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Wednesday, September 14, 2011 | 9:00 a.m. CDT; 10:00 a.m. EDT; 2:00 p.m. GMT
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Within the Banking, Financial Services and Insurance (BFSI) industry, the insurance sub-vertical has played a key role in the revival of IT outsourcing (ITO) and business process outsourcing (BPO) post the economic downturn. The average deal duration and total contract value (TCV) for insurance IT-BPO deals have been higher compared to banking and capital markets outsourcing contracts in the last three years.
At the same time, the adoption pattern across different insurance segments and geographies is changing and so are the IT-BPO solutions on the table. This is reflected across multiple dimensions, such as scope of services, technology requirements, global sourcing, and pricing structures, among others.
Buyers and service providers alike are facing challenges in advancing technologies, modernizing legacy operations, and managing growth, profitability and efficiency.
Is outsourcing the right solution? I haven't seen widespread outsourcing within the company. However, we definitely do a lot of contracting. We have a relationship with Cognizant. This company is headquartered in the U.S. but also has a strong reputation and relationship in India. Instead of outsourcing, contractors sit in our offices to help us with their main specialties; IT, business processes and strategic-consulting. I think this is a better alternative. We have an on-site partnership which we can physically manage and we get to keep a lot of our jobs in-house. We can leverage projects that include both in-house and Cognizant employees and keep ownership of a lot of our projects while still getting expertise in the area of IT.
Is outsourcing the right solution? I haven't seen widespread outsourcing within the company. However, we definitely do a lot of contracting. We have a relationship with Cognizant. This company is headquartered in the U.S. but also has a strong reputation and relationship in India. Instead of outsourcing, contractors sit in our offices to help us with their main specialties; IT, business processes and strategic-consulting. I think this is a better alternative. We have an on-site partnership which we can physically manage and we get to keep a lot of our jobs in-house. We can leverage projects that include both in-house and Cognizant employees and keep ownership of a lot of our projects while still getting expertise in the area of IT.
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