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Overview: Insurance organizations and other financial services companies increasingly are seeking efficiencies through Business Process Outsourcing (BPO), the end-to-end outsourcing of a business line or process. Business Process Outsourcing clearly enhances control over business performance, whether by reducing costs, increasing the quality of processes, accelerating transformation throughout a business, creating a more flexible response to sudden external stresses, or through a combination of several benefits. In today’s environment, senior managers face growing pressure from regulators relating to producer licensing and market conduct issues. Financial services companies are questioning whether it is enough to be merely compliance-competent. To adopt industry-leading best practices and achieve service excellence, the resources of an outsource specialist may be essential. The standards that an outsource specialist can meet -— increased productivity, efficiency, speed, accuracy, paper flow management, and personalized problem-solving —- simply may not be attainable by in-house compliance staff at an affordable cost. Producer licensing is extremely complex. The sheer weight of the compliance burden is causing the industry to seek new solutions. These data-intensive functions are not a financial service company’s core competency. In many cases, outsourcing these functions may be the safest and fastest way to take advantage of changing market conditions and an increased pressure to accelerate speed to market.
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