Most people in the Insurance world consider outsourcing as aligning low value errands at a lower price. What they do not realize is that the work that is outsourced is in reality a mission critical work; these may include services like tax filing, I.T, legal documentation, marketing and much more. All this also focuses the need for a better term by introducing to outsource one’s Research and Development. There are many reasons for considering it, however having a dedicated internal team of technology innovation experts or R&D for enhancing and improvising the operations may sometimes find it too pressurizing to perform under certain conditions and may not prove effective.
In the present ever evolving insurance industry, there is a strong requirement to maintain the consistency and relevancy to innovate, this could also be an acquired service that may lead to a good ROI. It is a known fact that Innovation and knowledge is among the basic and the most valuable benefits that can be provided to customers. Developing a unique insight into the industry involves working with industry leaders in every field across all lines and practically in every management system.
Overall, to help maintain the organization’s competitive advantage and provide clients with the same, there is a pressing need for a comprehensive team of dedicated professionals who strive to offer industry best practices, workflow patterns, automation technologies as well as analytics for the insurance industry. In addition, one could also specialize the department with the addition of niche related professionals such as robot engineers, lean experts as well as data scientists.
The outsourced Research and Development wing can in fact collaborate with the company’s clients and help to solve their most critical problems and troublesome business challenges with the use of technology, process expertise and analytics to help provide innovative and novel solutions.