New York — The insurance industry, which has lagged behind others in outsourcing business and technology processes abroad, is now the fastest growing offshore service sector with a CAGR of 33%, according to “The Black Book of Outsourcing,” from Clearwater, Fla.-based Brown-Wilson Group.
Overall, Brown-Wilson reports, global insurance outsourcing is growing at a CAGR of 8%, and is expected to become a $24 billion industry next year. Onshore sourcing relationships are the favored destination of 91% of insurance firms, while 9% elect to have suppliers from abroad. However, that mix is shifting offshore at a breaking pace.
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