Outsourcing Insurance IT Services

Kumaran, insurance IT outsourcing practice supports critical needs of the insurance industry by offering specialized IT services to maintain Policy and Claim Administration system, Re-engineering legacy insurance system, Custom design/develop insurance application, Insurance software testing, SOA enable claims, policy and other insurance process support.

With our expertise in insurance outsourcing, we have helped many largest P&C Insurance companies, Workers' Compensation insurance companies in North America to improve efficiencies, cut cost and focus their energies on their core business.

Our Insurance clients want an IT outsourcing partner who can not only help them to contain their IT costs, but also help them to take advantage of technology developments such as SOA and Web 2.0 to deliver more flexible and responsive IT that evolves in line with Insurance business needs. By combining our Insurance domain experience in application outsourcing, our collaborative approach and our strong business insights with our service partner’s emerging technologies, we believe we are able to deliver a very different level of services to our clients.

Kumaran's Insurance application outsourcing solution also takes advantage of the company’s unique global delivery model, which leverages a global network of Advanced Development Centers and Applications Management Support Centers, to provide the right balance of cost reduction, responsiveness and quality.

Proponents of Outsourcing Insurance IT Services cite a variety of reasons for "letting others do it". Here are some of the most important reasons:

• Cost savings - By outsourcing Insurance IT services functions that were previously performed in house, companies are often able to reduce their employee count and related costs, such as recruitment, supervision, salary and benefits. By outsourcing a capital-intensive function, you can also reduce the costs of equipment obsolescence and depreciation.
• Time-to-market - As the Offshore Development Centers functions seamlessly with you in the product testing and maintenance cycles, the time to market the product any Insurance products could be reduced considerably.
• Value additions - As the Offshore Development Centers testing team gets more knowledgeable on the functional and technical aspects of the insurance product and its processes, they can value add on feature enhancements of the existing product and suggest new functionalities that could be incorporated. Further, they could also contribute on the technical aspects of the product to make it more robust and scalable.
• Manpower and expertise - A large resource pool of AICPCU qualified and technically sound resources is typically available in an Offshore Development Centers. The Offshore Development Centers could also be maintaining a wide range of resources on different technology platforms. This resource base could be easily mobilized and deployed quickly.
• More capital funds - Outsourcing reduces the need to invest capital in non-core business functions, thereby freeing capital to invest in profit-making aspects of the business.
• State-of-the-art technology - Outsourcers have to spend time and money on the most current equipment and on employee training to remain competitive. By outsourcing certain areas, you are assured of receiving the most efficient services and the latest technological advances within that particular function.
• Price stability - By signing a contract to outsource, you will likely be able to obtain stable pricing, eliminating the future need to shop around. Stable pricing allows the company to budget operating expenses and capital purchases more accurately, while potentially preventing the likelihood of surprise expenses.
• New business partners - Outsourcers clearly wish to be viewed as your business partner. And as a business partner, they share the desire to keep your company operating at its maximum potential. Through this business partner arrangement, outsourcers are eager to introduce you to other outsourcers to assist in that goal.
• More time to focus on core business activities - You cannot overlook this intangible benefit of outsourcing. If a company is to be successful and profitable, management is needed to spend time planning and directing the company's business strategies and not wasting time worrying about managing certain administrative or ancillary functions.