Closed Book BPO Outsourcing. December 2013
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1 Closed Book BPO Outsourcing December 2013
2 We asked the CXO s Survey 2 Run-off costs Over time, Life and Pensions carriers have accumulated closed books across multiple systems. As a decision maker what would be your preferred approach to contain the run-off costs? Consolidation In today s environment with mounting cost pressure and flattened growth, increasing working capital to fuel growth is a constant challenge. Do you see your organization moving towards a consolidation initiative? Outsourcing If you have decided in the recent past not to outsource, what were the reasons? Do you consider outsourcing as an option in your strategy?
3 they responded Response 3 64% of responders see outsourcing as a solution to contain run-off costs 82% see the organization moving to a consolidation initiative
4 they responded Response 4 60% could not find the right partner for outsourcing in the past 70% consider outsourcing as an option in their strategy
5 Global View of Closed Book Administration Global View 5 - Early movers (1990s) with offshoring - Platform migration first - Offshore captive - TPA and Virtual insurance office Des Moines, US - Boutique TPAs existed (small scale) - More aggressive approach: Meat grinder, Cash and Carry, Cocktail models - Few successful migration/ platform consolidation Eindhoven, Utrecht, NETHERLANDS Brno, CZECH REPUBLIC Łódź, POLAND Prague, CZECH REPUBLIC Tokyo, JAPAN Atlanta, GA, USA Monterrey, MEXICO San Jose, COSTA RICA Gurgaon Jaipur Pune Bangalore Chennai INDIA Hyderabad Hangzhou, CHINA Manila, PHILIPPINES Hardly 4-5 significant carriers. Superannuation is unchartered Unchartered territory Belo Horizonte, BRAZIL Johannesburg, SOUTH AFRICA Unchartered: Highly Perth complex products, regulations; distribution structure AUSTRALIA Perth Melbourne Melbourne Brisbane Brisbane Sydney
6 Challenges in European Insurance Market Market trends Consumer trends Key Trends 6 Mature market: cost reduction and economies of scale become more important Confidence: Regain consumer s trust in their insurers Customers want value-for-money, performance and simplicity Increasing and changing legislation Falling interest rates Focus on investment and risk management Intermediaries commission structure changes consumer paid fees Customers choose the most convenient channel depending on product and customer s life cycle Shift of focus of the broker channel to advice sensitive products/ SME Focus of banks and internet channels on simple products / retail Customer information demand - to make informed decisions before purchasing
7 impacting Decision Makers Impact 7 Need for flexibility and constant change management Reduce customer attrition and improve customer confidence Increase staff motivation and skillset Simplify technology landscape, improve agility and reduce costs Simplify processes to meet Customer needs DECISION MAKERS Focus on deeper market penetration and improved product performance Revisit corporate strategies and operating business models Reduce operational costs. improve efficiency, reduce staff Focus on new product launches while retaining quality of current portfolio
8 Art of the possible Solution 8 Client needs Need benefit from labor arbitrage Carriers who need to retire existing Legacy systems Integrated system with people, process & technology capabilities Need for dedicated skill base for maintaining certain process at lower cost State of art system with best in class functionalities aligned to business needs Shift from CAPEX to OPEX model with transaction pricing option Faster on boarding with multi tenant architecture BPO Services BPO model to help you tailor your service requirements to meet your profit objectives and focus on your core capabilities, while providing your customers with excellent service SaaS / Platform Solution 8 SaaS/Platform Solution provides an end to end business platform specifically designed to meet your business needs with the flexibility of deployment and accessibility from any location Integrated (BPO + Platform) Integrated BPO + Platform model is best suited for any organization aiming at system integration or Greenfield ventures who wants to start with minimum capital
9 Art of the possible Client needs Need benefit from labor arbitrage Solution 9 Models Benefits Risks In-house Increasing pain Low to none Carriers who need to retire existing Legacy systems Plain offshoring Low, evaporates Low to none Integrated system with people, process & technology capabilities Need for dedicated skill base for maintaining certain process at lower cost Rationalize systems Lift, shift & migrate Low to moderate Moderate to high Moderate to high Moderate to high State of art system with best in class functionalities aligned to business needs Business venture Non-standard Unknown Shift from CAPEX to OPEX model with transaction pricing option Joint venture (CSG) Moderate to high Moderate to high Faster on boarding with multi tenant architecture Become one yourself (Consolidator) Yet to be proven Unknown
10 Closed Book Case Study 10 Infosys partnership with a leading Dutch Insurance provider The client One of the largest insurance providers Netherlands. Active in pensions, life insurance, non-life insurance, occupational disability and health insurance Challenges Need to accomplish more with less Free up capacity for other critical initiatives Dependency on external contracts for managing volume fluctuations Need for improving back-office efficiency Client Requirements A solution that guarantees service standards, compliance and regulatory obligations are met Administer the Closed book portfolio by taking over people and process as per ARD regulation Transformation of service by providing a global delivery model Control costs in line with shrinking portfolio
11 to make Cost Flexible and Improve Efficiency Closed Book Case Study 11 Step approach From pilot to one-off projects to transformation in non-regrettable steps Year 4 Capacity creation Staff augmentation to people transfer Risk mitigation Capture process knowledge, create shadow teams and increase knowledge retention Transformation Leverage global delivery model to improve operational effectiveness Year 1 - Pilot project with Life Processes across two systems Year 2 - Ramp up - Complex transactions - Regulatory Projects Year 3 - Non-Life policy administration - Life closed book administration - More portfolios of closed book administration 5 FTEs 100+ FTEs
12 Challenges to be Managed Collaboratively Closed Book Case Study 12 Board Sponsorship & Commitment critical to support the transformation journey Transparency key critical factor to ensure initiative is successful Timely & Regular Communication helps ensure that everyone is on the same page and there is no ambiguity Impact of VAT creativity built in solution model to overcome taxation impact
13 Benefits Realized Closed Book Case Study 13 Access to skilled staff in an on-demand model at a lower cost Commercial Flexibility: simple FTE to highly variable, predictable cost per policy & per transaction cost Deliver more with less through guaranteed productivity benefits Customer-centric service levels Simplification of IT and Operations Landscape
14 Thank You 2013 Infosys Limited, Bangalore, India. All Rights Reserved. Infosys believes the information in this document is accurate as of its publication date; such information is subject to change without notice. Infosys acknowledges the proprietary rights of other companies to the trademarks, product names and such other intellectual property rights mentioned in this document. Except as expressly permitted, neither this documentation nor any part of it may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, printing, photocopying, recording or otherwise, without the prior permission of Infosys Limited and/ or any named intellectual property rights holders under this document.
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