The move comes in response to a major insurance industry need to adopt world class operations while lowering operational costs to preserve thinning profit margins. Outsourcing best-of-breed solutions helps insurance companies operate more efficiently by eliminating the need to maintain fixed cost centers. Perr & Knight's BPO services portfolio enables insurance companies to respond rapidly to changing market cycles by utilizing highly experienced, expert staff as needed, rather than maintaining large staffs during down market cycles - or struggling to gear up during upturns.
Managing principal Timothy Perr stated, "Business Process Outsourcing is perhaps the fastest way to streamline operations and drive profit margins. Launching a BPO division is a natural extension of the services we've provided for years, in direct response to a growing need to respect the changing market cycles and enable insurance companies to remain competitive." The firm has provided actuarial, competitive intelligence and regulatory compliance services to more than two thousand insurance companies over the past twelve years.
The BPO division will promote operational best practices, including Business Process Management methods, Six Sigma and tools and techniques that ensure continuous process improvement. Perr & Knight's BPO portfolio includes bureau monitoring, statistical reporting, state filings, competitive intelligence and actuarial services. In addition, the firm works with insurance companies to identify the appropriate vendors and integrates complementary systems to provide a turnkey "virtual back office" - a rapidly deployed comprehensive collection of best-in-class solutions.