LATAM Beckons – Smart Nearshore

Global Insurers see huge opportunity in the growth of Latin American economies and the growth of the middle class in those economies. Under penetrated markets, low maturity in risk modeling and increased influx of investments driving GDP growth are causing significant demand for global Insurance products. With a growing Spanish speaking population in the United States , and the further penetration that some of the regulatory changes are expected to bring (Immigration Reforms), the United States will become more tightly entwined with trade partners in Latin America

The availability of talent to service consumers in near shore locations, in similar time zones compared with more distant offshore locations in different time zones has also resulted in a growing interest in these markets. Outsourcing service providers like HCL have realized that customer service agents apart from speaking the customer’s language also need to attune to their culture and need to work very closely with the client teams to be successful. The talent available in LATAM can accomplish all of these objectives. The 2010 census estimates more than 50 Million Hispanics in the United States. This population demands Spanish or bi-lingual services along with similar cultural profile. The Immigration reform bill has picked up heat in Washington and if passed could allow 11-14 Million predominantly Spanish speaking undocumented workers to come out of the shadows and be able to purchase Insurance. That could result in a huge spike in Spanish/bi-lingual requirements for service providers.

LATAM Beckons – Smart Nearshore