August 2018 - Offshore outsourcing can create tremendous value for insurers. Many carriers have moved parts of their IT and operations to offshore captives or partners. However, outsourcing is not a once-and-done process. Ensuring that these investments generate continuous value takes continuous focus. Without focus, carriers lose productivity, costs go up, and turnover creeps higher. When this happens, Insurers often react by pulling back on offshoring.

Offshoring requires strong teams and hands-on management on both sides of the equation. This CIO Checklist can help to run effective offshore operations. No matter what level of support vendors offer, insurer leaders are accountable for the organization. Period. This includes the people, the success, and the setbacks.

The Checklist

• Write down the strategy and share it
• Establish a single leadership thread
• Develop the global talent team
• Devote resources to training
• Focus on change management
• Measure (almost) everything
• Move the right work at the right time
• Go onsite, in both directions
• Transition ownership and decision making when possible