Outsourcing is the process where one company contracts with some other company to deliver services that might otherwise be performed by in-house workers. Usually, the jobs which are outsourced could be executed by the company itself, but most of the time there are monetary benefits that occur from outsourcing.
There are countless reasons for which insurance companies outsource a lot of unique jobs, but the most striking advantage appears to be the belief that it helps in saving a great deal of money. Based on the location, it may additionally be comparatively cheap to outsource to companies situated in different countries.
Outsourcing additionally empowers companies to concentrate on other business matters while the outside experts take care of the tasks that are assigned to them. The specialized organization which manages the outsourced work is usually streamlined, and often has world-class capabilities and access to the latest technology.
Below are few of the reasons as to why outsourcing is important:
- There has been an immense growth in the insurance industry recently. Therefore, it is worthwhile for you to concentrate on activities in which you have competencies rather than struggling to do everything on your own.
- By concentrating on work in which you are competent and passing on the work which is not your core competency to others will ultimately decrease your workload and increase your chances of profiting.
- It is the end result which matters; therefore when you get a part of your work done by somebody who is competent, it will please your client and he/she will again come back to you for more work.
- Outsourcing not only eases work pressure but also reduces operating costs if you have carefully conducted the cost benefit analysis.
- Forward thinking managers who believe in attaining perfection by reducing cost, undoubtedly use outsourcing as a strategy. Outsourcing enables businesses to add value to their functions by concentrating on their expertise. Not only this, it also helps in effective decision making.
When a job needs to be done which requires various skills, then several needs may arrive and it can bring about impending costs. Cost may arise due to training and support. Over and above, since it's not something which is your organizational expertise, therefore there can be a possibility of delay and even failures. These failures may affect the business core product. Therefore it's always wise to pass on competent work to somebody who is a master at it.
There are several reasons as to why India is the first choice for outsourcing. India is blessed with an enormous pool of literate and qualified professionals who are bilingual and fluent in English. In case of salaries, Indians command a lower rate as compared to the people in the west. Insurance is such a field in which India is in a commanding position.
Since the cost of living is lower in India as compared to the west therefore Indians expect a lower wage rate. Secondly, the operating cost is also lower; hence the end product works out to be cheaper. These are a few reasons why companies prefer India as their outsourcing partner. Another thing which needs to be noted is that the quality does not suffer with the lower price.
- Top-notch quality at minimum price
- LOMA certified professionals
- 5 plus years of expertise in insurance support services
- One-stop shop for all kinds of tasks related to insurance outsourcing
- Well defined & planned processes
- Quick turnaround time
- No room for breach of information
- Flexibility of payment in local currency (selected countries)
Our expertise is in providing world-class insurance outsourcing solutions. We have a team of experts who help insurance companies around the globe in streamlining and simplifying their business processes.
Following are some of the solutions we offer:
- New Business Servicing
- Policy Management
- Commissions Management
- Claims Administration
- Customer Help Desk
We make sure we acknowledge our client inquiry within 24 hours. Further that we send across a summary of understanding and simultaneously clears all doubts in mind. Once all clarifications are made, our team prepares a rough work plan and presents it to the client with a ball park figure. We often charge an hourly rate or a fixed price for the project. In many cases it’s a combination of both.
Our business ethics are very strong and we believe in privacy. We do not get in touch with any outside agencies or your end client until directed to do so. The solution provided by us is delivered to you keeping in mind all the privacy norms.
A request for detailed work documents is made once our team of experts has agreed upon the project after studying its size and terms. Many a times if the client asks for a definite plan, we carry out a requirement analysis. Functional specifications & technical specifications are derived after freezing the scope. In accordance with the time schedule, we provide you with a delivery schedule & milestones. Once all this is taken care of, then the actual work starts.
We believe in effective communication, therefore once a project manager is assigned to the project, we make sure both the parties have each other’s contact details. An FTP is created which facilitates the exchange of documents/files/copy/images etc. We make use of both extranet as well as intranet to share progress reports on a weekly basis. The project is regarded as close once it is properly completed from our end and accepted by the client. If there is any scope for improvement or change, it is properly adhered to and all feedback is welcomed in a very positive way.
Following are the ways by which you can send across files/documents/images:
- We make use of FTP for all our projects and FTP rights are shared with the concerned person.
- Email interaction is very commonly used, in case of slow internet speed.
- If something cannot be sent electronically then there is a provision of regular post/courier.
The delivery turnaround time differs from project to project depending upon the size and complexity. However, we make sure to provide you with an estimated time frame before starting the project. Once we receive all the documents and other important information from your end, we go ahead to inform you with the exact time frame. We have had a history of delivering projects ranging for 100 to 5000 man hours in the past.
We make sure effective a two-way communication is maintained; therefore we assign a project manager for every project who is responsible to keep a smooth flow of communication.
Other than that, based on the size of the project, regular reports are floated across which keeps you informed about the progress of the project. These are done majorly weekly or bi-weekly. You can view these reports either on the client work extranet or can be sent through email.
Following are the ways by which change request is handled:
- Change is requested at what stage
- The complexity of the project & the implications of the change
How complex is the change and how would it affect the volume of work. We make sure minor changes are dealt with without passing over the cost to you however major changes are quoted separately and discussed in depth before being implemented.