In the insurance process outsourcing industry, it is still the norm for people to consider outsourcing as delegating the not so serious task or those tasks that are of considerable low key at the lowest cost possible. However, this is not the case as in the stark reality it is outsourcing is all about assigning mission critical work to be accomplished in time. It may be of any form or nature, whether legal accounting, tax filing, marketing, I.T and more without any uncertainty and complete with each associated benefits.
Likewise, Research and Development (R&D) is no exception and most importantly needs to be considered like other options. This is so because many small and medium sized enterprises often find it difficult to fund their most essential functions like business development wings, customer service processes and basic technological requirements. Provided this, a dedicated internal team or personnel taking charge of technological innovation and its application or the basic R&D for the improvisation of operations is often rare and ineffective.
Nonetheless, in the ever-evolving insurance industry, enterprises that wish to maintain relevancy require to keep innovating and being a step ahead of its allies, fortunately innovation can be acquired with R&D and has a great impact on the ROI of the enterprise.