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How relevant are BPOs for insurance industry?

Published: July 4th, 2017

How relevant are BPOs for insurance industry?

Changing market drives, cutthroat competition and stringent rules have given rise to operational challenges for insurance sector thus urging them to cut down the operations costs by streamlining the back office operations.

This is where, BPOs come in thus helping the insurance industry to leverage on them to cut down costs and survive economic uncertainty further going on to support for added growth and expansion of the business.

Outsourcing the back office operations

Many of the businesses have leveraged on the outsourcing services thus ensuring financial and operational success for the business model.

In case you lack the resources, experienced staff or infrastructure for the project then outsourcing it is the way to go as it also helps to facilitate growth. At the same time, even if the staff is experienced enough outsourcing the back office operations, will leave them with more time to concentrate on their core responsibilities.

Let’s take a look at how BPOs can help Insurance industries:

  • Call Centers: With the help of a reliable call center, the insurance companies can enhance customer experience. These contact centers can handle all the customer queries and concerns such as questions about pending claims, endorsements or requests for policy statements via emails, messages or phone calls on a 24/7 basis. All the while providing the emotional support as required for clients, the Call Centers also helps to boost the trust of the customer.

  • Outsourcing Data Processing services: Data processing as you well know is a very critical part of Insurance claims and if the companies wish to forgo the technology and administrative costs required for data processing the best option for them would be to outsource the service. Outsourcing data entry & other back office processes will also ensure that it is done in an organized manner with accuracy, precision and well within the time.

  • Outsourced Data Mining: With the help of data mining, insurance companies are able to determine the useful patterns from the customer data base or the previously unknown data thus helping the companies to make more in-depth strategies and decisions for business growth. Since, handling such huge volumes of data can be time consuming and complex, outsourcing the service helps to simplify it. Other added advantages is that outsourcing data mining helps insurance companies to identify the risk factor involved as well as the insights on the new product lines, estimate outstanding claims provisions, predict fraudulent claims and so on.

    There are other services as well by insurance companies that can be outsourced for better business success and growth. Other than any gains financially, insurance companies get other advantages like enhanced operational capacity by documenting the workflow and giving more time for the in-house staff to concentrate on their core responsibilities thus making them more efficient.

Key Takeaway: The insurance companies that leverage on the BPOs will gain from it thus streamlining their backend operations more effectively even as they maximize the revenue and sales while cutting down the total expenditures. In the meantime, for the ever evolving insurance businesses, BPOs help the insurance companies to adapt and strive hard for excellence, so that they remain relevant and competitive.

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