Town & Country (T&C), the claims management company, will chase bigger contracts following its acquisition by Indian call centre and outsourcing company WNS.
The Ipswich-based company plans to expand into the US market using new resources invested by WNS, whose key shareholders are British Airways and venture capitalist firm Warburg Pincus.
The deal gives major stakes in WNS to T&C founder Theodore Agnew, his brother and director Bolton Agnew, chairman David Tibble and finance director John Walker.
The company declined to reveal the value of the deal.
Using the 1,500 WNS staff in India to slash the cost of administrative work by half, the new operation would offer to pass savings on to customers.
Agnew predicted that T&C's UK headcount would grow from its current 165 to 200 in the short term.
It would start using the Indian side of the operation only for clerical, rather than call answering, work.
Agnew said: "It may occur down the road but, in the medium term, we have no plans for using India as a call centre. It's all process and admin work.
"We can make cost savings of a half and then pass that on."
The new company will now be pitching its services to insurers, looking particularly at the healthcare and property and casualty sectors.
WNS hopes to expand in the US, where it already has an office, and T&C will look for customers beyond insurance.
Existing clients include GE Capital, Lloyd's motor syndicate Ensign, German insurer Gerling and Aioi from Japan. It has done significant ad hoc work for Norwich Union.
Agnew said the new company was the biggest financial services outsource provider in Europe with an Indian connection - which he predicted would become the norm.
"Five years ago this was unheard of and now it's become part of the currency of large business," he said.
"I can see demand for this resource growing exponentially in the insurance industry and beyond."