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Outsourcing is a situation where a company hires an intermediary provider to handle a number of its daily business operations. Outsourcing is the fastest and most efficient method of consolidating disparate data processes and technologies that result from an acquisition or a merger. For insurance organisations whose strategic goal involves establishing a national or global niche and exponential growth, outsourcing provides a much needed boost.
In the past, some insurance providers were reluctant to outsource major business process functions; however, the possible cost savings and efficiency improvements now make business process outsourcing a strategic choice for all (re)insurers. By using outsourcing, many insurance businesses experience savings that reduce administration costs up to 50%. Almost any process that can be managed as a separate function is a candidate for efficiency improvement using outsourcing.
There can be thousands of transactions that take place daily which require robust technology. Artex, a leading provider of alternative risk transfer solutions, offers outsourced insurance management services that include ledger reconciliation, back office systems, reinsurance technical accounting, reserve accounting and bureau reporting. Our state-of-the-art, multi-functional, applications, are designed to handle the complexities involved in processing and accounting support for the non-London reinsurance market and for insurers handling specific lines of business.
Outsourcing companies provide an insurance business immense flexibility to adapt to competition and changes in regulatory compliance, allowing the organisation to adapt to evolving market conditions. The services provided are tailored to fit your precise business requirements. As your company undergoes transformation and increases productivity, an outsourcing provider will have to scale up their own production and evolve with changing demands. Having the ability to adjust your business operations will assist your company to remain agile and meet your growth projections
Outsourcing allows your employees to concentrate on the core competencies of the business. An insurance business will experience growth only when there is a collective effort from its employees. As the demands of your organization multiply, you will expect your employees to focus on business efforts instead of being tied down by clerical assignments. Outsourcing will prove to be invaluable because the provider will manage and process documents. This will allow your staff to remain focused on vital aspects of your business.
The key benefits of outsourcing can be summarised under the following headings:
- Flexibility & Scalability
- Optimum use of manpower
- Reporting, Compliance management & Regulations
- Insurance regulations and laws are dynamic.
- Access to more resources and innovative technology
- Reducing costs of doing business
- Data backup and disaster management
Our outsourced insurance management services allow businesses to focus their time on their core competencies. There can be thousands of transactions every day and, with the multi-pronged support Artex provides, we can manage the data and deliver the reports needed to operate the captive smoothly.