Outsourcing is more than a means to reduce your infrastructural, employee and other overhead expenses. It is a strategic and in fact and an essential tool for companies to achieve their growth goals. It helps you to increase your overall productivity, and address gaps like shortage of skilled employees. Like any other outsourcing, Insurance BPO services offer you a quicker turnaround time, while helping you maintain quality in their services.
The insurance industry being so complex, requires you to find a BPO that specializes in catering to its evolving needs. This will help you avoid a great number of mistakes and oversights committed by inexperienced or new entrant third-party partners. It is therefore important that you evaluate a prospective partner based on certain proven parameters to ensure the outsourcing model works for you. In this blog, we look into those factors and more.
Tips to Outsource Insurance Business to BPO Insurance Providers
· Make Sure That They Have Adequate Experience In Handling The Services You Want
Once you are clear about the services you want to outsource it becomes easy for you to find the right insurance BPO. Let say you are looking for claims management support. Then you need a BPO that has plenty of expertise in tasks like, assessing the claims reports, verifying the policy information, generating insurance claims status report, ensuring that there is fraud involved in the claim, etc.
Such tasks require more expertise than most run-of-the-mill BPO functions. An experienced employee will easily detect any irregularity, such as missing document or fraud claims. Their experience will prevent them from making mistakes, like issuing a policy that is different from the one proposed. Errors in the insurance industry can prove to be very dear, as it not only reduces your profitability, but also opens door to the possibility of your customer suing you for errors & omission.
• Get Your In-House Staff In Overseeing The Insurance Process
To make sure your partnership is a resounding success, your in-house team has to monitor the work that your BPO team is doing. Being involved right from the hiring process to ensure that the insurance BPO hires candidates with the right set of skills. Further, your managers should be a part of the training programs to ensure that they acquire the capability to efficiently work side-by side with your team.
Your managers should also keep track of all the activities that the BPO staff are engaged in. This will give you insights on their productivity, which can be used to improve their performance.
Keeping an eye on customer feedback will also help evaluate their performance. It will point out the areas that need improving. While it’s not possible to act on every single feedback you receive, keeping records of it will enable the BPO to optimize your processes.
• Evaluate the financial benefits of the move
Investing in insurance BPO services guarantees best returns only when appropriate quality level is maintained. You must assess the total cost of doing the work internally. Take into consideration the amount you would spend in salaries, employee benefits, HR management, hiring and training, attrition, etc. You can then compare this cost to the amount your insurance BPO provider is charging.
Apart from the obvious financial benefit of the move, you must also factor in the indirect benefits, which will give you long terms return. These benefits include the capacity to scale-up whenever the demand for your insurance products soar. Additionally, you will be able to focus your resources on growth building activities rather than chase efficiency in day-to-day operations.
• Outsource Keeping Growth In Mind Rather Than Downsizing
Outsourcing isn’t just to help you save money. It should enable you to engage in growth building activities. These activities include launching new insurance products, explore new markets, getting more customers onboard. Furthermore, it will enable you to hire specialists who will help you achieve these goals.
Your goal shouldn’t be about reducing the costs you incur in maintaining your in-house team. Rather, it should aim at freeing up your team from basic tasks and making them more productive.
How Do We Help you With our Insurance BPO Services
We are a leading insurance BPO service provider. Being in the industry for about 10 years, we have developed an expertise in streamlining your important tasks. This gives you maximum operational efficiency. Our standardized business processes ensure a very minimal error rate in key tasks such as policy checking, managing claims and renewals, issuance of COI, etc.
Our tailormade solutions come at cost-efficient prices and help you to address all your business specific needs. With the help of our subject matter specialists, who have experience working across vertical of insurance, you can lower your capital expenses and increase your revenue.
As a company which is equipped with cutting-edge edge technologies, we assure you that we will complete all work within stipulated time. Our well-experienced staff work 24×7 to ensure that your customer has the most satisfactory experience.
Who We Are and What Makes Us an Expert?
This article is penned down by the authors at Insurance Back Office Pro. We are an ISO and ACCORD certified organisation, serving insurance carriers, agencies, and MGAs across the globe. Our services include support in Policy Checking and Administration, Loss Runs Processing, Claims Administration, Renewal Processing, Insurance Data Entry and many others.