There are many advantages in engaging an Insurance Manager or outsourcing certain functional areas of an insurance operation to an Insurance Manager.
- An insurance manager offers a cost effective solution due to the economies of scale, arising from the servicing of a large number of clients.
- An insurance manager accumulates expertise in the servicing of a vast number of insurance operations thus being able to give advice over a large spectrum of insurance businesses.
- The use of an insurance manager means that an insurance operation does not need to employ technical human resources resulting in lower operating costs.
- Most insurance managers will offer a one stop shop which would include feasibility studies, company registration, accounting, underwriting and claims management, risk management, compliance, statutory reporting, company secretarial and other ad hoc services.
- An insurance manager has expertise in the jurisdiction in which the Insurance manager operates.
- Has close contacts with other resources that could be required from third parties
- An insurance manager has well established relationships with the Regulator.