CSC tops in BPO contract volume for insurance

[dwarakesh]

IT and BPO firm CSC has the largest number of reported contracts in life insurance, pensions and annuities business process outsourcing (BPO), according to a report by financial services, tech research and advisory firm Celent. CSC also was identified, in terms of contract count, as the leading provider in property and casualty (P&C) insurance BPO for policy administration.

In its report titled, "Business Process Outsourcing in North American Insurance," Celent collected data on 278 BPO contracts, representing an estimated $1.4 billion in annual revenue, and then analyzed the results to identify the leading BPO providers.

In addition to having the most contracts in these sectors, CSC was cited as a leader in terms of estimated BPO revenue and full-time insurance BPO employees. The CSC BPO services include policy administration, general systems, call center, billing, underwriting, support functions and distribution.

"Recent economic events have once more brought cost containment to the top of the insurer agenda," said Mike Fitzgerald, senior analyst in Celent's insurance practice and author of the report. "With potential cost savings of up to 50 percent through BPO, as cited by respondents to our survey, we expect more insurers to outsource more processes, growing to reach an estimated $4.1 billion in 2013 from $1.9 billion today."

CSC has worked in the insurance BPO services space for over 20 years. The company's BPO services support more than 100 financial services organizations worldwide from multiple BPO centers on three continents. CSC leverages its global resources, automated processes and proven technologies to support virtually any financial services product.

Source: Bpowatchindia