The insurance industry has changed dramatically over the past decade in response to increasingly stringent regulations, changing consumer preferences and falling interest rates. As the industry has been evolving, so has insurance third-party administration (TPA) and business process outsourcing (BPO). Insurance TPA/BPO pricing has gone down significantly due to rupee devaluation and robotic process automation (RPA), and insurance outsourcing contracts have become more favorable to insurance companies due to a more mature outsourcing provider market. Now is a compelling time for insurance companies to benchmark and renegotiate their existing TPA/BPO contracts.
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