Orlando==In an effort to cut costs and improve efficiency, insurers are increasingly outsourcing the work of their technology and business processing units, experts told an industry conference here.
The outsourcing to local or global vendors is not universal, they said, because some carriers remain skittish about farming out their main functions and fear alienating their agency force, speakers told a packed session at the ACORD-LOMA Insurance Systems Forum.
"Many insurance companies that I talk to say, 'We have taken as much cost away from the company as we can, and outsourcing is the next thing on the list,'" said Keith Johnson, a partner at Hamilton, Bermuda-based Accenture, who leads the firm's North American insurance business process outsourcing practice.
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