Search
 

Mutually rewarding subrogation vendor partnerships

Outsourcing, a practice engaged to cost-effectively transfer certain business processes to outside suppliers, often plays a vital role in a company's corporate growth strategy.

By Kathleen Smith, CSRP, Donna Geraghty | Updated on February 20, 2018
Outsourcing vendors might consider what they gain from the relationships they engage in, other than monetary compensation.

Outsourcing, a practice engaged to cost-effectively transfer certain business processes to outside suppliers, often plays a vital role in a company’s corporate growth strategy.

The outsourcing process allows companies to focus on their core competencies while mitigating a shortage of resources, skills or internal expertise. Firms taking advantage of outsourcing relationships can utilize each other’s strengths to make both firms stronger. There can be a financial benefit, but often the partnership provides other benefits which may include a mutual strengthening of each partner’s capabilities, skills and knowledge.  Strong partnerships are built on honest open communication, a strong understanding of each partner’s obligations to the partnership and a mutual agreement as to how goals will be achieved.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.