7 ways BPOs can help property & casualty insurance firms deliver better results
The truth is the market is never stable for property & casualty insurance firms as the U.S is short-staffed and has resource limitations that can impact the service quality. That’s why it’s essential to have a team that is reliable, dedicated and motivated with attention to detail to drive optimal business outcomes for both your business and clients.
In the last few years, P&C insurance firms have experienced working from home like never before and adapted to a hybrid work environment. With workflow and back-office operations pivotal to success, it’s vital that your employees are performing at their best and always looking for new ways to advance the customer experience.
Your insurance firm can seamlessly overcome any interruptions and industry challenges by working with a high-performing business process outsourcing (BPO) firm in the Philippines, Mexico or Ghana. BPOs that work with insurance firms are equipped with staff that specializes in overcoming operational challenges such as minimizing operating expenditures, improving customer experience, and optimizing turnover ratios.
As a property insurance firm, outsourcing your back-office and customer engagement services allow you to deliver better results – here are a few ways you can benefit from working with a BPO:
1. Appointment Setting
Property insurance often means a single employee may oversee several properties. In this case, they must be on par with communicating with property owners.
Outsourcing back-office operations like appointment setting indicate that your BPO takes care of scheduling, managing, and even canceling if needed, all appointments regarding your client’s property. By delegating this mundane task, you can focus on simply showing up at these appointments and performing your duties.
2. Policy Issuance
As a property insurance manager, you must create, and issue insurance tailored to your client and their property. Policy issuance requires attention to detail, which means that you may not have the time or resources to conduct such a task with an increased portfolio of properties.
An outsourced partner will review documents, validate details and ensure any missing information is fed in. Additionally, they verify all information in the policy and arrange and organize data to create your policy document. If any errors are found, the turnaround time to fix mistakes is faster with an outsourced team for back-office services. Once these tasks are taken care of, you can conduct the final policy issuance.
3. Policy Management
Managing policies is no easy task. A Compliance Week survey found that around 65% of organizations have “reactive” or “basic” policy management programs. Research has also found that the top three challenges with policy management are inaccuracy and redundancy, lack of awareness and untrained employees.
To overcome these challenges, outsourcing your policy management services ensures that your BPO overlooks endorsement, rewriting, renewal, reinstatement, and cancellation of property insurance policies.
4. Lead Generation
Globally, insurers are leaning towards consistent and personalized user experience. However, when it comes to generating leads for your property insurance firm, you may face a variety of challenges. Merely relying on referrals is never enough and the leads generated must be of high quality and should be nurtured.
An outsourced team will put your lead needs on the forefront, conduct online skip tracing, research on social media, and convert leads from website and blog traffic. This way, you receive the right direction to contact your lead and convert them into a customer.
5. Internal Customer Support
In addition to optimizing your back-office services, outsourced teams also positively influence customer experience solutions. By offering internal customer support, outsourced teams take care of policy inquiries, questions regarding policy coverage, updates, and changes on their plans, and more.
By outsourcing inbound customer support, you can seamlessly carry-on front-office tasks that will help your property insurance firm grow while having efficient back-office processes.
6. Billing & Payments
Imagine a stack of twenty property insurance policiesin your stack, none of which have been paid. Additionally, you need to file new issuances and reminding customers about payments and processing bills can become taxing, affecting the quality of service.
An outsourced team can assist your property insurance firm by processing client payments and issuing payment reminders when necessary. This takes the stress off your back and ensure that all processes continue to be efficient and effective.
7. Claims Processing
Claim processing can often be tricky with massive data, slow claim resolving time, technological growth and workforce shortage. Having a seamless delivery of processing claims can become difficult but is easily achievable with a BPO.
As a property insurance firm, ensuring your claims are processed on time and with ease determines your company’s success. An outsourced team will oversee the verification of information provided and review all documents submitted, easing the process.
Managing property insurance means your clients receive the best that your insurance firm has to offer. Outsourcing back-office and customer experience solutions allow you to upscale and focus on delivering high-quality services as well as boosting customer engagement.
At Fair Trade Outsourcing, we provide complete assistance on all customer experience and back-office services for property insurance firms. Attention to detail, dedication, and commitment this is our motto. To know more about our services, contact us today.