Aussie insurers turn to BPOs to overcome challenges, says ISG
SYDNEY, AUSTRALIA — Insurance companies are increasingly working with Business Process Outsourcing (BPO) providers to help with rising claims, meet changing consumer expectations, and remain competitive in the industry, said global technology research and advisory firm Information Services Group (ISG).
According to the 2022 ISG Provider Lens Insurance Services report for Australia, insurers are beginning to outsource high-skill processes such as underwriting, strategy, consulting, and digital transformation.
“Insurance companies in Australia had an especially difficult year in 2022, on top of the upheavals occurring across the global insurance industry,” said ISG Australia Director Jarrod Magill.
Insurance claims in the country soared last year due to two major disasters — a flood across two states in February and March and the security breach in telecom company Optus in September.
The push for an upheaval of technology and delivery models to meet customers’ needs is also urging insurers to partner with service providers.
ISG Provider Lens Research Partner and Global Leader Jan Erik Aase said, “Australian insurers need outsourcing and new technologies to meet current and future demands.”
“Together with service providers, they are preparing for fundamental change,” Aase added.
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