Insurers regularly navigate through a complex landscape fraught with risks, including geopolitical tensions and constant market fluctuations. The ground is shifting quicker now than ever, and to tackle today’s rapid changes, businesses require increasingly robust and agile insurance risk management.
So, what’s a way to ensure minimal disruption and resilient business operations during such challenges? Time-tested nearshore software development and support services can bolster SDLCs and can be your first step. While nearshore services are typically deployed to optimize project timelines, improve collaboration, and speed up go-lives, there is a certain uniqueness of nearshoring services exclusive to the insurance industry.
Upsides of specialized nearshoring in insurance
1) Enhanced data security & compliance with localized compliance knowledge: Nearshore partners in regions with strong data protection laws, such as the EU, understand stringent regulations (e.g., GDPR) that govern insurance data. This reduces compliance risk, knowledge gaps and project ease-in times compared to some offshore locations where regulations might differ significantly.
2. Domain expertise & process familiarity: Nearshore teams with insurance domain experts often bring experience with core insurance systems such as Guidewire, Duck Creek and Instanda. They can integrate these with new technologies and existing business ecosystems effortlessly than a team without insurance domain knowledge. The team’s ability to support digital transformation in areas such as policy administration, claims processing, and underwriting.
3. Faster knowledge transfer: Because of cultural and linguistic similarities and predisposed knowledge of business practices and unique market needs, nearshore partners quickly understand the requirements and reduce training time for insurance process-oriented projects in claims management, customer service automation, or risk analysis. This also speeds up the knowledge transfers and trainings tied to the project, helping accelerate broader insurance digital transformation initiatives.
4. Resilience & geographical risk diversification: Nearshoring adds resilience to insurance firms by diversifying their operational base in case of regional disruptions. Teams in nearby regions can step in more effectively than offshore centres during natural disasters or unforeseen events, which largely influence user loads, policy purchases and claim requests for insurers.
Nearshoring for competitive advantage
Insurance carriers in the North American and European regions have started to realize the competitive edge nearshoring could provide and are working with partner centres in UK, Mexico, Poland and others.
Having identified this need, Aspire Systems has set up efficient nearshore software development centres in Poland and Mexico, where a huge team of domain experts offer end-to-end product engineering services to some large insurers.
Explore the offerings of our Nearshore Software Development Center
Powered by agile software development principles, efficient accelerators, and high-performance teams, our homegrown methodology— Software Infinity – enhances software engineering strategy for rapid delivery of hyper-scalable solutions with the following benefits.
- ~60% improvement in product quality
- ~40% acceleration in time-to-market
- Enhanced availability and flexibility enabled by overlapping time zones
Nearshore solutions you need
- Consulting and advisory
- Product engineering and experience design
- Legacy application modernization
- Cloud-native application development
- Quality assurance
- Infra-managed services
- Devops
- Microservices architecture
Finding the right nearshore services provider for your business involves considering both technical expertise and competence.
Our nearshore insurance IT solutions are specifically designed to meet the unique challenges of insurers, combining technical excellence with deep domain knowledge.
Talk to us today to discuss nearshoring plans for your insurance business.
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