Today's business environment demands that insurers run their operations as intelligently as possible while taking advantage of the latest technologies. New initiatives around telematics, big data analytics, mobile and Web self-service often demand more expertise and capabilities than insurers can provide - which continues to fuel the market for business process outsourcing services as well as information technology.
There's no question that both flavors of outsourcing, IT and business processes, are big business. In the past year alone, for example, KPMG estimates that organizations across all industries signed onto $118 billion in IT outsourcing contracts and $19.5 billion in business processing outsourcing contracts. Overall, total contract values within the insurance sector increased more than 25 percent for outsourcing, KPMG adds, and these were just the high-level contracts. There are also countless smaller-scale outsourcing engagements in which insurers turn to vendors and contractors for assistance in specific areas, such as workflow, content management, security and infrastructure development.
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