Insurance Outsourcing Focuses on India

Insurers unlike other industries have had profitability to mask their cost inefficiencies.  I have yet to get an immediate answer of (CFO, CHRO, CTO)'s of large insurers or integrated financial services companies to the question what is the cost of their function.  Forget for a minute they are support functions to the businesses they lead.  Core to the outsoursing question is understanding...

Insurers looking for cost cutting programs are interested in outsourcing operations and customer service functions. However, the success rate has been marginal. Outsourcing faces many challenges and will continue to do so until the Indian culture adapts its business models to ones compatible with our insurance practices.

Outsourcing won't work well until the Indian outsourcing firms develop the core competencies of key insurance operations.