Outsourcing Insurance Services to India

The potential insurance outsourcing market is enormous, with nearly 3,000 insurance companies in the US alone. Globally, the banking, financial services and insurance (BFSI) verticals are the fastest growing segments in outsourcing.

There is considerable reduction in operating costs and increased profit margins through migration of paper processes via a secure transfer process. This is combined with reduction in business-process cycle time and elimination of duplicative tasks and unnecessary data entry processes. By outsourcing insurance services to India, you can benefit from reduced costs and increased profits.

Outsource2india's Insurance Services Application Processing

Life Insurance Outsourcing Services

• New business
• Billing
• Customer Support
• Reference Data Management
• Claims Servicing
• Agency Management
• Regulatory Reporting

Offshore Annuity Insurance Services

• Plan Installation
• Payment processing
• Customer Support
• Plan Administration
• Asset Management
• Payout Administration
• Reference data management
• Claims Servicing
• Agency Management
• Regulatory Reporting

Property and Casualty Insurance Services

• Quoting processes
• Policy Administration Processes
• Customer Support
• Claims Processing

Why India is the most preferred destination for Outsourcing Insurance Services?

According to senior research analyst at Value Notes, Nilesh Paranjape, "India as an offshoring destination has much to offer the insurance industry." It is already an established outsourcing destination for a variety of services and verticals. And several of the large outsourcing vendors already have significant experience in the BFSI vertical. Further, large Indian service providers have, through organic growth or acquisitions, set up centers in US, Canada and other places that qualify as "near-shore" outsourcing destinations and are therefore more acceptable.

Dublin-based Research and Markets has issued a new report on "Global Insurance Outsourcing - The India Perspective: Overview, Trends, Insights and Competitor Profiles."

The report notes: "Insurance companies have traditionally been among the slowest adopters of outsourcing/offshoring. However shrinking margins, higher claims disbursement and increasing competition in recent years, especially post 9/11, have forced insurance companies to look at outsourcing/offshoring to improve efficiencies and channelize resources towards the core functions of product development and innovation.

"India," the report said, "has several advantages as a leading insurance outsourcing destination. The following are the advantages of outsourcing insurance services to O2I.

• Low cost advantage
• Established destination for outsourcing
• Indian companies offer near-shore services
• Indian IT outsourcers can leverage existing relationships with large insurers
• Indian vendors are expanding organically and inorganically to establish a multi-location presence, to de-risk their business.

Outsourcing insurance services to India can help your business gain a competitive advantage!

Growth Drivers For Outsourcing Insurance Services

Several niche providers with relevant domain expertise are emerging, encouraging insurance companies to outsource more value-added services. The growth drivers are common to all verticals - cost saving, ability to focus on core processes of product development, innovation & marketing strategy and minimizing risk through multiple delivery centers.

For the outsourcing insurance vertical, the critical drivers are:

• Shift of processes of various HMOs offshore
• Availability of credible service providers
• Insurance regulation and statutory documentation in the US
  Deregulation of insurance markets
• Availability of Specialized services thus allowing targeted concentration on core processes
• Improved business cycle times and improved speed to market

Concerns Regarding Outsourcing Insurance Services

Within the outsourcing of Banking and Financial Services and Insurance services, the insurance component has been slow to catch up due to the alienation of different cultures and fear of loss of Executive Control. Furthermore many insurance companies have the faulty concept that they alone can execute their domain processes properly. However as Wayne Fell, CEO, Member Insurance Company says; "That's' the traditional thinking and that's why insurance is always ten to twenty years behind every other industry segment".

Also outsourcing insurance services comes with its own concerns, including ensuring the security of the highly sensitive process. However, finding a service provider with established processes to handle issues like authentication and authorization, privacy, and non-repudiation, are key steps to a successful outsourced realtionship based on security and trust.

Benefits of Outsourcing Insurance Services

There is considerable reduction in operating costs and increased profit margins through migration of paper processes via a secure transfer process. This is combined with reduction in business-process cycle time and elimination of duplicative tasks and unnecessary data entry processes.

Legal grade audit trail provision are provided for all transactions, leading to increased customer confidence and satisfaction through increased security. Outsource your insurance services to O2I and benefit greatly.

Do you want to outsource your write-up services to O2I? Read more about outsourcing write-up services to O2I.

Please contact us for further information about O2I's Insurance Services and Pricing details.

O2I’s Financial Services

Accounting and Finance Services: Outsource Write-Up, Bookkeeping Services , Accounts Payable, Accounts Receivable, Financial Reporting and Accounts Reconciliation services to O2I for proficient and cost-effective services.

Tax Preparation Services: Outsource Tax Return Processing and Tax Preparation services to O2I and benefit from maximized efficiency and profits. Give your business a competitive edge with our efficient services.

Financial Analysis Services: Outsource Financial Analysis services to O2I for accurate, reliable and competent services delivered within a fast turnaround time. Improve the financial health of your organization with our professional services.

Payroll Processing Services: Outsource Payroll Processing services to O2I to reduce your operational costs by 40-50%. Relieve your organization from mundane administrative tasks. Outsource to O2I and concentrate more on your core business.

Insurance Services: Outsource Life Insurance, Property and Casualty, Annuity Insurance, Insurance Policy Administration, Insurance Agency Management, Insurance Claims Administration and Insurance Data services for increased profits.

Outsourcing to India: Discover Why India is an ideal place to outsource to, Read more on Why Outsourcing has become necessary and find out more on What services can be outsourced to India.