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After a few quiet years in the UK Life and Pensions outsourcing market, activity has been increasing as Financial Institutions increasingly look for enhanced value from service providers.
Our latest BusinessProcessViews report - ‘Life & Pensions BPS: Strategies for Success’ - looks at the journey on which the Life and Pensions sector is embarking as third generation BPS deals materialise with new commercial and operating models. It also considers what the future service must look like if BPS providers are to remain relevant and be successful.
Business process services and specifically third-party administration started off in Life and Pensions as a way of fixing costs and transferring risk onto the balance sheet of a BPO player. Whilst efficiencies and improving the bottom line remain as important as ever, there is a pressing need to improve the customer experience in a sector that lags behind many others in putting the customer first.
Many of the first and second generation outsourcing arrangements are contracts that were signed many years ago and have a long way to go on the journey to digital. These L&P providers are returning to the market looking for genuine transformational partnerships with aligned objectives that can improve both their top and bottom lines. They also want to enhance the customer experience for the policy holder whose own expectations have been increased by what’s been done in other sectors such as retail or travel. BPS players consequently have an opportunity to deploy new platforms and intelligent automation to transform Life providers’ cost bases and deliver on the self-service demands from policy holders.
BusinessProcessViews' subscribers can download ‘Life & Pensions BPS: Strategies for Success’ now. If you are not yet a subscriber, please contact Deb Seth to find out more.
Posted by Marc Hardwick at '14:53' - Tagged: lifeandpensions digital customerexperience
