From my limited view, not really. I've worked at multiple large insurance companies (I'm a consultant) over the past 6 years. For many it has created a large set communication disruptions that are hard to overcome. Also, many outsourcing companies have poor quality control mechanisms. I've been at multiple clients where an Indian firm "delivered" code that wouldn't compile.

Outsourced IT can be helpful for some processes. This seems to be mostly grind work like using humans to automate testing. Rather than investing in a real automated testing tool, scripts are created and then given to a team in the country of outsource. They sit there clicking on links and buttons until something fails. Then, if you're luck, they send you an email detailing what buttons and data were modified before the failure. More often than not, you just get an email that says X didn't work for account Y. But better them than customers.