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OMFN Knew It Selected the Right Supplier When Perot Systems Expertly Handled a Deluge of Volume During Migration
Old Mutual had earned the unhappy moniker: the worst in the industry. It outsourced to become competitive. During the first two migrations, events conspired to triple volume. Read how the two partners learned to work together under the crushing volumes.
Mortgage Lender Saves 50 Percent on Staffing by Outsourcing Rekeying to India
In 2005 the housing market was hot. Mortgage lenders received more applications than they could handle. But in Miami they were not getting motivated, dependable, high-quality staff to process mortgage applications and the attendant materials that accompanies them. Outsourcing to India expedited loans and eliminated mistakes.
Outsourcing Manages Risk While Transforming Processes for Canada's Central Bank
As Canada's central bank, the Bank of Canada works to preserve the value of money by keeping inflation low. It also acts as the government's fiscal agent. More than 400 employees worked on the retail debt program, consuming 85 percent of the bank's IT capacity while not a core activity. Outsourcing to EDS was the answer. However, this assignment had some extra requirements.
Outsourcing HR Helps Brokerage Firm Attract Top Talent
BTIG, an outsourcing brokerage firm, offers high-priced traders to smaller hedge funds and family-owned funds--customers who otherwise could not afford them. To maintain high-priced staff, BTIG needs to give them the same level of benefits their peers are enjoying. Outsourcing to Gevity allowed it to do this and help the company grow, too.
The Convergence of Healthcare and Financial Services: Outsourcing's Role in Facilitating Change that Disrupts Business as Usual
Consumer-directed healthcare is driving a convergence of technologies and business processes in the healthcare and financial services industries. This convergence is causing change in several business processes for both industries. Here's a look at the trends, who's driving the changes, and who benefits.
Outsourcing the Headaches of Chasing Down Insurance Certificates
Collecting certificates of insurance and managing insurance compliance is crucial in minimizing the financial risks from accidents occurring on your property. Here are the many reasons why companies like Coca-Cola Bottling Co. are turning to outsourced solutions for this process.
Financial Firms Reap Savings Through Outsourced Telecom Expense Management
BancSouth's telephone bill was 30,000 pages. Employees had to manually search for billing errors. If the bill matched the previous bill by a few thousand dollars, the bank figured it was accurate enough. Outsourcing solved these problems and saved $600,000 the first year.
Outsourcing Provides a SWIFT Way to Reach South Asia Banks
A European company wanted to enter the South Asian banking market. It needed a supplier with deep roots in the region. Its supplier not only sold its services but also created a service bureau so banks too small to afford the standard offering could participate.
How Offshoring Is Creating the Bank of the Future
Banks in 2010 will face different challenges than they do today. Marc Liebman and John Shuck explain what they'll face and how offshoring will help them address the realities of a brave new world.
A Rapidly Growing Health Plan Turns To Outsourcing to Handle the Growth
The Community Health Plan of Washington had an enviable problem: its growth rate topped 300 percent a year. It needed a supplier who could handle that growth. Adaptis, with offices in the US and India, was just what the doctor ordered.
Why Your Health Insurer May Soon Be Your Bank
Healthcare costs are rising. Health savings accounts are one way to contain costs for both employees and employers. Unisys's Troy Sowers explains why this new tool is encouraging health insurance companies to buy banks and banks to buy health insurance companies.
Transformational Outsourcing For Competitive Advantage
In a first of its kind in India, Bank of India outsourced everything from applications, data center, disaster recovery and IT infrastructure management to the help desk for employees to Hewlett Packard.
A New Business Model Strengthens Competitive Position
Facing the need to invest heavily in technology upgrades to remain competitive in full service global trade documentary processing or get out of the business entirely, Key Bank chose instead to outsource to ABN AMRO.
Shifting Sources of Value in Financial Services Outsourcing
What's happening in the financial services industry? Everest's John Shuck studied transactions back to 1999 and crunched the numbers. One surprising finding: deals are getting shorter and smaller as companies actively try to limit risk and create flexibility.
How Outsourcing Email Management Helps Financial Services Companies
Email has become a ubiquitous form of business communication. Financial services firms have to protect the security of these communications because of the sensitive data they contain. Outsourcing email management is the answer.
Why the US and UK Are Calling on South African Call Centers
Datamonitor says India will continue to have the lion's share of the call center market for the foreseeable future. But higher value transactions are going to South Africa. Read why.
India Responds to Growing Concerns Over Data Security
In the absence of a strong legal framework to address concerns related to data theft and IP protection in India, Indian suppliers are resorting to globally accepted certifications on quality and security. Industry experts, however, believe that certifications alone aren't enough. How will India face the challenge?
A Candid Chat on Offshoring with MphasiS
What is the biggest mistake buyers make when they offshore? How do you navigate cultural differences? Jeroen Tas, Vice Chairman of MphasiS, does a Q&A.
Banks Outsource to Keep Their Global Customers Happy
KeyBank's corporate customers need letters of credit for global trade. But the bank didn't want to make the requisite capital investment. So it outsourced that process to ABN-AMRO, another bank. The happy result: the new services offered by the outsourcer helped KeyBank attract new customers.
Point of Return: From Good to Great in Outsourcing Value
As a buyer's business environment evolves over time, the original service level agreements need to be re-examined to make sure they are still appropriate for new objectives. Here's how Sovereign Bank and Trammell Crow Company jointly undertook to refresh their relationship to ensure it would continue to be mutually beneficial and produce the desired value.
Transforming a Financial Services Firm's Back Office
Back-office inefficiencies were a big problem for this insurance company. Thanks to the supplier's digital imaging process, tasks that once took as long as four days can be done in minutes.
Why You Should Consider Restructuring Your Value Chain
New feature on topics based on key words our readers are searching in Outsourcing Center's search engine. This month's words: value chain.
The Reach of Risk in Financial Services
Worldwide trends in mitigation of market and operational risks in financial services institutions.
Outsourced Special Investigation Unit Solution for Insurance Fraud
How to handle insurance claims investigation with expertise and cost-effectiveness.
Offshore Outsourcing Helps Mid-Tier Banks Compete
BANKING TRENDS: Mid-tier survival tactics
Breathing Life Into Insurance
INSURANCE UPDATE: Business transformation and end-to-end solution for insurance administration, all rolled into one package...plus, best practices in shared services for anchor clients.
Banking Mergers Boost Outsourcing Activity
HOT TOPIC: How outsourcing helps banks in merger mode.
Order-to-Cash Outsourcing Helps Manufacturers Reduce Costs and Capital
Outsourcing your order-to-cash function
Abbey National Banks on Innovation by Outsourcing Document Management
A large UK bank had to standardize its mail and document distribution. The outsourced savings topped $1 million.
Acxiom's 21 Year Relationship With Insurance Data Provider Shows the Value of Long Term Partners
When an auto insurance data supplier's mature outsourcing relationship with its trusted vendor yields intimately collaborated development of products and services, the rubber surely meets the road.
Deloitte Study Discovers 75 Percent of Global Financial Institutions Plan to Outsource Offshore
Intense competition and a weak economy are forcing financial institutions to radically alter the way they do business. A new Deloitte Research study of global leaders discovered 75 percent are outsourcing offshore to save as much as 50 percent. Analyst Chris Gentle details how this trend is developing.
Stretching Out - Solving Support Challenges for a Remote Workforce
Adequate support for a remote or mobile workforce is a make-or-break process and high on CxO-level executives' agendas these days. Here's how one of the world's leading banks solved the problem and ensured a flexible solution.
Outsourcing for Best Performance - One Company's Search for Stable, Yet Flexible IT Services
Successful outsourcing arrangements leverage more than resources and expertise -- it's the partnership approach that makes the difference.
Optimal Outsourcing - When Both Parties Are Reading from the Same Play Book
These days, many governments are changing their former approach to outsourcing, resulting in higher-value outcomes. Read about the foundational aspects and successful accomplishments of one such government outsourcing "partnership."
Liberata Maintains Existing Business for Life Insurer
A British insurance firm closed its pension portfolio but had 350,000 policies to service. Outsourcing to a third-party administrator cut costs as much as 30 percent.
Staking a Claim To Excellence With an Offshore Component
MetLife needed to improve its claims processing. ACS now does the job up to nine times faster, up to 75 percent cheaper and with 40 percent more accuracy using offshore labor.
Service-Oriented IT Outsourcer Helps Service-Oriented Banks Win Customers
An upscale community bank prides itself on customer service. It turned to a service-minded outsourcer to help it compete with the big boys.
Outsourcing To Play Larger Role Among Insurance Companies
The conservative insurance industry finally figured out BPO is the way to go. Shrinking margins made insurers enter this brave new world.
Mushrooming Competition + Knife-Thin Margins = CEO Headaches in Financial Institutions
With competition on all sides, banks have to invest in enabling technologies
to stay current. Yet this economy dictates that they cut costs, too. The
only way to do both is to outsource.
Insuring A Process System for Independent Agents
USA Inc., composed of independent agents, wanted to concentrate on growth. Soon its IT department couldn't handle the volume. So it outsourced policy processing to RIS.
Salesforce.com is the CRM Rx for Health Insurance Firms
MedUnite handles eight million transactions a month. It needed an easy-to-implement
CRM solution to manage its large customer base. Salesforce.com was the
answer.
Lower Cost, Cultural Similarities Empower Canadian Outsourcing Firms
A Canadian service provider blends near shore labor for customer service inquiries and offshore labor for other tasks to help the American insurance industry remain competitive.
When Squeeze Starts
to Hurt: Outsourcing Reduces Pain in Medicaid Processes
More than 35 million Americans currently qualify for Medicaid; that number will explode as the baby boomers age. Outsourcing is one way to cut costs to stay profitable while improving quality. Here's how Arkansas and Delaware attacked the Medicaid problem. The Delaware relationship was a runner-up finalist in the 2002 Outsourcing Awards.
Insurer Quotes Rates from
Palm of its Hand
The CEO of GSA Insurance wanted to do something no insurance company had done before: provide accurate quotes at the customer's home. Outsourcing made that a reality.
Easing The Pain Of The Residual
Market
What do you do when a government agency requires you to insure a sector that guarantees you will lose money? One insurance company outsourced to ensure it lost as little as possible.
How to Select an Alliance Partner:
The Choice Depends on the Desired Outcomes
A property and casualty insurance company wanted to enter the financial
services fray and service its high end clients. And it was in a hurry,
since the baby boomers are focusing on their retirement years now. Outsourcing
this potentially risky new area brought big rewards to both supplier and
buyer.
Remote Customer Service Agents Make Call Center A Big Hit With Clients
As a call center service provider, you spend $10,000 training an employee
to handle complicated financial services and insurance calls. How do you
keep them from leaving? ARO found a way to retain these hard-to-find,
licensed employees: let them work-at-home. This kind of continuity is
exactly what its buyers want.
Inheriting a Legacy
TPA
Jefferson Pilot Financial Insurance Company had never outsourced. Then
it acquired another insurance company using a third-party administrator.
A careful study convinced the insurer outsourcing was the way to go.
Rutherfoord has a MindSHIFT
An insurance brokerage was expanding rapidly. But doing IT the old way
hindered that growth. Revamping the infrastructure in-house would have
cost more than the agency's annual revenues. Outsourcing IT turned out
to the best policy.
Financial Institution Outsourcing: Managing the Risks
In the Bible, Cain insisted he was not responsible for his brother's actions. That's not true if you are a financial institution. Banks, savings and loans and credit unions are still responsible for the actions of their service providers. Two attorneys at Baker and McKenzie tell financial institutions how to protect their interests when they outsource.
Outsourcing Long-Term
Care Policy Administration Allows Entry in the Short Term
Baby boomers, concerned about their protecting their financial assets,
are looking at long term care policies to help defray that cost. Insurance
companies expect sales volumes to grow. They are turning to suppliers
like EDS to be ready when the boom comes.
Outsourcing Allows British Banks to Check Out of Check Processing
Two big banks in England needed to upgrade their check clearing operations. But they didn't want to invest in the process due to falling volumes. Outsourcing helped them gain access to new technology as well as lower costs.
Risk Manager Advocate Saves
Clients Money By Correcting Their Vulnerabilities
United Supermarkets' insurance claims were growing. Then it outsourced its risk management. Costs fell as the insurance companies realized it had an experiened advocate settling its claims.
Show Me the Knowledge
Knowledge sharing helps CNA Insurance provide great customer service by storing all company knowledge in a searchable database.
'Hard' Market Makes Outsourcing an Easy Decision
Insurance companies are expecting a boom in business. Outsourcing will help them meet the increased demand.
Flooded with Possibilities
When it comes to outsourcing, you can bet that Allstate is in
the good hands of its supplier, EDS.
When Employee Satisfaction is Key
Deutsche Bank, with commercial banking and investment bank services, aims to be one of the world's leading investment banks. And it depends on its employees to make that happen. Since it relies on employee competence and commitment to excellence in customer service, Deutsche Bank makes every effort to attract and retain the best talent and to become the employer of choice.
HR Moves to Self-Serve
SynHRgy HR Technologies, an HR outsourcing vendor in Houston,
Texas, monitored the usage of its 500,000 participants last fall. Sixty-five
percent.of the enrollees used the Web or its interactive voice response
(IVR) system in lieu of talking to a live representative.
Healthcare's Biggest
Challenge
One ASP knows exactly what to do to solve some of the business problems
of healthcare payers.
Rendezvous with ELLA
ELLA audits HR for liability.
Feathering Each Other's Nests
1,400 Commonwealth employees transferred to EDS when the October 1997 contract was signed.
CSC Increases Its Revenues by Helping Its Buyer Double
Sales
When the 1999 sales figures were counted, Fidelity & Guaranty Life
Insurance Company in Baltimore, Maryland happily reported it had doubled
its new sales.
Insurer Discovers It's Good Policy to Outsource
Lincoln Life Insurance Company purchased the administration of insurance
policies from Cigna and Aetna. Each company had its own policy administration
computer system.
Leaving The Accounting To Them
ReSourcePhoenix.com loves high growth companies on the cusp of going public. They need sophisticated financial services but don't have the capital to invest in the requisite accounting infrastructure. That makes them perfect clients for ReSourcePhoenix.com, a financial application service provider.
Insuring A Good Result With Outsourcing
In 1998, Lincoln Financial Group purchased the individual life policy
portfolio from both Cigna and Aetna.
Banking on Continued Growth
Caja de Ahorros y Pensiones de Barcelona is the largest savings and loan in Europe. The financial institution, which had $95 billion (US) in assets at end of 1999, wanted to grow even bigger. Here is what they did...
Insuring Success in this Big World
Coleman, the founder of the Coleman Group, an outsourcing contractor based
in Washington Depot, Connecticut, wants to take the pain out of dealing
with insurance companies.
Underwriting a New Method of BPO
Fidelity & Guaranty Life Insurance Company, wanted to introduce new
products as quickly as possible to take advantage of the public's growing
excitement with insurance products tied to stocks.
Underwriting a Successful Result
Jefferson, which insures homes, watercraft, snowmobiles and all terrain
vehicles, has no back office staff on its payroll. "No one works
for us. We are the insurance carrier," explains Linda Philipps, vice
president of information technology and e-business.
Launching a Center of Competence
In existence for more than 175 years, the Bank of Montreal, a large, complex organization with a branch network of approximately 1,000 locations, had determined by the mid 1990s that it needed to reinvent the way it did business.
Three Centuries of Innovation
The Royal Bank of Scotland has shown a willingness to be innovative throughout its storied history that began on May 31, 1727. And in the last year of the 20th century, the bank, along with its human resources (HR) department continues to clear a path for others in the European banking industry to follow.
The Decade of Banking Mega-Mergers
This decade-long acquisition and merger binge by banks has created plenty of business opportunities for outsourcers that have the capabilities to help the banks with reorganization and consolidation of their IT infrastructures.
Considering All the Costs
On average, banks that outsource their information technology (IT) are substantially reducing costs.
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