In order to cater to the changing demands of the outsourcing industry many large BPO firms are widening their vertical or sectoral expertise. With clients now more open to outsourcing sector specific mid- to front-end functions that require deeper domain knowledge, BPOs are enhancing their expertise in such functions. These include areas like mortgage processing, core banking, supply chain and healthcare insurance. For clients, this helps to contain costs and focus on their core business.
Earlier BPOs have been horizontal focused. They offered services like customer interaction and support, finance and accounting, and human resources that are applied across different industry verticals. With the change in the vertical, insurance clients are now outsourcing core processes in underwriting and banking clients want BPOs to analyze risks associated with loans and make decisions on loan disbursements. The BPO giants in India are now focusing on banking, financial services and insurance (BFSI), manufacturing, and telecom, media and entertainment verticals. Plus the outsourcing sector is also scouting for acquisitions in different geographies. Some Eastern European countries are excellent for accounting, while the US is good for healthcare experts. BPOs are also appointing domain specialists to improve their verticalized offerings. For instance, banking sector executives are hired to work on actuarial (risk assessment) roles at BPOs.
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