Insurers Prefer Outsourcing Over Cost Reduction, Says Report

Research reveals boost in technology and business outsourcing owing to increased focus on customer experience and risk management by insurers

According to studies conducted by Everest Group, in 2012, information technology outsourcing (ITO) and business processing outsourcing (BPO) in insurance have witnessed growth of 18 and 15 percent respectively. Cost reduction is no longer the main focus. Companies, while doing outsourcing, are stressing on enhancing company technology.

The reports were prepared after analyzing the current market trends and predict the future of outsourcing relationships. The reports clearly highlight insurers’ need for strategic partners who can help with developing solutions that will boost efficiency and keep up with new technologies. [@PCITplus]

Enterprise Mobility And IT Consumerization: Strategy For Mobile Success

Employees are getting more tech-savvy, especially in terms of mobile devices. But this doesn’t mean that IT managers should underrate the need for a software implementation that fulfills the needs of the organization, and not just a cheap rip-off.  [twitter.com/PCITplus]

Corporations are witnessing the “Consumerization of IT“. A business manager buys access to cloud just because the IT department is too slow to wait for and he urgently needs to store common documents for his staff to access. So, that means unless the in-house team can respond quickly to requests, employees are going to find their own solutions outside regular norms in order to keep work up.

One of the primary effects of the consumer mobile and Internet explosion is that corporate users know that software can be easy to use, intuitive and accessible. They are also aware that their company’s software and IT support can be difficult and time-taking at times. And with more and more technology opening up for consumers, employees know it doesn’t have to be like this.

Improving Customer Experience in Insurance: It Needs More Than Just Technology

There are numerous challenges faced by insurers when it comes to enhancing and strengthening customer experience. But technology in customer experience might not be the hardest part.

We all know the concept of how outstanding customer service should be, even though we find it hard to implement the concept in insurance. We, as a consumer, also know what to expect from our service providers and clearly know what frustrates and what brings satisfaction to us. With the advancement in technology, our expectations in terms of service delivery in the insurance technology industry have also changed.

Mobile in Insurance: The road ahead

Customers and distributors are being provided with relevant insurance mobile capabilities. Next, carriers must develop strategies of engagement beyond mobile that embrace the data processing implications of ‘the Internet of things.’

Consumerization and the rapid change in the buying behavior of customers have forced insurers to develop mobile capabilities to meet their customers’ expectations. Insurers jumped into app-development, producing any number of novelty items of dubious relevance to their customers. Pioneers have followed with truly use

ful applications for mobile apps, and some carriers are moving into a new realm of wireless communications with telematics programs. What do these developments and others mean for the future of mobility in the insurance industry, and what do carriers need to do to get there?