Setting up an in-house shared service center either onshore or offshore (“captive”) has long functioned as a way for enterprises to lower their costs, exert more ownership over their transformation, control their branding, and increase their speed-to-market. But as the insurance industry continues to evolve towards a more digital and cost-conscious existence, some in-house captives have struggled to keep pace.
EXL partners with ISG for a whitepaper to help insurance carriers to reexamine their in-house captive strategy as third parties present an excellent option for enterprises seeking to build, transform, or monetize their captive.
Evolution of Captive Strategies
Over the last decade, most larger carriers’ captive strategies have evolved as their captives experienced changes in:
- Market Dynamics
- Technology
- People strategy
Current Captives Strategies
Depending on where a carrier is in their modernization strategy, there could be value in
- Building
- Growing and transforming
- Monetizing
"We are seeing significant changes in carrier’s captive strategies” says Dennis Winkler, Director, ISG Insurance practice, “Today’s top providers can deliver transformation capabilities across onshore and offshore centers faster and more cost-effectively than carrier’s internal captives".
Download the whitepaper to find out more about how your shared service center can come to be viewed as an investment asset.