INSURERS EXPLORE OFFSHORING OF SERVICES by ProQuest

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More property/casualty insurers are likely to explore offshoring some of their processes because of pressures to become more cost-efficient, according to a recent study by Conning Research and Consulting. "Offshoring" is a type of outsourcing where the firms providing the services are based outside the US. For the past two decades, the financial services industry has exported process work to offshore venues as a way of lowering costs. However, the services provided to the insurers have been pretty much in the administrative and technology areas. In order to understand how offshore service providers view US P-C insurers' needs and how they were developing their solutions to respond to those needs, they surveyed offshore providers that currently offer business process services specifically for property and casualty insurers, explained Clint Harris, VP, insurance research. New offshore venues continue to develop and are emerging in Russia, the Dominican Republic, Argentina and South Africa.

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