4 Reasons Why Insurance Companies Are Outsourcing Back-Office Services
Insurance companies are facing many operational challenges such as competitive pricing and turnover ratios and are employing business process outsourcing (BPO) companies as a strategic opportunity to streamline back-office services and reduce operating expenditures.
Today, U.S. insurance companies are also working with BPOs to adopt and implement technology-forward strategies to train their staff and work more efficiently. Your insurance firm can largely benefit from expanding its operations and outsourcing back-office tasks to address management issues and other objectives that may stunt your company’s growth.
Outsourcing back-office solutions to countries that are BPO leaders, like the Philippines, Mexico or Ghana provides you access to a broader talent pool of qualified professionals, high productivity, maximum optimization, and scalability.
Your insurance company can significantly benefit from outsourcing back-office solutions, particularly as it helps to utilize your time and allows you to focus on important front-end tasks like creating policies, communicating with clients, and staying up-to-date with insurance industry updates.
If you looking to outsource your back-office services, here are four reasons why you should start today:
Improved Lead Generation
As an insurance firm, skip tracing is a crucial task in your daily operations. Finding any debtors that may have disappeared or relocated to avoid payments is part of your job. Outsourcing your skip tracing services ensures that your BPO effectively gathers all contact details through public and social media searches while increasing website lead conversions. With effective lead generation measures in place, your insurance firm can attain potential customers to contact and sustain.
Optimized Policy Management
Devising new policy covers and schemes that fit customer requirements will fall under the expertise of your insurers. However, managing old policies can become a burden if your firm has an extensive client load. Working with an expert BPO in policy endorsements, renewal, rewriting, reinstatement, and cancellation of insurance policies will provide complete management to make your work easier and less stressful while delivering better customer service than ever before.
As one of the fastest-growing BPOs in the U.S., we deal with property and casualty policies, health insurance policies, and life insurance policies. By leaving management to an outsourced team, your insurance firm can focus on other front-office tasks.
Efficient Appointment Setting
As insurers, communicating with clients is part and parcel of your profession. Although, contacting them and keeping track of appointments can affect efficiency. Outsourcing appointment setting services means your outsourced team takes care of inbound calls from current and prospective clients. Additionally, they conduct outbound calls to gather leads, email current clients to maintain contact, manage all conversation records, and schedule or reschedule sales meetings.
A significant benefit of outsourcing this back-office service means your insurance firm can focus on selling policies to a suitable client base rather than keeping track of appointments and other admin processes.
Accurate Policy Issuance
Policy issuance and management are mission critical to your insurance firm. Outsourcing policy issuance services ensure that your outsourced team reviews documents validate details and follows up on all missing information.
In addition, they can verify all policy information, arrange, list, and organize all policy document data, and inform underwriters of any discrepancies. By outsourcing policy issuance, your insurance firm can gain accuracy and efficiency in client services.
Insurance companies are now outsourcing to overcome industry challenges and take their business to the next level with optimized processes, improved lead generation and policy management, accurate police issuance and effective appointment setting.
At Fair Trade Outsourcing, we have a pool of talented and qualified professionals in the Philippines, Mexico, and Ghana to assist you with all your back-office requirements. Our skilled team can allow your insurance firm to focus on helping your clients protect their health, property, and other investments. To learn more about outsourcing your back-office services, contact us today.