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Whitepaper on Insurance Outsourcing 

Today’s business models are more complex than they ever have been before. Adoption of composite marketing strategies and aggressive advertising techniques in order to shoot-up the business turnover is not the only way for a business to be successful. Markets today are more consumer-oriented. Every enterprise, big or small, are realizing the importance of customization and specialization to meet the changing needs and demands of the customers to gain their loyalty.

In a dynamic environment as such, sustenance of the business through cut-throat competition is believed to be the only key to business innovation and success in the long term. It is equally important for a business to make each of its departments work in tandem with each other, ensuring specialization of each department which can be employed through outsourcing.

What is Insurance Outsourcing?

The insurance sector is largely availing the benefits of outsourcing to gain an extra edge over their competitors and it has been a trend for the last 10 years. Outsourcing in insurance comes with myriad benefits such as establishing competitive pricing models and improved turnover ratios. Outsourcing data mining and processing services, finance and accounting services, underwriting services, call centre and customer care services and IT services helps the enterprise in reducing costs, overcoming economic uncertainty while opening doors for future expansion.

Some common BPO services for the insurance sector to avail are:

• Digital Marketing and E-mail Marketing Services
• Call Centre Outsourcing Services
• Sales and Customer Acquisition Services
• IT Outsourcing Services
• E-Commerce Support Services
• Data mining and Data Entry
• Initial Underwriting
• Search Engine Optimization (SEO) services
• Web Application Development
• Pay Per Click (PPC) Services
• Claim Processing, Settlement and Customer Care Services
• SaaS Application Development
• Software Testing and Quality Assurance
• Content Writing/SEO Copywriting Services
• Program management, Quality Management and Cloud Computing Training

Outsourcing ensures formulation of customized business strategies for individual enterprises that shall work in order to make their business flourish in strenuous times. For companies in the Insurance Sector that are short on skilled staff to carry out the business process in a standardized manner, outsourcing is the appropriate solution.

Benefits of Insurance Outsourcing

Enterprises that have an open mind to business process outsourcing are more likely to save their employees some valuable time that allow them to focus on providing their skilled and valuable services to enhance the efficiency of business operations as a whole.

Outsourcing activities such as insurance accounting, policy management, claims management, reporting, insurance claims data entry, commission management and related legal activities contribute in making the delivery model of the business more robust and ensure efficiency and success in the process of customer retention and other operations.

Here are some of the benefits of outsourcing in Insurance:

• The most cost-effective solution- Outsourcing routine operations is cheap as it eliminates the need for hiring manpower to carry out operations. Not only is this, but the cost of purchase and maintenance of infrastructure reduced as well. Thus, the infrastructural overhead of the enterprise is nil.
• Get done with time-sapping tasks- Mundane and redundant routine tasks can be outsourced to provide employees with more challenging tasks that require application of their knowledge, skill and expertise. This, in turn, will act as a motivation for the employees to work harder, supervising core business operations which will fuel the overall growth and development of both the business and individual employees.
• Reduction in investment of capital- Capital expenditures can be cut down with outsourcing and it is a wise thing to do in case you have started your business recently. Outsourcing ensures specialization in services right from the start without you having to pour heap loads of initial capital to begin with. You can save money to buy valuable resources for your business or use it as working capital.
• Flexibility- Enterprises engaged in seasonal and inconsistent projects must avail the benefit of flexibility that comes with outsourcing. The enterprise can scale up the quantity of resources required in operational seasons and scale it down otherwise. This will eradicate the need for hiring full-time employee and paying them a fixed remuneration.
• Expertise- Hiring a company to outsource your business tasks is cost-effective and it comes with specialized services by seasoned professionals, which is all the more a reason for a business to employ outsourcing services.
• Tax Benefits- Outsourcing business activities overseas, especially in the Asian Region, will ease your business out of hefty taxes that may have been levied otherwise. Outsourcing to countries with lower corporate tax rates will lower the tax burden on your enterprise.
• Risk management done right- Outsourcing minimizes the risk posed to a business as the enterprise is not required to invest in infrastructure or hire staff for non-core operations. Such operations are managed with skill by professionals.

Companies which provide outsourcing services allow businesses to cash in on them big-time. A business can outsource its ancillary services and have them sorted at ease by professional who have a good deal of hands-on industry experience.

Conclusion

Consistency of business operations is an important aspect for the business which is achieved only by employing a professional service. It is very important to partner with an outsourcing company that will not only work for you, but also work together with you in customizing business strategies for your business to identify customer needs, catering to their exact needs, entering fast-growth markets, ensure compliance and retain customers.

Look out for companies which promise to process customer data in an accelerated pace, for we all know, each business activity creates a chunk of data which has to be fed into the database for future use. While outsourcing customer-oriented services make sure the end results lead to enhanced customer satisfaction and better quality of customer interactions for the business. Employ companies which cater services globally, investing only in best-in-class tools and solutions to bring about high-quality results.

Outsourcing is the need of the hour for enterprises that aim for their business to bloom through satisfaction of their customers which shall eventually get their profits soaring high in the broader spectrum.