India is the Cheapest Offshore Location for TPA BPO, Says Beroe
Companies in developed regions such as
"Cloud-based TPA services are fast catching up among many organizations. In the next three years, many of them will soon evolve so that they could deploy Machine Learning-based technologies with increased Artificial Intelligence features," said
In addition to AI and ML, the application of Big Data has been increased in the insurance underwrite space. Also, there is an increase in the use of chatbots as BPO service providers try to interact with customers online. Customers these days use social media platforms for any interaction. The touchless claim is one thing that all industries are looking at as this new trend can fasten user experience. Another interesting market trend to watch out for is the adoption of drone usages as this new "insurance inspector" can expectedly save a lot of money for the insurers.
Thirty-five percent of small-scale businesses (with over
However, the key challenges that the TPA Outsourcing Service Industry faces are to work at lower costs, adopt automation and a robotics-based workflow, have access to highly skilled resources, and have great infrastructural support. So, most of the responsibility falls on the buyer companies that need to identify the TPA outsourcing service provider who can offer skilled resources along with cost-effective and technology-enabled services.
"TPA service providers play a major role in taking care of the end-to-end claims management operations. Often, companies are quite concerned about outsourcing, and it is essential to understand TPA service value chain, adoption trends, and delivery location," said
For more such market insights, procurement intelligence, supplier analysis, price, and cost benchmarking, please log on to Beroe LiVE.Ai: https://www.beroeinc.com/beroe-live-ai/
About Beroe
Beroe is the world's leading provider of procurement intelligence and supplier compliance solutions. We provide critical market information and analysis that enables companies to make smart sourcing decisions — leading to lower costs, greater profits, and reduced risk. Beroe has been providing these services for more than 15 years and currently works with more than 10,000 companies worldwide, including 400 of the Fortune 500 companies. For more information about
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