Insurance & Brokerage - White Papers

Advantages of Outsourcing to India

The advantages India offers to serving as an IT Enabled Services destination for major global companies include:

• A huge population of English speaking and computer literate graduate manpower who can continue to cater to the growing demand for professionals of IT Enabled Services. Each year India produces over 2 million English-speaking graduates, who can be trained in providing high-quality Internet support. Growing retrenchment and Voluntary Retirement Schemes in traditional Indian industry will result in rightly qualified people being available for these services
  
  
• A 9 to 12-hour time zone difference with USA and other major markets.
  
  
• Cost of qualified personnel is amongst the lowest in the world. e.g. A certified public accountant working on accounts reconciliation, costs GE (India) $15000-20000 a year. In US, a less qualified worker doing the same job would cost up to three times as much.
  
  
• Support of Government of India for all IT led industries offering export income benefits and other tax rebates.
  
  
• Many State Governments in India offer special incentives and are making concerted efforts towards improving infrastructure for setting up IT Enabled Services.
  
  
• Thrust by Government of India to make India an IT-driven nation with a focus on services sector where potential for value addition and thus premium is higher.
  
  
• India enjoys very strong brand equity in major markets, thanks to its growing and globally competitive software industry.
  
  
• Reduction in present and future staffing requirement.
  
  
• Outsourcing dramatically reduces the staffing requirements in non-core areas.
  
  
• Leverages high cost differential of high labor cost in US and the low cost of qualified personnel in India.
  
  
• Providing appropriate services at right price:
  1. Share in economies of scale
     
  2. Leverages variable cost opportunity due to no up front investments, lower overheads
     
  3. Reduces Operations cost.
     
  4. Controls Administrative costs.
     
     
• Reducing your current and future technology expenditure:
  1. Elimination of cost involved in maintaining Applications and associated technologies in terms of Software, Hardware, Manpower, Space and Management of resources.
  2. Freeing up the resources currently used for maintaining Internal processes.
  3. Eliminates hardware and software obsolescence
  
  
• Providing scalability to support your growth plans:
  " Ready availability of resources to match your current level of operations
  
  
• A recent study carried out by McKinsey & Company and NASSCOM (The National Association of Software and Services Companies) estimates that India is likely to corner a sizable portion of the $142 billion global IT-enabled services market by 2008
  

CONTACTSMT Service offerings:

ContactSMT solutions and services help insurance companies customize their offerings more rapidly to meet consumer and agent preferences and motivations. We also help integrate numerous front, back and mid-office systems to reduce costs, and improve business processes.
Through large scale dedicated Offshore Development Centers insurance industry clients have realized the high value impact that a flexible, high quality, and nimble partner can provide. We provide outsourcing services to global Insurance organizations.

ContactSMT's Business process outsourcing (BPO) services helps insurance clients mitigate risks, re-engineer processes, launch new products faster, build systems and train people. We handle IT intensive business processes for our customers. Our proven global delivery model, combined with state of the art communication facilities and infrastructure helps us to provide services from data entry to knowledge services effectively. Our insurance processing services provide specialized solutions to the insurance sector and support critical business processes applicable to the industry right from new business acquisition to policy maintenance to claims processing.

We provide 12 / 24 / 48 Hr. turnaround for completing the process, based on the client's requirements. Customized Software is used for data entry with double keying and automatic error identification and correction.

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