Media
Legacy sector survey finds that practitioners believe insurers should outsource legacy business
06 Mar 2009
LONDON, 6 March 2009 – Service and claims recovery standards suffer when businesses go into run-off and insurers should be outsourcing their legacy business, according to a survey by Xchanging.
The survey, conducted at the recent ARC Congress in London, revealed that four out of five insurance professionals believe that service and claims recovery standards suffer when businesses go into run-off. In addition, 81 percent of those surveyed also said that legacy business should not be looked after in-house but should be outsourced to a specialist.
Julie Lynch, Group Service Director at Xchanging, said: "The majority of service practitioners surveyed agreed that legacy business should be outsourced. Current economic demands make it increasingly difficult to justify internal costs associated with ineffectively managed run-offs, particularly when reputations may have been sullied by downgrades from rating agencies. Fall-out in the wider financial arena is likely to offer plenty of opportunities for run-off experts to apply their skills."
For further information, please contact:
Ross Gow, Cubitt Consulting
Telephone: +44 (0)7778 755 251
Email: ross.gow@cubit.com
About Xchanging
Xchanging is a fast growing, pure play global business processor with blue chip customers. We provide complex industry specific processing services to the banking and insurance industries as well as procurement, finance and accounting, and human resources services across industries.