Business Process Outsourcing is the act of outsourcing one or more business functions to an outside company or service provider.
The aim of this business process outsourcing is to:
- Cut down on costs involved in running the specific department or function
- Improve the quality of service
- Bring in improvements to the way the business process is managed
Insurance companies may hire the services of a third party service provider to handle some of the services and functions related to insurance. This concept is known as insurance outsourcing. Some of the insurance processes that are outsourced include:
- Underwriting
- Launch of new insurance products
- Sales and distribution of insurance products
- Policy and claims administration
- Reinsurance administration
- Support agents and customers
- Regulatory compliance
In this course, we will examine the core and support services offered by BPO service providers in the insurance industry.
Our Program Covers
This course will help you to understand the concept of life insurance outsourcing as outlined below:
- What is Insurance Outsourcing
- What is Outsourced in Life Insurance
- New Business and Underwriting
- Claims Administration
- Finance and Accounting
- Claims and Analytics
Learning Objectives
At the end of this module, you should be able to:
- Define business process outsourcing
- Explain the need for life insurance business process outsourcing
- Identify the benefits of insurance outsourcing
- List global life insurance companies that outsource their business processes
- Evaluate the purpose of product development outsourcing
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