IQ-EQ’s Post

Transcript

Hi, Sean, how are you? Ohh, very well, thanks and yourself, I'm great. Thanks. Thank you very much for taking some time today to talk to me about outsourcing. No problem at all to kick off. Can you explain to me what is outsourcing, outsourcing at the core of it is when a company whether it's large or small, contracts with a third party to outsource specific key elements of this task or functions allowing it to concentrate on its core competencies in servicing. Clients and I understand that there has been significant growth in outsourcing over the last decade or so and across many sectors and business processes. What does outsourcing look like today? Well, outsourcing has historically had a negative connotation because it's been associated with job losses, retraining of staff as well as loss of data and protection around its controlled environment. It's matured quite significantly over the last number of years where you've seen. Provided becoming a lot more partnership related where it's not so much of A lift and drop of assignments and you've seen providers becoming a lot more embedded in the clients businesses, understanding how they operate, sharing best practices as well as allowing them to align with providing the skill set as well as the cultural element or alignment which really works well within our brand. Can you explain outsourcing more specifically in the context of the insurance sector? Yeah, sure. So. As with the WADA financial services sector, we've seen a significant war for talent and this is no difference than insurance sector where it's becoming a lot more required for companies to be more agile and nimble in the way that they operate and in needing to do that. They're still looking for the required skill sets, but the market is quite challenging at the moment. At Aquatica, we've been able to build teams that provide them with the required services that they need on a flexible basis as well as allowing us to be able to leverage off our wider compliance and technology. Platforms. And do you have any examples shown of clients that you work with and how they may have benefited from the service that you offer? Yeah, so we work with a number of clients, but two specific examples that I think are quite relevant is 1, where we had a client who was really a startup and what they were looking to do is not invest in a larger resources while they built their revenue pipeline. So we were able to support them with half an FTE to start with. And as their company grew and they started to attract more clients, we were able to provide them with more and more. Resources that would match with their revenue. And the other type of option that we've seen from clients is where their staff may have left you to retirement or maybe due to resignation. And we've been able to fill those gaps with providing resources that can have the specific skill set that they've lost. And then as they start to get more and more staff who might lose or may leave due to those types of circumstances, we're able to leverage the skill set and the experience that we have from the first resource. And build the team behind that interesting and what are the tasks and functions that IQ can support our clients in the insurance sector with. Well, it's quite a broad range of services that we provide to the sector. We can provide resourcing or specific tasks such as accounting, administration, corporate secretarial as well as invoicing accounts receivable, but we go to the spectrum. I've also been able to provide data analysis and reporting. We have quite a broad range of clients across all our jurisdictions where we can service them and whether they be a large carrier, a captive insurance manager, a captive insurance company, an MGA or broker. What do you see, Sean, as the biggest benefit of outsourcing? The key feedback that we get from client falls into three main categories, the first being the flexibility, so allowing them to scale up or down as required with the development of their own company or with their strategy. Second is around the protection of their data. So it allows them to keep control of their data and our teams will work within their environment. And then thirdly, we see it's a relationship that our teams build with that client that in many cases they come back and tell us that our team feel a lot more as if they're part of their. Team's been an outsourced third party provider. Fantastic. And Sean, if we want to find out more about IQ, EQ, outsourcing offering, where do we go? Well, our website provides case studies and brochures as well as contact information which anybody wanted to reach out, we'd be happy to have discussions with them. That's super. Thanks very much for your time today, Sean. Thank you very much.