Offshore claims processing has traditionally been cheaper than in the United States for obvious reasons-the price of keying in data overseas is a fraction of what it is here. Antares Management Solutions, a third-party claims administrator, was considering going overseas when it discovered a better solution from GTESS.
Consumer-directed healthcare is driving a convergence of technologies and business processes in the healthcare and financial services industries. This convergence is causing change in several business processes for both industries. Here’s a look at the trends, who’s driving the changes, and who benefits.
Insurance carriers with under $300 million in premiums face major challenges in adopting outsourcing because of their complex processes and products and intense government regulation. Here are some things to think about to insure outsourcing success.
Offshore outsourcing is changing dramatically. Read about the changes and their implications for buyers and providers of outsourced services.
The insurer’s sluggish processes and aging technology made it nearly impossible to introduce new products quickly. And its expense-to-premium ratio was 65 percent when the industry norm was closer to 20 percent. Outsourcing included a transformation. The result: In the last 18 months, Channel Life took on 450,000 new policies, four times the number of policies it had.
Today companies are joining buying consortia to purchase non-core supplies and processes that don’t give them a competitive edge. Read how this hybrid outsourcing solution allows members to both save significant sums and share knowledge.
A 2005 study on outsourcing and insurance subrogation reveals why some insurance carriers are looking to outsource subrogation and others are hesitant. Another interesting finding: reducing costs is not an objective.
Mortgage lenders need assurance that the proper hazard insurance coverage is in place for the loans they issue. But that comes with significant headaches and unnecessary costs for lenders that still do their hazard insurance processing and tracking in house. Here’s what the leaders are finding as benefits in outsourcing this process.
Datamonitor says India will continue to have the lion’s share of the call center market for the foreseeable future. But higher value transactions are going to South Africa. Read why.
The difficulties of deregulation have caused electric utilities to focus once again on their core task: keeping the lights on. A new Conference Board study sheds some light on how HR outsourcing is reducing costs and providing the time to focus on strategy.