As many insurance experts conversations lately have revolved around the financial crisis and its effect on the business, many of those experts will agree that it has put more emphasis on stringent spending. This stringent spending, combined with expanded service offerings by offshore providers suggest that property/casualty insurers will continue or even increase their business processes offshoring, according to a study by Conning Research & Consulting.
"While the property/casualty industry has been sending business processing work offshore for about two decades, offshore providers have now developed a wider breadth of services that expand opportunities to outsource beyond cost savings to meet strategic needs," says Clint Harris, analyst at Conning Research & Consulting. "As we researched the field, we surveyed offshoring providers to the property/casualty industry to understand how these providers are perceiving and responding specifically to property/casualty insurers' objectives and how they are controlling offshoring risks. While the survey data confirm an average expense savings expectation of 32%, data also indicate that more strategic objectives have been dominating insurers' decision to offshore."
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