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? Insurance outsourcing 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. Over this period, 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:
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. Furthermore, 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.
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.
Enables Focus on Strategic Business Opportunities:
Outsourcing non-decision-making insurance processes allows insurers to concentrate on studying evolving market needs. This focus can lead to the development of new products that not only meet rising demand but also have the potential to be game-changers 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. Additionally, we help them incorporate digital fortifications to safeguard against unforeseen market upheavals, providing the flexibility and agility needed for growth. Some of our growth offerings include:
- An array of data analytics solutions with actionable insights to help your teams take quick, informed and accurate business decisions. Based on our extensive experience collaborating with prominent players in the insurance industry, we provide specialized analytics support. This encompasses underwriting, loss modeling, competitor analysis, pricing analysis, predictive risk scoring, channel analysis, and more.
- The complete gamut of support across compliance and regulatory requirements by our qualified insurance professionals. Our insurance servicing team boasts over a decade of experience. They have diligently compiled and continuously update a substantial database of compulsory statutory requirements. This database aids in the real-time and effective servicing our insurance clientele with industry-specific guidance and support.
- 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.
- Insurance accounting encompasses a wide range of functions, such as bookkeeping, accounts payable, accounts receivables, investment accounting, and payroll services. Additionally, it involves tasks like reconciliation services, statutory and state reporting, financial reporting, management reporting, group reporting, and financial planning and analysis.
- 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 assist in identifying use cases for post-sale customer support and customer care. Additionally, we will build the care plan and provide training to enhance customer experiences.
Get in touch with us at [email protected] and +1 646-688-2821 for a detailed walkthrough across our range of insurance offerings. We can assist you in determining the most suitable approach. Additionally, we can provide information about phased transitions to maintain process stability and support your growth story.