Until a few months ago, the arrival of a pandemic that would affect the whole world to this staggering degree was the stuff of fiction and nightmares. Besides causing a health emergency, the COVID-19 crisis has crippled the global economy and has pushed businesses and industries to the verge of falling apart. One of the worst-hit sectors, the insurance industry, is faced with a unique set of problems brought about by the virus. Insurance companies…
What is Insurance Process Outsourcing? Insurance business process outsourcing (BPO) is the act of outsourcing various insurance processes to third-party firms that have specialized in offering said services. Outsourcing is beneficial to insurance companies in the following ways: It minimizes operating expenditure and streamlines back-office operations.By outsourcing tasks, companies are able to properly carry out their daily functions and build a robust foundation of growth and profitability.When implemented correctly, outsourcing helps firms survive in an…
The digitization of industries has caught up the with insurance business as well. In fact, it is one of those industries that is setting the standard for the rate at which business processes are being digitized. If you haven’t already considered going digital, your insurance business stands to lose out on the revolutionary potential of software tools and automation solutions. Custom made CRM solutions, desktop applications and mobile apps are automating insurance processes including high…
The traditional model of Insurance outsourcing services primarily focused on the reduction of operational costs. Insurance companies outsourced back office needs to cut down on the costs involved in hiring human resources and embracing advanced technologies in business processes. However, it is not just the cost factor that has helped the model sustain itself for so long. The model has survived also because it has enabled insurance companies retain greater control over business processes. With…
