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Insurance BPO: Gain a Competitive Edge for Your Insurance Business
Today’s complex and fiercely challenging business environment has imposed a need on the insurance sector for radical changes. Among other significant factors, amendments in strict regulatory norms, market changes, and growing customer demand are the key drivers of these changes. Besides, the increasing competition has arisen several challenges; for instance, improving revenue while keeping premiums low in order to remain competitive.
The insurance ecosystem comprising carriers, brokers, agencies, loss adjusters, etc., have found out how tweaking their operating model can help them achieve their objectives. One of the most efficient ways this has been achieved is by looking at service providers who offer flexible models and help optimize their functions, and considerably cut operating expenses.
Could You Benefit from Insurance BPO?
Yes, if you are looking for solutions to some of the most complicated and costly challenges such as operational disruption, staff shortage, backlog, etc., know that a reliable insurance service provider can help fulfill your requirements, ensuring that you build a strong foundation focused on adding value and help in improving your business outcomes and objectives by reducing costs, helping in increasing capacity and leading to overall value creation.
5 Ways BPO Benefits Your Insurance Business
1. Create capacity for your underwriting team
Underwriting is the core of any insurance business. Often underwriters spend a lot of time managing routine transactional activities rather than managing relationships with brokers and insured. By leveraging virtual assistants from service providers, your underwriters can spare time for such activities and ensure they focus on writing sustainable and profitable business. These virtual assistants can help your underwriters make meaningful decisions.
When your underwriters free themselves from time-consuming jobs, they get more time for external stakeholder relationship management. Besides, an enhanced operating model can let you derive benefits and enable you to focus on:
• Adding Value
• Reducing Costs
• Increasing competitiveness
2. Create exceptional customer experience
Today insurance customers expect an excellent service experience. They want someone from your company to be available round-the-clock across channels to answer their questions. They want you to provide services that are customized according to their unique needs. More than anything, they expect you to deliver the services in the fastest manner while they really do not care about the number of queries you deal with daily.
Not only this, they can help you address your customers’ needs even after your typical office hours. Offshoring customer support can turn out to be beneficial due to huge time zone differences, ensuring someone’s available round-the-clock for your customers without making them wait for long.
3. Obtain higher customer satisfaction with efficient claims management
Customers are expecting convenience throughout the process, starting from First Notice of Loss (FNOL) to settlement. At any stage, if they experience inconvenience or delay, there’s a possibility for them switching to one of your competitors. Know that the claims process is the determining point for a customer to sign up for renewal.
With a hybrid operating model using offshore and onshore resources, you make sure your customers experience a smooth claim settlement. Besides, your partner should also have the capability to help you with claims triage, coverage verification and also take adjudication decisions where possible.
What’s there for you as a client is that you can significantly reduce claims indemnity costs, shorten the claims lifecycle, and improve customer experience.
4. Do more with scalable solutions
Insurance demand and market changes influence your business activities. For example, you might have seen a rise in sales or a rise in the number of applications seeking compensation after a natural calamity hits.
In such situations, acquiring insurance support services can make things easier for you.
Your partner firm can provide round-the-clock support at affordable costs without you needing to spend more for recruitment, equipment, training, employee benefits, etc. This ensures you can scale up or down the external staff (FTE resources) or insurance service according to your business needs or changing market conditions.
5. Delegate your staff to value-adding functions
When you outsource some repetitive, time-consuming functions of your insurance agency to a reliable firm that can handle your entire back-office from end to end, you free up your in-house resources. You can now utilize these resources for other important functions such as lead generation and conversation, customer relationship management, client servicing, etc.
Considering all these advantages of insurance BPO services, know that you can achieve functioning excellence, optimized operations, and increased profitability while lowering costs by outsourcing your insurance business’s time-consuming, repetitive tasks.
Want to Learn about Our Insurance BPO Services?
Cogneesol is a leading insurance business process management firm that offers high-quality services to insurance businesses worldwide. Since 2008, we have been satisfying our clients by using our highly effective approach to delivering optimum insurance services that add value to their overall business.
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