Serco, the international service company announced today that its insurance BPO business has been recognised as a Major Contender by leading global research and advisory firm, Everest Group in its Insurance BPO – Service Provider Landscape with PEAK Matrix Assessment 2013 report.
The PEAK Matrix is a framework to assess the absolute matrix success and overall capability of service providers across multiple dimensions, including market success, scale, scope, technology capability, delivery footprint, and client satisfaction.
The service providers are divided into three categories based on performance: Leaders, Major Contenders and Emerging Players. Everest Group’s latest insurance BPO service provider landscape research report is based on a detailed analysis of 16 leading BPO service providers.
Everest Group attributes the following factors for Serco’s Major Contender position:
Strong footprint in the U.K through the partnership with Aegon in U.K
Strong offshore capabilities in customer experience management and domain expertise in insurance processes through its existing client portfolio
As per Everest’s BFSI Insurance BPO Annual Report, Serco recorded its highest year-on-year growth over 2012 insurance revenues. In 2012, Serco entered the Life & Pensions insurance market through winning significant outsourcing partnerships in UK. Serco has subsequently made noteworthy progress with its insurance vertical delivering a wide range of customer services and managing the end-to-end customer journey from initial underwriting through to claims management.
Susir Kumar, CEO of Serco’s Global BPO business said, “We are delighted to have achieved such a prominent position in the Insurance outsourcing market in this highly regarded and influential report that features various industry stalwarts. Our BFSI practice contributes nearly 20% of our overall BPO revenues and continues to expand further. The insurance outsourcing market is very competitive and for us to have been recognised as one of the Major Contenders by Everest Group is a significant endorsement of the capabilities and services that we are delivering and taking to market. Serco’s Insurance BPO services experience is particularly strong and we will surely see more opportunities in this space in the near future. As one of the world’s leading global BPO players, we continue to build on our existing capabilities, continuously improving and enhancing the services we are able to offer our customers.”
According to Everest Group, the global Insurance BPO market size is US$2.3 billion and growing at a rate of 12 to 15% annually. While BPO activity across Life & Pensions (L&P) and Property & Casualty (P&C) segments continues to be high, commercial insurers are also looking at BPO to further increase the efficiency and effectiveness of their operations. The last 2-3 years have seen a higher proportion of new contract signings in the insurance BPO space and highlights the importance of developing value-added BPO offerings for the industry. In addition to mature markets such as the United Kingdom and United States, Asia Pacific and the rest of Europe are fast becoming promising markets for the adoption of insurance BPO.
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