Business process outsourcing in Indian life insurance sector
Organizations are increasingly sourcing their business process through external service providers, a practice known as Business Process Outsourcing (BPO). India offers a unique combination of attributes that have established it as the preferred destination for IT-BPO. Advances in technology and communication have allowed transnational companies to rapidly globalize at a very low cost. The cost of managing workers in a distant location had fallen drastically, and the need to outsource became stronger. Significantly, India also began efforts to open up its economy to the world. Since the onset of globalization in the early 1990s, successive governments have pursued programs of economic reform committed to liberalization and privatization. The government started easing restrictions and liberalizing the economy, which has helped the country see rapid economic growth. The paper attempts to make an overview of business process outsourcing in Indian Life Insurance Sector.