Insurance BPO: Many executives recognize that delegating is key to achieving rapid growth. However, some CEOs only delegate authority to staff within their own organizations. It is a constraint. They could do much more if they used larger, broader delegating schemes. This is why ecosystems are so important.
An insurance business process outsourcing (BPO) partner should be a part of your company’s ecosystem because they can provide the flexibility and scalability you need to quickly capitalize on new market opportunities.
1. Policy holder services must be supported and extended
Modern consumers have high expectations for customer service, and insurance is no different. Your policyholders expect to be able to contact customer service agents at any time, 24 hours a day, seven days a week. They demand service that is courteous and educated, as well as personalized to their specific needs.
BPO for insurance can help by providing scalable customer care support that adheres to your company script and branding.
2. Provide superior FNOL and claims services
Policyholders are already facing a dreaded day when they file a claim. This is one of the rare “live” contacts between carriers and their policyholders. If they wait too long or move from rep to rep, their day will get worse.
The first notification of loss (FNOL) experience must be seamless or the entire claims process can be derailed. If the claims process is poor, the policyholder can switch to another insurance carrier. Claims processing is often the make-or-break aspect of the insurance customer/insurance company relationship.
3. Insurance premium collection BPO assistance
When premium payments come in each month, they must be handled quickly and accurately, as any errors or delays can lead to costly mistakes, angry clients and/or incorrect accounting.
Outbound payments such as agent commission checks can also be processed through them. Premium collection is easy with these BPO support services.
4. Manual mail processing can be automated
Inbound and outgoing mail, like premium collection, consumes a lot of resources. Letter printing requires time and space, not to mention paper and printing/inserting equipment. Incoming mail must be sorted, delivered to the correct department or person, and processed. Everything takes time and has become increasingly complex in our new remote work world.
Your inbound and outgoing mail processes can be automated by a business process outsourcing partner. Outgoing mail can be fully automated for the post office from start to finish, from printing to delivery. Incoming mail is scanned and saved as a digital artifact on your system.
5. Underwriting and Policy Servicing
Sometimes your underwriting team needs help. Maybe it’s just processing endorsements, helping with special events, or managing a specific line of new business. A robust insurance BPO service will also help with this regardless of demand. When needed, the BPO partner who specializes in insurance can also send licensed team members. Look for a BPO partner with multi-line experience and quick access to:
Renewals, approvals and cancellations of new business are processed.
Short-term programs and book changes must be managed.
Manage your underwriting assistance.
6. Create a direct-to-consumer sales department
Modern customers have grown up in an age of internet research and do-it-yourself mentality, which has carried over into buying insurance.
It may seem impossible for insurers that rely on brokers and agents and other forms of distribution to take advantage of direct sales opportunities – but with an insurance BPO partner it’s easy. Insurance BPO services can provide you with the qualified sales support you need, whether your organization has been operating for a century or is just starting out.
7. Launch new products
The insurance sector is heavily regulated. First, there’s a lot of work — and red tape — to go through.
It takes time to figure out new things, but sometimes you just don’t have time. You can roll out items faster with an insurance BPO solution, so you don’t miss opportunities. This includes everything from direct-to-consumer sales through policy servicing and premium collection.
8. Insurance back office support helps you grow your business
It’s a chicken or the egg situation.
Should you launch a new product first or expand your workforce?
If you choose to grow your team before determining how your product will be accepted in the market, your costs may increase. At the same time, if you are unable to adequately serve new clients, your launch may under-deliver, resulting in significant new business and loss of market traction.
9. Change management
Transitions can be challenging. If your insurance company is going through a major transformation (such as an acquisition/merger, new system expansion, major workforce changes, or office relocation), expect some bumps along the road. Policyholders may know when things get tough and lack the patience needed to weather the storm.
Insurance BPO smooths out the kinks by providing consistent back office support.
10. Focus on the big picture – and leave the distractions to the BPO
Consider your company’s mission statement. It can say something about protecting your policyholders or providing high-quality products and services. It may also include reference to your basic beliefs and traditions.
This is to say nothing of being entangled and isolated.
Insurance back office services allow you to focus on the bigger picture and what really matters to your company – its policyholders and shareholders. Any distraction that diverts your attention from the larger focus.
Also Read:- Top Ten Insurance Companies of China
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