How insurance BPO services can grow your business
Outsourcing your Insurance Business Processes can benefit your business in countless ways: often referred to as BPO, these managed services can reduce operating costs, improve processing speed, provide better customer service, transparency, and adherence to compliance regulations, extend your global market reach and many more. Continue reading for more insights on the ongoing transformations in the insurance landscape and how insurance BPO is a valuable option for insurance businesses to evolve and remain competitive.
Insurance business process outsourcing is a competitive strategy with immense potential to bring agility and resilience to the insurance business and ensure adaptation to today’s complex business environment. Strict regulations, reducing turnover ratio, low operational output, etc are some of the major challenges faced by the insurance sector, and insurance BPO services are proving to be the game changer for many insurance companies by helping them tackle these market challenges effectively.
Here is what a recent study published by Facts & Factors says. The insurance BPO market size worldwide is expected to reach $9826.42 million by 2028. Some of the key drivers for the growth could be the need to meet regulatory compliances, data security concerns, commoditisation of insurance products, and aggressive competition.
What is insurance BPO?
Insurance BPO refers to outsourcing a certain portion of insurance business processes to a third-party service provider with the required domain expertise to support routine and even complex operations. Some of the insurance services that are commonly outsourced include bookkeeping, accounting, data entry, commerce support services, claims processing, and digital marketing services. By outsourcing these back-office functions, an insurance company can channelise the internal resources to the core operations while simultaneously being proactive in handling the evolving market dynamics.
Insurance processes you can outsource
A flexible insurance BPO business model can effectively handle most of the insurance processes. Here are some of the services you can consider outsourcing for increased operational advantages and exceptional customer service. For a quick understanding, we have segregated the services based on three core sectors – home insurance, auto insurance, and general insurance.
- Home insurance sector processes that you can outsource include insurance quotes, Certificate of Insurance, document indexing and filing, policy checking, billing and accounts receivable, and insurance claims administration.
- The primary insurance processes in the auto insurance sector that are ideal for outsourcing are policy issuance, claims management, renewals processing, billing and accounts receivable, and loss run processing.
- General insurance sector services you can outsource are insurance appointment setting, accounting services, reporting services, data entry, life annuity insurance underwriting, warranty claims management, and customer services.
5 reasons why you should consider insurance BPO services
Specialised third-party insurance service providers can boost your insurance business productivity in multiple ways. Take a look at these proven advantages:
- Improved services for policyholders – Insurance companies are focusing on improving customer service to existing policyholders to enhance customer loyalty and retention. Customers expect quick and responsive 24/7 service on multiple channels and a majority of insurance companies struggle to handle the high volume of demands from policyholders. An insurance BPO can take away the hassles involved in providing prompt and accurate customer service by deploying well-trained agents and offering scalable business models. Further, insurance BPOs are also experts in multilingual services which can help to boost the brand presence in multiple geographies.
- Ensure exceptional claims service – One of the crucial aspects of the insurance business is to deliver prompt claims service to the customers. Delays in claims processing or inaccurate claims disbursals can damage the company’s reputation and also lead to losing customers. An insurance BPO partner can support your end-to-end claim processing in a scalable manner by deploying expert staff, guaranteeing high levels of customer satisfaction.
- Streamline policy servicing and underwriting services – An experienced insurance BPO agency can support the end-to-end policy servicing and underwriting requirements of your insurance business. This could involve ensuring operational efficiency in a number of processes such as business renewals, endorsements, complete book rollovers, and many more.
- Introducing new products – The stringent regulations in the insurance industry can complicate the process of launching new insurance products. An insurance BPO service provider can help you roll out new products faster, ensuring complete adherence to regulatory requirements.
- Focus on core business – Providing quality insurance products and delivering exceptional customer experience should be the focus of any insurance business. The huge volume of back-office operations can diminish productivity. Outsourcing the routine processes to an insurance BPO can diminish workload and enhance the productivity of your BPO as it becomes possible to focus on the core operations completely.
How SBL insurance BPO services can redefine your insurance business
SBL Corp is a premier insurance BPO service provider delivering industry-acclaimed BPO services to the insurance industry across the globe. We support insurance players to deliver a digital-first approach in business and exceed the ever-evolving customer expectations of the digital age. Our expert team delivers round-the-clock support as your insurance back office, ensuring business agility and scalability.
For a free quote and consultation, please email [email protected].
Frequently Asked Questions
- What is the insurance process in BPO?
The insurance process in BPO refers to the outsourcing of diverse insurance operations including claims handling, customer support, new product launch, underwriting etc.
- What are the benefits of an insurance BPO company?
Benefits of working with an insurance BPO service provider include reduced costs, improved customer satisfaction, regulatory compliance, flexibility, greater global reach, etc.
- Why do insurance companies outsource?
By outsourcing the insurance processes, it is possible for insurance companies to manage time-consuming tasks more efficiently and enhance operational productivity.
