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White Paper on Services Globalization in Insurance

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CIOL Bureau
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BANGALORE: neoIT, the leading offshore advisory and management firm for BPO and ITO, today issued a new white paper that looks at how to leverage service globalization to meet critical challenges in the insurance industry.

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Continuing its monthly white paper series, neoIT provides up-to-date information on services globalization, and for the first time t5ouches upon the challenges faced by the insurance industry in its latest white paper titled “Services Globalization in the Insurance Industry.”

As the insurance industry faces mounting operating costs, decreasing margins and reduced time-to-market, more companies are exploring globalization options as a way to reduce costs and grow their business.

Compared to the pace of services globalization in the Financial Services, Banking and Telecommunications sectors, the Insurance industry lags behind. neoIT's white paper examines the benefits of services globalization as well as the challenges and strategies for accelerating the process of services globalization.

The major benefits of services globalization for insurers are ability to expand service offerings, access to abundant skilled labor, ability to use existing or new business functionalities to reengineer individual, high value business operation, bringing about business transformation and a quickened pace of technology adoption.

The white paper also outlines the common risks and mistakes insurers encounter when planning and implementing an offshore operation.

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