Procurement BPO in Insurance Will Show the Fastest Growth in the North American Financial Services Sector, Driven by a Focus on Improving Efficiency in the Claims Fulfilment Process

DUBLIN, IRELAND, (NAMC) - Research and Markets has announced the addition of Horizontal BPO in North American Financial Services to their offering.
(http://www.researchandmarkets.com/reports/c28091)

Horizontal BPO services are, overall, further advanced in terms of market development than the more sector-specific vertical BPO services. While a great deal of this development has happened in a service bureau or managed service set-up in the past, future growth will be driven by strategic horizontal BPO which emphasizes cross-functionality and process transformation.

This report provides an in-depth discussion of human resources, finance and accounting and procurement outsourcing services. Detailed analysis of horizontal BPO vendors operating in the North American financial services market is included as are spending forecasts to 2008 for individual horizontal BPO segments across the North American financial services sector.

The transformation of business processes to increase operational efficiency is a major reason why banks consider BPO. Lowering unit costs is by far the greatest driver, illustrating that vendors in the strategic BPO space must compete on costs and that the ability to transform processes alone is unlikely to be enough to compete in this market.

In financial markets, the focus on increasing operational efficiency as revenues decrease is initiating new operational practices and is contributing to the take-up of BPO. However, the complexity of line of business-oriented organizational structures has resulted in a slower uptake than in retail banks or insurers.

Procurement is set to grow from a low base and will be characterized by a few large deals dominating the market. This space will show an increase in strategic deals drawing on a large single category client base. Procurement BPO in insurance will show the fastest growth, driven by a focus on improving efficiency in the claims fulfilment process

Reasons to Purchase

-- Understand drivers and barriers to take-up to enhance sales success in the FS horizontal BPO market segment

-- Improve positioning in the horizontal BPO market with detailed knowledge of competitors and market perceptions

-- Understand the dynamics and growth potential of outsourced central enterprise services to improve marketing and sales efficiency For more information visit http://www.researchandmarkets.com/reports/c28091

Contact:
Research and Markets
Laura Wood
Senior Manager

Fax: +353 1 4100 980