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Marketplaces are rife with the frenzy caused by disruptions that include COVID-19, the ongoing Russia-Ukraine fallout, and the resulting threats of global recession on one hand, and digital convergence on the other. Most insurers have pivoted well and are growing by widening and diversifying their product offerings to meet the requirements of this ‘new world’. Yet, even as these organizations step ahead to cater to newer asks, they are riddled with challenges of growth pangs. A horde of questions stare at them – How to meet the diverse needs of customers? How to build and leverage business intelligence? How to tackle new competitors? What will be the additional compliance and regulatory responsibilities? How do we keep the brand value from shrinking? Outsourcing insurance services is the most likely panacea to all these seemingly difficult situations. Let us see how!

Insurance Outsourcing Services Are Growth Propellers

The insurance business process outsourcing (BPO) service industry is close to three decades old now. It has matured from being mere back-office providers of non-core, repetitive services to include critical, industry-specific offerings that create great value for insurance carriers. In the current market conditions, BPO services providers work as partners and collaborate with insurance organizations to chart out, step-by-step, their growth trajectory:

1. Optimized Operating Costs for a Strong Financial Base: Insurance organizations on the growth mode need a sturdy base of strong financials that can help them leapfrog, and launch new products or services. Outsourcing their processes to insurance BPOs can help them rationalize their staff costs, infrastructure costs and costs of related hardware and software. These have tremendous bearings on the financial statements of the organization, improving working capital, and showing immediate results on the profitability and viability ratios. Stronger financial numbers go on to build management and investor confidence, thereby providing the groundwork for new launches or market expansion
2. Superior Service Levels Bringing Greater Efficiencies: Insurance back-office services have matured greatly in recent years. Insurance service providers today offer a wide array of services that range from basic to specialized processes. Service level agreements, expectedly, have undergone a sea change in recent times to incorporate better outcomes and timelines. All of these have resulted in greater efficiencies that further strengthen the base of insurers allowing them to explore newer avenues of growth
3. Enables Focus on Strategic Business Opportunities: Outsourcing of non-decision-making insurance processes enable insurers to focus on studying evolving market needs and in the building of new products that can not only meet rising demand but also become gamechangers in the marketplace. Outsourcing helps the release of organizational capacity across the value chain of the organization and redirects them to work on their strategic and growth goals

ISW can Partner with you in your Growth Journey

At ISW, we fully understand the urgencies that business growth and expansion give rise to. We assist insurers in establishing strong remote workforces with sturdy operations, and in incorporating digital fortifications to safeguard them from unforeseen market upheavals, as well as providing them with the flexibility and agility to grow. Some of our growth offerings include:

1. An array of data analytics solutions with actionable insights to help your teams take quick, informed and accurate business decisions. On the basis of our deep experience of working with leading insurance industry players, we offer specialized analytics support across underwriting, loss modelling, competitor analysis, pricing analysis, predictive risk scoring, channel analysis etc.
2. The complete gamut of support across compliance and regulatory requirements by our qualified insurance professionals. With more than a decades’ experience, our insurance servicing team have built a veritable database of compulsory statutory requirements that are updated on a regular basis. This database aids in the real-time and effective servicing our insurance clientele with industry-specific guidance and support.
3. Legal support required for new market entry as well as new product introduction. These include assistance for drawing up contracting services, regulatory research, compliance support, paralegal support, document management, case management, corporate filings, medical record summarization, etc.
4. Insurance accounting that include bookkeeping, accounts payable, accounts receivables, investment accounting, payroll services, reconciliation services, statutory and state reporting and filings, financial reporting, management reporting, group reporting, financial planning and analysis.
5. In the insurance space, customer experience is of vital importance as it has a direct bearing on revenue and topline. Insurance organizations on the growth path, can therefore, will afford to ignore customer servicing. ISW can help insurers develop a customer-centric strategy across their post-sale value chain. Our team will help identify use cases for post-sale customer support and customer care, and will build the care plan along with training the team to enhance customer experiences.

Get in touch with us at info@insurancesupportworld.com and +1 646-688-2821 for a detailed walkthrough across our range of insurance offerings. We can help you decide on the best approach along with details of phased transitions that will keep your processes steady, and bolster your growth story.

Read More: Everything you Need to Know About Insurance Business Process Outsourcing