition to these databases: Everest Group conducts executive-level interviews with leading insurance BPO / insurance AO service providers and insurance
BPO/AO clients Everest Group leverages its experience and IP in the Insurance BPO, Insurance AO market
In addition to these databases: Everest Group conducts executive-level interviews with leading insurance BPO / insurance AO service providers and insurance
BPO/AO clients Everest Group leverages its experience and IP in the Insurance BPO, Insurance AO market
Proprietary & Confidential. © 2011, Everest Global, Inc. 9
Note: We continuously monitor market developments and track additional service providers beyond those included in the analysisConfidentiality: Everest Group takes its confidentiality pledge very seriously. Any information we collect, that is contract specific, will be
presented back to the industry only in an aggregated fashion
Everest Group has collated information on BFSI BPO, and large-sized BFSI AO transactions and used this robust data-set to analyze various aspects of the BFSI outsourcing market
Industry: Insurance (life, annuities and pensions; property and casualty insurance); excludes banking, capital markets, and healthcare payers
Research scope
set to analyze various aspects of the BFSI outsourcing market
p y Services: Large (TCV >US$25 million), multi-year (> three years), annuity-based application outsourcing, and insurance
industry specific business process outsourcing Geography: Global Sourcing model: Third-party AO transactions; excludes shared services or captives
Everest Group’s Transaction Intelligence Database
~18,000 transactions listed Over 95% transactions post-
2000
~350 active large-sized BFSI AO transactions1
Banking
Insurance (110 large-sized transactions) Focus of this webinar2000
~4,300 BFSI transactions
Everest Group’s RFIs to BFSI
Capital Markets
~820 active BFSI BPO transactions
Everest Group’s RFIs to BFSI BPO, and BFSI AO service providers
Participation by over 20 leading service providers
Banking
Insurance (250+ industry-specific transactions)
Capital Markets
Focus of this webinar
Proprietary & Confidential. © 2011, Everest Global, Inc. 10
service providers
1 Transactions with TCV >US$25 million, which are active as of Dec 2010Source: Everest Group (2011)
Agenda
Background and context
Insurance outsourcing – Market size and growth
Key transaction and adoption trends in Insurance AO & Insurance BPO
Emerging priorities and future outlook
Q&A
Proprietary & Confidential. © 2011, Everest Global, Inc. 11
Insurance vertical represents significant third-party spend across IT and business processes within BFSI, the largest buyer segment in the outsourcing and offshoring industrybuyer segment in the outsourcing and offshoring industryBFSI IT services: BFSI % contribution to global IT outsourcing and off-shoring, 2010
BFSI IT spending remained
BFSI BPO Services: BFSI % contribution to global BPO transactions, and off-shoring market, 2010 BFSI remains the largest BPO segment
~16%
~ 35%
strong in 2010 across different towers including AO, IO, SI etc.
~30%1~40%
globally, but is still poised to grow more than other less mature segments
IT outsourcing contribution IT offshoring contribution
2010 BFSI third-party IT services spend 2010 BFSI third-party business Market share of third-party
Contribution to number of BPO transactions
BP offshoring contribution
US$ billion process services spendUS$ billion
Insurance spendPercentage
Capital markets
100% = US$72-80 billion100% = US$25-34 billion
12-1412 16Banking
100% = US$9-12 billion
40 50%BPO
Banking
Insurance27-30
33-37 9-12
4-6
12-16Banking
C it l k t
Insurance40-50%3.5-4.5
4.5-5.550-60%
TPAs
Proprietary & Confidential. © 2011, Everest Global, Inc. 12
1 Based on Everest Group’s proprietary Transactions Intelligence (TI) databaseSource: Everest Group (2011)
Capital markets
The number of contracts signed in Insurance BPO and Insurance AO dipped in 2008-2009 but are starting to witness a revivala revival
Number of large, active insurance AO contracts1
Number of transactions
17
814
19
2007 2008 2009 2010
Global third-party Insurance BPO contract signings over time2
Number of new contracts signed (publicly announced)
31
21
12
28
12
2007 2008 2009 2010
Proprietary & Confidential. © 2011, Everest Global, Inc. 13
1 New transactions with TCV >US$25 million, which started in the given period and are active as of December 20102 101 publicly announced Insurance BPO contracts signed between January 2007 and April 2011
Source: Everest Group (2011)
Growth and cost pressures, business pain-points, changing consumer behavior, and technology issues are the four major drivers for outsourcing within Insurance verticaldrivers for outsourcing within Insurance vertical
Underlying insurance industry challengesInsurance Outsourcing drivers
Growth and cost pressures post recession
Falling insurance premiums Increased cost of re-insurance Mounting claims, expenses, and outgo Managing cost of supporting booked policies in complex market capital conditions
Changing consumer behavior
New markets and customer segments More demanding customers Diminished customer loyalty and trust
Business issues and operational pain-points
Increased fraudulent claims Changing regulatory frameworks and increasing cost of compliance Increased operational complexity driven by M&Apain-points p p y y Aging workforce and limited availability of skilled resources for high-end work
Technology Inability of legacy systems to scale-up to new volumes and new type of products Achieving better returns on IT investments
Proprietary & Confidential. © 2011, Everest Global, Inc. 14
gyupgrades
g
Growing operational pressures are forcing insurance majors to invest in IT-BPO legacy modernization, innovation and administrative improvement initiatives
Insurance Outsourcing drivers Insurance AO value proposition
administrative improvement initiatives
Insurance BPO value proposition
Growth and cost pressures post recession
Optimize administration costs, and accurately evaluate risks
Improve business performance by strengthening customer relationships
Support growth through modernization
Build a low-cost and scalable operating model
Improve the ability to acquire new business
Changing consumer behavior
Improve time-to-market for new products, geographies
Support product innovation Better address information demands of
customers
Improve current customer service levels Process excellence and self-service
capabilities are key focus areas to improve customer stickiness
Business issues and Business issues and operational pain-points
Reduce complexity of operating environment Risk and compliance management support Consolidate operations to unify disparate
business units
Align operations and reporting to regulatory and compliance requirements
Improve the quality and speed of transactions Increase speed-to-competency for the sales
and marketing functions
Technology Simplifying administrative processes (through
use of IT-enabled rules-based administration) Access better technology with limited upfront
cost through a platform-based BPO option
g Access hard-to-find skilled professionals such
as actuaries
Proprietary & Confidential. © 2011, Everest Global, Inc. 15
gyupgrades
) Fostering innovation in product and process
management
g p p
Agenda
Background and context
Insurance outsourcing – Market size and growth
Key transaction and adoption trends in Insurance AO & Insurance BPO
Emerging priorities and future outlook
Q&A
Proprietary & Confidential. © 2011, Everest Global, Inc. 16
While comparable in size, the two insurance segments differs in terms of BPO adoption pattern
Distribution of third-party BPO services by insurance segmentUS$ billion
100% = 3.5-4.5
Property and casualtyLife and pension40-45%
55-60%
&C &
p y y
The two insurance segments differ in terms of BPO adoption
P&C L&P
Penetration Overall higher penetration in terms of number of deals
Lower penetration in terms of number of deals
Size of contracts Smaller-sized deals (typically piecemeal around administrative tasks)
Larger-sized deals (more comprehensive approach especially around closed-block businesses greateraround administrative tasks) especially around closed-block businesses, greater role of technology)
Demand outlook Relatively stagnant Higher upturn in demand currently
Buyer adoption Emerging opportunities from Tier-two/three insurers
Large Tier-1 insurers likely to drive market growth in the near term
Proprietary & Confidential. © 2011, Everest Global, Inc. 17
Sample size: 257 publicly announced Insurance BPO contracts signed up to April 2011Source: Everest Group (2011)
While U.S. and the UK are comparable in market size, the former represents significant untapped potential
Geographical mix of insurance industry revenues and insurance outsourcing valueUS$US$
32%
11%
3.5-4.5 billion~4.0 trillion100% =
Rest of World
8%41%
32%
UK
Rest of World
28%
42%
U.S.
f 32%
6%
Insurance industry revenues
Insurance BPO
Rest of Europe
Proprietary & Confidential. © 2011, Everest Global, Inc. 18
revenuesSample size: 161 industry-specific Insurance BPO contracts signed till April 2011
Sources: Everest Group (2011); OneSource data
Large insurers dominate the Insurance BPO market but adoption by small and medium buyers is increasing
Share of Insurance BPO contracts by size of organizationNumber of contracts
20100% = 68 32
Small and medium
40% 46% 50%(Revenues less
than US$5 billion)
60% 54% 50%
Large (revenues
greater than US$5 billion)
Upto 2002 2003-2007 2008-2010
US$5 billion)
Proprietary & Confidential. © 2011, Everest Global, Inc. 19
Sample size: Based on information from 12+ Insurance BPO service providers Source: Everest Group (2011)
Within AO, Application development and maintenance services, form the primary component in most insurance contracts
Sub-functions in large insurance AO transactions1
Frequency of inclusion2
contracts
96%
74%
ADM
Testing 74%
50%
Testing
Package implementation
(PI)
41%
57%Includes other AO subfunctions such as
( )
ERP services
Others 57%subfunctions such as systems integration, and application related consulting
Others
Proprietary & Confidential. © 2011, Everest Global, Inc. 20
1 Transactions with TCV >US$25 million and which are active as of December 20102 Percentage of large insurance AO transactions (with known scope details) in which the given subfunction is in scope
Source: Everest Group (2011)
Scope of insurance AO contracts is balanced across life and P&C segments; ADM & testing are the dominant functions across both LoBs
Insurance LoBs included in large AO transactions1
Frequency of inclusion2Sub-functional demand across different LoBsFrequency of inclusion
High Medium Low
across both LoBs
52%Life,
annuities, and pensions
ADM Testing PI ERP
Life, annuities, and pension
Others
g
58%Property and casualty
and pension
Property, and casualty
8%Others
Other
Includes other insurance services, such as re-insurance, speciality insurance etc.
Proprietary & Confidential. © 2011, Everest Global, Inc. 21
1 Transactions with TCV >US$25 million and which are active as of December 20102 Percentage of large insurance AO transactions (with known scope details) in which the given subfunction is in scope
Source: Everest Group (2011)
While North America leads in the number of large insurance AO transactions signed, transaction values remain significantly higher in Europesignificantly higher in Europe
Transaction and TCV distribution by signing region1
Number of transactions2 and TCV in US$ billion
12106100%
8% 4%3% 3%2% 3%
~12106100% =
Asia PacificLatin AmericaMEA
55%
34%
North America
32%
56%
E 32%
Number of transactions TCV
Europe
Proprietary & Confidential. © 2011, Everest Global, Inc. 22
1 Transactions with TCV >US$25 million and which are active as of December 20102 Transactions for which details of signing region were known
Source: Everest Group (2011)
While India continues to be the largest offshore center for insurance AO and BPO delivery, other locations are gaining increasing popularity among insurance companies
Insurance AO and BPO capabilities placement in key offshore locations NOT EXHAUSTIVE
Maturity1 level: High Medium Low
increasing popularity among insurance companies
China
Poland
HungaryBulgaria
MexicoIndia
Brazil
Philippines
Egypt
Malaysia
Argentina
Proprietary & Confidential. © 2011, Everest Global, Inc. 23
1 “Maturity” is based on ~20 leading service providers’ aggregate delivery workforce present in the countries for AO workSource: Everest Group (2011)
Agenda
Background and context
Insurance outsourcing – Market size and growth
Key transaction and adoption trends in Insurance AO & Insurance BPO
Emerging priorities and future outlook
Q&A
Proprietary & Confidential. © 2011, Everest Global, Inc. 24
Emerging trends across the insurance industry value chain have redefined the IT application priorities for insurance buyersbuyers
Emerging priorities of insurance AO b
Emerging priorities of insurance AO b
Re-engineer products to combat growing competition in the industry, and align to changing customer preferences
Revamp distribution strategies (across agency and other emerging channels) tobuyersbuyers Revamp distribution strategies (across agency and other emerging channels) to adapt to evolving buying behaviour
Increase focus on superior underwriting techniques to grow underwriting profits that have been elusive in recent years
Replace legacy policy management frameworks with adaptive, rules-based policy administration systems
Reduce fraudulent claims, improving claims’ service for subscribers, and controlling claims administration expenses
Transform orientation to position themselves as “partners” rather than “providers”: With buyers engaging service providers in early product design and development activities, providers must evaluate “partnership-based” engagement models These could be in the form of: Partner in creating “joint
Implications and future outlook for providers
Implications and future outlook for providers
engagement models. These could be in the form of: Partner in creating joint Centers of Excellence (CoEs)” or pursuing a combined go-to-market strategy in emerging areas
Develop strong LoB-centric expertise, to support particular business units across the operating value chainE d l b l d li f t i t t t b ’ th bj ti
Proprietary & Confidential. © 2011, Everest Global, Inc. 25
Expand global delivery footprint to meet buyers’ growth objectives
Growth, cost pressures, and technological needs are the emerging priorities for buyers in Insurance BPO, and service providers need to adapt accordinglyproviders need to adapt accordingly
Emerging priorities of insurance BPO b
Emerging priorities of insurance BPO b
Post-recession growth and cost pressures continue to play an important role Changing regulatory frameworks and increasing cost of compliance Inability of legacy systems to scale up to new volumes and new types ofbuyersbuyers Inability of legacy systems to scale up to new volumes and new types of
products Limited availability of skilled resources for high-end work
Implications and future outlook for providers
Implications and future outlook for providers
Beyond transaction activities, the ability to effectively support complex insurance processes like underwriting and actuarial analysis as well as help run analytics and risk modelling are increasingly becoming important to differentiate and succeed
Some of the regulatory requirements as well as an increasing consideration to keep voice-based services closer to the buyer market necessitates onshore/nearshore presence
The ability to offer platform-led solutions is becoming a key requirement to succeed in specific insurance segments (e.g., closed-block businesses in lifesucceed in specific insurance segments (e.g., closed block businesses in life and pensions)
The ability to offer higher-end services (actuarial / fraud analytics / research) will be a key differentiator in the time to come
Proprietary & Confidential. © 2011, Everest Global, Inc. 26
Agenda
Background and context
Insurance outsourcing – Market size and growth
Key transaction and adoption trends in Insurance AO & Insurance BPO
Emerging priorities and future outlook
Q&A
Proprietary & Confidential. © 2011, Everest Global, Inc. 27
Q&A
Attendees will receive an email enabling them to download today’s webinar presentation as well as access a recorded audio version
Attendees will receive an email enabling them to download today’s webinar presentation as well as access a recorded audio version
For advice or research on the BFSI outsourcing and offshoring market, please contact:– Rajesh Ranjan, [email protected]– Rajat Juneja, [email protected]
For advice or research on the BFSI outsourcing and offshoring market, please contact:– Rajesh Ranjan, [email protected]– Rajat Juneja, [email protected]
For background information on Everest Group, please visit:– www.everestgrp.com– research.everestgrp.com
Thank you for attending today
For background information on Everest Group, please visit:– www.everestgrp.com– research.everestgrp.com
Thank you for attending today
To ask a question during the Q&A session
Click the question mark (Q&A) button located on the floating tool bar in the bottom right of your screen
To ask a question during the Q&A session
Click the question mark (Q&A) button located on the floating tool bar in the bottom right of your screen
Thank you for attending today Thank you for attending today
Click the question mark (Q&A) button located on the floating tool bar in the bottom right of your screen. This will open the Q&A Panel
Be sure to keep the default set to “send to a Panelist”
Click the question mark (Q&A) button located on the floating tool bar in the bottom right of your screen. This will open the Q&A Panel
Be sure to keep the default set to “send to a Panelist”
Proprietary & Confidential. © 2011, Everest Global, Inc. 28
Then, type your question in the rectangular field at the bottom of the Q&A box and click the send button to submit
Then, type your question in the rectangular field at the bottom of the Q&A box and click the send button to submit
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