How Insurance Cos. Can Benefit From Innovative Outsourcing

Law360, New York (January 21, 2016, 9:38 PM EST) -- Brad L. Peterson

Mark A. Prinsley Insurance companies have long benefited from innovation in outsourcing. In the 1990s, the industry understood and captured the benefits of outsourcing noncore functions to specialist suppliers. In the 2000s, insurers invested in new contracting approaches to gain benefits of offshore outsourcing, an innovation permitted by reductions in telecommunications costs and improvements in process design. Insurers secured the benefits of offshoring by extending traditional onshore outsourcing processes to engage new suppliers.

Now, cloud computing has spawned a burst of innovation opportunities for insurers. Insurers can benefit from innovations such as big data, cognitive computing, robotic process...

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