IT services vendors play an important role in the insurance industry. In a world where the Internet makes it easy to have customer service representatives halfway across the world or developers in remote locations, insurance companies, like many other 21st-century organizations, look to vendors to meet their IT needs in lieu of hiring people or buying systems and hardware. IT services vendors provide expertise to insurers in areas such as writing, modifying, testing and supporting software. The vendors help plan and design computer systems that integrate hardware, software and communication technologies. This is especially important with the frequency of mergers and acquisitions. IT Service vendors provide on-site management and operations of insurers’ computer systems and/or data processing facilities. They provide outsourcing of key processes, and they give professional and technical computer-related advice. Celent’s forthcoming report about ITS vendors provides a detailed spectrum of over 30 IT services vendors in North America. The report profiles each vendor in relation to the services it provides, the skill sets of their insurance vertical staff, details of their client base and customer feedback related to the services provided. Celent has other regional reports in the pipeline.
There are several reasons why an insurer may look to an IT service vendor for their offerings. Many insurers, when facing shrinking margins, look to an IT service vendor to improve the efficiency of their operations. ITS vendors help insurers pursue strategic agility. ITS vendors enable insurers of any size to tap into a global labor pool to find the skills they need at potentially competitive rates. Celent’s recent blog post highlights several of the business drivers for outsourcing. For whatever reason they choose to buy IT services, insurers have key reasons why they choose one vendor over another.
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