Outcomes

17th March 2026 – Devonshire Terrace, Devonshire Square, London

Members of the London Market community gathered on 17th March 2026 at Devonshire Terrace, Devonshire Square, for the latest LMF Change, Operations & Business Transformation Practice Group breakfast roundtable, “Making Offshoring Work in Insurance whilst staying in control.”

Convened and hosted by Roger Oldham, Founder and CEO of London Market Forums (LMF), the session brought together senior Market practitioners across underwriting, broking, claims, operations, finance and transformation roles to explore how insurance firms can successfully implement offshore strategies while maintaining governance, service quality and operational resilience.

Delivered in partnership with LMF Corporate Member, Intogreat, the discussion was supported by expert insights from Adam Conrad, Group CEO of Intogreat, and Troy Mansell, CEO of AB Phillips. We were very grateful to Troy who joined us via video link from Melbourne. The roundtable provided a trusted forum for participants to share experience, discuss the realities of offshore operating models, and explore the strategic choices organisations must make when building global teams.

The Strategic Drivers Behind Offshoring

The session opened with discussion around the growing pressure on insurance firms to improve operational efficiency while maintaining exceptional client service.

Across the Market, organisations are balancing rising operational costs, talent shortages and increasing client expectations. Many firms have therefore turned to offshoring or outsourcing models as part of their operational strategy. However, participants noted that success in this area depends less on cost reduction alone and more on how effectively offshore capability is integrated into the wider business.

Attendees reflected that the most successful firms approach offshoring as a strategic transformation initiative rather than a simple operational adjustment.

Choosing the Right Model

A key theme emerging from the conversation was the importance of selecting the right offshoring model for the organisation’s objectives and culture.

Participants discussed how firms across the Market have adopted a wide variety of approaches, ranging from transactional outsourcing to fully integrated global teams. Each model carries different implications for governance, operational control and organisational culture.

The discussion highlighted that organisations must carefully consider how offshore teams align with their long-term strategy, ensuring that global capability enhances rather than fragments operational delivery.

Governance, Control and Operational Resilience

Maintaining control and strong governance structures was identified as one of the most critical factors for successful offshoring.

Participants explored how effective governance frameworks, clear reporting lines and consistent operational processes help ensure that offshore teams operate seamlessly alongside onshore functions.

The conversation also touched on the importance of maintaining transparency across global operations, particularly in regulated environments such as insurance where accountability, oversight and data management remain central to risk management.

Culture, Capability and Integration

Beyond operational efficiency, the roundtable explored the cultural and human factors that influence the success of offshore strategies.

Participants noted that building high-performing global teams requires investment in communication, leadership and cultural alignment. Organisations that treat offshore teams as an integral part of the business, rather than as external service providers, tend to achieve stronger long-term outcomes.

Developing capability across both onshore and offshore teams was also highlighted as an important component of sustainable operational transformation.

Balancing Efficiency with Client Service

While operational efficiency is often a key driver for offshoring, participants emphasised that maintaining service quality remains paramount.

The discussion explored how firms must balance cost optimisation with the need to preserve client relationships, underwriting expertise and service responsiveness.

Participants shared examples of how global team models can enhance service delivery when implemented effectively, enabling firms to extend capability, improve responsiveness and support business growth.

Supporting Sustainable Operational Transformation

In keeping with the LMF roundtable format, the session encouraged open and confidential discussion among attendees, focusing on practical experience and real-world challenges.

Key areas of discussion included:

• Strategic approaches to offshore operating models
• Governance and control across global teams
• Cultural integration and leadership of distributed workforces
• Balancing operational efficiency with service quality
• Building sustainable transformation strategies within insurance firms

Live Polling

The live polling undertaken during the breakfast event highlighted a market that is firmly engaged with offshoring but still working through how to make it truly effective. Most organisations are no longer in the early exploration phase; instead, the majority (63%) are already offshoring but acknowledge that their models need improvement, while a further 24% report that it is working well. This suggests a clear level of maturity and commitment, in that offshoring is happening, but also an honest recognition that optimisation, not adoption, is now the key challenge.

Results from the polling suggest that cost efficiency remains the dominant driver (63%), though this is complemented by a growing appreciation of scalability and flexibility (31%). This also suggests that while financial pressures continue to drive decisions, organisations are increasingly viewing offshoring as a strategic lever to support growth and operational resilience, rather than purely a cost-saving exercise.

When it comes to execution, firms appear to be taking a pragmatic, low-risk approach. Back-office and administrative functions are seen as the natural starting point (60%), with policy servicing also gaining traction (27%). This reflects a desire to build confidence and prove value before expanding into more complex or customer-facing areas.

Importantly, sentiment from the room indicates that success hinges less on location and more on integration. Responses emphasise alignment between onshore and offshore teams, strong processes, clear expectations, and treating offshore partners as a genuine extension of the business. At the same time, common misconceptions, such as concerns around capability, quality, and lack of understanding, still persist, highlighting ongoing cultural and perception barriers.

Overall, the results from the live polling suggests that the London Market shows strong appetite and clear momentum behind offshoring, but with a shift in focus toward refinement and scale. Attendees are primarily seeking to improve existing models and understand how to scale effectively, underlining that the conversation has moved beyond “whether to offshore” to “how to do it well and seeking the optimal operating model”

Looking Ahead

Closing the session, Roger Oldham thanked Intogreat for their partnership and the attendees for their valuable contributions to the discussion. A special thank you to Adam Conrad, CEO of Intogreat.

As insurance firms continue to navigate cost pressures, talent challenges and operational transformation, conversations such as this LMF Practice Group play an important role in helping the Market share experience, strengthen collaboration and build confidence around new operating models.

By bringing together practitioners, operational leaders and transformation specialists, London Market Forums continues to provide a trusted platform for the EC3 community to engage with the strategic issues shaping the future of the insurance industry.

If you’re not already part of this interactive Market community, get in touch today to find out how you can join the LMF conversation at the heart of the London Market.