Outsourcing in insurance

Outsourcing has become increasingly prevalent in the insurance sector in recent years. Whereas traditional models saw insurers entering into binding authority arrangements limited (mainly) to the underwriting of risks and associated claims work, the growth of technology has seen an upsurge in outsourcing to third parties.

With advances in technology, a whole raft of business functions from form processing, claims calls, auditing and data collection through to the hive-out of whole books of business (for example, life books where its long-tail nature can require an insurer to retain records/meet claims for decades after