Apart from the state-owned insurance companies, almost all other insurance companies in India are new and going through a rapid expansion phase. In the life insurance space, some of the insurance companies have already opened branches in Tier ll and Tier lll locations, taluka locations and are aggressively competing with the state-owned companies for market share. Other insurance companies are likely to follow suit sooner or later.
This will put a lot of stress on the infrastructure of the insurance companies. Insurance companies will then look at technologies which can help them to speed up the deployment, help them manage customer/agents and the branch network effectively and offer 24*7 services at low costs. The industry has witnessed outsourcing trends in non core areas like data entry of application forms, premium reminders, welcome calls, transaction and payment processing, claims management in general insurance etc, certain processes have witnessed outsourcing to multiple vendors as the industry, Outsourcing process requires better control to monitor quality and efficiency and an ability to seamlessly switch the process to a better vendor whenever required.
Avaya has acknowledged the shift, growth and needs of the industry and has developed solutions relevant to the Indian insurance industry. It is important to note that more than 70% of the largest North American insurance firms, as ranked by Fortune, use Avaya within their contact centers.
