When an insurer begins to investigate the insource / outsource question this often means they are reacting to a situation. That could be the need to reduce costs or maybe a market event has happened. Maybe there has been a change of leadership and a strategic review is required. Or, as we are currently hearing maybe it’s difficult to access experienced claims managers who could be moving to other sectors for better pay following the path of the Great Resignation.
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The first step is to analyse what the current strategy is and whether that set up reflects the requirements needed – maybe the strategy needs to change. Are you looking to address any of the challenges above or maybe you’re looking to bring in more high net worth business or more delegated business and need the skilled expertise to do that? Maybe you’re looking to improve your digital capabilities and using outsourced solution could help test that.
There are many variables at play which relate directly to an insurer’s strategy and the pros and cons are interesting:
As you can see, there is no one-size fits all solution but there is always a solution!
The Procurato Way
At Procurato we will work with you, your stakeholders, and your teams to help you identify the correct strategy for the challenge you are looking to address whether that is short term or long term.
We will assess your operational model and help you determine the optimal insourcing and outsourcing model for you and help you to implement it. We work with several leading companies to ensure that whether bringing the partner to you or you are running it in-house your model will smooth and efficient.
For more information, please contact us.