Insurance BPO services help carriers in transforming their business operations in multiple ways. One such way is providing better service to policy holders. Addressing policy holder needs is a simple but time taking task. It can bring a bad name if not done properly. Insurance BPOs have well developed processes to handle policy holder services better and bring greater efficiency to the table. They ensure every policy concerns, clarifications and corrections are addressed in a precise manner. Further, the redressals are made on time. The cumulative effect of such focussed attention is greater customer satisfaction.
Insurance Business Process Outsourcing service providers assist carriers to become more responsive to their customers. This responsiveness isn’t just limited to processing the requests of the policyholders. It also encompasses pre-empting customer needs, anticipating the gaps in customer services and rectifying them before they become a real issue.
The Strategic Role Played by Insurance BPO Plays in Improving Policy Holder Services
Here’s a look into the ways in which the insurance outsourcing companies help the carriers to take better care of their policy holders:
· Policy Correctional Services.
Errors in insurance policy is very common. It mostly happens because of wrong data capture or errors while keying in figures and so on. Some such common mistakes include wrongly entered names, postal zip-code, or providing a policy with wrong coverage.
When such mistakes come to the notice of the policy holders, they get in touch with the insurance provider to rectify the mistakes. Insurance BPO providers assist carriers to make the appropriate corrections with the help of dedicated teams and highly established processes.
· Policy Renewal Services
Most carriers find policy renewal a stressful process because of the sheer number of tasks associated with it. However, this task is critical and needs to be done with great efficiency in order to retain customers and grow business.
Insurance BPOs play an important role in streamlining the insurance policy renewal process. They leverage advanced CRM technology to proactively get in touch with policyholders about the need to renew. They ensure the process is done on time. Likewise, when the policyholder contacts the carrier for insurance renewal the policy, the insurance BPO accepts and processes these requests.
· Certificate of Insurance Services
A certificate of Insurance validates the insurance coverage of a person. It contains vital details such as the policy number, name of the insurance carrier, extent of coverage etc. Most insurance carriers do not have a proper process to issue this certificate as it entails attention to details and meticulous review.
Insurance outsourcing service providers assist carriers to carry out this task with great efficiency. They have well-built processes to take care of COIs. Many service providers will dedicate an exclusive team to assist their clients with COI issuance. The team will take care to meet all essential guidelines while issuing them. They will make sure that the COI is properly worded to avoid confusion.
· Claim Processing Services
While making a claim a policyholders gets in touch with carriers for quick settlement of dues. This is the time when they have less patience to put up with any delay. Any bad experience at this stage may lead to a loss of a customer. Therefore, ensuring efficiency during claims processing is of utmost importance for carriers.
Insurance BPO services with their efficient back-office assistance and round the clock support ensure that claims processing goes smoothly. Additionally, they are adept at verifying coverage, investigating claims, and notifying adjusters making the claims process faster and smoother for the policyholder.
Insurance BPOs have a strict training and monitoring process. This ensures that no agent will display unbecoming behaviour to further aggravate the policyholder.
· Easily Scalable Services
Insurance BPO providers allow the carriers to change the scale of their services with a change in situation. This is particularly significant at times like the pandemic, where the demand for insurance products shot up, and large number of people get claims for losses. Insurance BPO played a great role in helping the insurance carriers deal with this increase in demand effectively.
· Improved Customer Service
BPO Insurance enables carriers to stand tall on their customer expectations. They provide 24×7 customer service, via chat, call, social media, and email. This enables the policy holder being able to contact the carrier on their own time.
Furthermore, most insurance outsourcing companies provide support in many languages other than English enabling the carriers to cover most of their policy holders.
· Customer Satisfaction
Finally, all the points given above helps the policyholder to stay satisfied and happy with the services of the carrier. They not only continue depending on the carrier for their insurance needs, but also recommend their services to their friends and family.
How We Assist You with Seamless Insurance Outsourcing Services
Insurance carriers across the board have benefitted from our insurance BPO services. Our experience and well-defined workflows enabled many carriers to bring down their turnaround time of policy requests.
In addition to using cutting edge technology to bring down the error rates, we employ a number of steps to safeguard you from E&O claims. These steps include avoiding abbreviations, clearly stating the coverage provided, etc.
Your policyholders are able to get the assistance they need, anytime and anywhere with the help of our 24×7 operations. You get access to our team of skilled experts, who display the right mix of professionalism and empathy, when dealing with policyholders who have faced a loss.
Who We Are and What Makes Us an Expert?
This article is penned down by the experts at Insurance Back Office Pro. We have proved to be strategic partners for several insurance carriers over the last few years.
Our insurance BPO services cover many verticals such as health insurance, property and casualty insurance, Life Insurance, Workers Compensation, etc. The services we provide to the carriers include policy issuance, policy administration maintenance and servicing, claims management, renewal processing and others.