In its first report profiling IT service vendors for the insurance industry, Boston-based insurance consultancy Celent concludes that the most successful partnerships insurers have with IT service vendors those that are not just about replacing staff or lowering costs. Though a cost-minded insurer may find significantly lower expense from a good relationship with an IT service vendor, many find these engagements save costs in one area while requiring unexpected expenditures in others. The best partnerships, Celent says, are those that are long-term, strategic engagements in which a vendor is leveraged to bring in new expertise, add both technology and domain knowledge to the business, and is relied on as a true partner.
The report, “IT Services Vendors Solutions Spectrum,” features profiles of 34 vendors—around the globe with a focus on North American presence—that provide expertise to insurers in areas such as writing, modifying, testing, and supporting software to meet an insurer’s needs; planning and designing computer systems that integrate computer hardware, software (often legacy systems and new software products), and communication technologies; on-site management and operation of clients’ computer systems and/or data processing facilities; outsourcing of key processes; and other professional and technical computer-related advice and services. The vendors profiled in the report provide one or more of these services to insurers in North America.
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