NelsonHall Releases Vendor Evaluation Tool for Life, Pensions, and Annuities BPO [Professional Services Close – Up]

NelsonHall, a global BPO and IT outsourcing analyst firm, has on October 17 launched a new tool to assist Strategic Sourcing Managers in assessing vendor capability in Life, Pensions, and Annuities BPO.

According to a release, the Life, Pensions, and Annuities business process outsourcing BPO tool is available to NelsonHall clients and is also available for a limited period free-of-charge to strategic sourcing managers.

In addition, NelsonHall noted:

The tool covers a number of life insurance business situations including organizations seeking to use business process outsourcing for open block customer service enhancement, and for speed-to- market, as well as those organizations just seeing to use business process outsourcing for closed block legacy cost reduction.

Suppliers of life, pensions, and annuities business process outsourcing covered by this NelsonHall Vendor Evaluation and Assessment Tool (NEAT) include IBM, IFDS, Infosys, Serco, WNS Global Services, Capita, Dell, EXL Service, Tata Consultancy Services.

The NEAT (NelsonHall Vendor Evaluation and Assessment) tool for Life, Pensions, and Annuities BPO is part of NelsonHall's "speed-to- source" initiative. The NEAT tool sits at the front-end of the vendor screening process and consists of a two-axis model: assessing vendors against their "ability to deliver immediate benefit" to buy- side organisations and their "ability to meet client future requirements".

The NEAT analyses themselves are based on a combination of vendor and client interviews. The vendors are scored against a wide range of criteria, establishing a number of scenarios, each with different weightings to represent a different business situation or client business need.

To add further value in speeding up the sourcing process .clients are able to input their own weightings and tailor the tool to their requirements. So they might say: "This set of weightings for this business need looks about right to me but I want to place more emphasis here. This enables sourcing managers to use the service as an interactive tool via the web and tailor it to meet their own specific sourcing requirements.

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