It is a known fact that the call center services outsourcing and telemarketing services outsourcing industry have always ruled the roost in the outsourcing sector. And the insurance BPO has had lagged behind these dominant players. However, recent trends suggest that the insurance process outsourcing industry is fast catching up and is set to outsmart many of the contemporaries in the near future.
The insurance process outsourcing industry promises a bright future as it has already achieved the distinction of being the fastest growing outsourcing sector. The compound annual growth rate (CAGR) marked by the sector is approximately 32.9% and this is actually a good sign (telegenisys.com). Nonetheless the critics may argue that most part of the growth is contributed to onshore outsourcing and only 10% from offshore. But even this pattern reveals that there is plenty of scope for offshore outsourcing. It is just a matter of time before the inevitable happens as the current scenario is favoring offshore insurance BPO services.
The insurance BPO industry is all set to become a leading player in the world wide outsourcing market since it is expected to generate revenues worth billions by next financial year globally. However for conquering the market, it has to overcome certain hurdles like cultural barriers, legal compliance issues, risk management etc.
Many offshore insurance process outsourcing firms have put in efforts to rectify critical issues like infrastructure modernization, cross culture training, date security and many others. All these efforts are helping build a better brand image and allowing offshore insurance process outsourcing firms to establish themselves and compete with onshore outsourcing firms.