More and more insurance companies now have a preference towards an online self-service model. It is the ultimate 21st century convenience. Insurance companies are exploring ways in which they can eliminate paper handling costs, while processing transactions effortlessly, all without customers having to visit their offices in person. The decision to outsource non-core and routine tasks is a worthwhile competitive strategy.
The key advantages of outsourcing are:
- Lower overhead costs
- Better staff output
Lower overhead costs
Outsourcing allows insurance companies to benefit from significant technology investments from the outsourcing partner. As data processing requirements grow, so does the need to purchase more computers, and other technology related equipment. The advantage of outsourcing is that these costs are not shouldered by the insurance company because the outsourcing partner provides all assets required to perform quality work, for example workstation hardware and software.
Professionals can also be hired for an agreed-upon time frame, and this can help shoulder some of the risks in the customer journey.
When the need rises, outsourcing allows insurance companies the opportunity to easily downsize and redeploy resources to other locations. Likewise, when business operations are expanding, it gives insurance companies the prospect of ramping up ahead of competitors.
Better staff output
Outsourcing non-core and routine tasks allows in-house staff to perform the expertise driven tasks that they were hired for. Insurance companies can also gain access to a global knowledge base, thus incorporating world class capabilities into the business process.
Tasks that can you can outsource to Skilled Staff
Insurance companies can outsource the following non-core and routine tasks:
- Responding to customer enquiries and forwarding any escalation.
- Reviewing customer documents, submitting findings to underwriters, and entering/verifying information.
- Reviewing, verifying data, and encoding data into a database.
- Renewal letter related tasks, such as sending, receiving, and filing.
- Ensuring that all digital documents are correct and up-to- date.
- Entering bill transactions into a database, while ensuring accuracy.