Offshore Destinations, Endorse?
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For about a decade now, Insurance companies have been outsourcing offshore information technology (IT) related works. They have also begun offshoring business process (BP) work production support. It started with a very plain IT development and testing work. Then IT maintenance and production support followed. Presently, even new IT product development and design work is already being sent offshore. On the side of the BPO, it begun with a quite plain data entry work. Then, claims processing, outbound sales, billing and settlement, and policy fulfillment followed. As this flow moves on, we are to expect a meaningful increase in offshoring of end-to-end customer support functions, endorsing and even actuarial aid of account.
AIG is a tangible example of a company that has flourished its global services base. The company, has been influencing global services since the early 1990s. Actually, beforehand, it sent offshore some IT applications development and enhancement work. Presently, AIG is carrying on with offshore vendors like Tata Consultancy Services, HCL Technologies, Syntel and others. It is performing the entire work from application development, product customization, implementation and support, system integration, reengineering, and web enabling to business applications (like policy administration, claims processing application, financial accounting, and reporting). AIG advance schemes involve globalizing services like network management, data centers, high-end system design and architecture, and asset management.
Access to Labor Pool: Offshore locations like Philippines, Mexico, India, and Ireland have large pools of skilled resources. The number of students finishing yearly in India, the Philippines, and Mexico when combined is over 3.6 million. More than enough for the staffing needs of the insurance industry.
Majority of the graduates in India and the Philippines communicate and understand English and are comparably able and effectual in mathematics. It is important because it is a skill essential by the insurance industry. By clicking into the plentiful cache of skilled resources in these locations, insurance carriers can create, deliver, and support more and more products. Companies are already influencing these locations by offshoring less complex IT and BP functions.
About the Author
Andrew Samson Global-Sky drew.samson@global-sky
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