The outsourcing industry continues to be beneficial to companies, enabling them to cut costs and improve operational standards. It’s become the go-to way to increase efficiency without compromising quality. Thanks to outsourced employees, the various levels of a business can focus on their core competencies to keep momentum running, even on a budget. Insurance companies are one of the many that take advantage of outsourcing.
As of 2022, this particular industry has seen a consistent growth of 9-10% yearly all the way since 2014. Now they, too, can accomplish more work in strict time periods — all while saving on employment and overhead costs. The insurance process is usually made up of technical, complicated, and time-consuming tasks. These tasks demand mastery over the process, and can usually prove too much for a regular in-person team with a huge client base. When you delegate those jobs to a dedicated offshore team, you’ll unlock new boundaries… and it might even open up some legroom to streamline your usual insurance pipeline!
Here’s a list of insurance tasks that can be outsourced and improve operational efficiencies.
1. Policy Management
Policy management is a flagship task handled by insurance firms. These include but are not limited to creating quotes, policy binding, renewals, checking of policy statements, issuance, reporting, etc. In addition, making sure your policies comply with government regulations are crucial. Taking care of these tasks can easily overwhelm a team that’s not equipped with the right amount of manpower. With the help of virtual insurance personnel, you’ll have much of these tasks off your hands. Automating and digitizing these tasks will save teams the stress and confusion, as long as it’s overseen by qualified talent. This, of course, refers to those with an understanding of the insurance processes. A helpful outsourcing agency can very well handle the search and recruitment of experts to fill your team of virtual assistants.
2. Claims Processing
Claims processing takes up a huge chunk of an insurance company’s day-to-day operations. Processing and verification of the correct codes per case for dozens, even hundreds, of clients a day are necessary to keep things going. A sizable company will naturally need more people. To ensure quality work with less stumbling blocks, you’ll need to partner with an outsourcing provider that offers claims processing and medical billing. Claims management in the outsourcing industry is quite rampant. In fact, this segment of the industry has a projected annual growth rate of 10.8%. It’s projected to grow from $11.7 billion in 2021 to USD $19.5 billion by 2026. This only means that insurance companies are seeing the benefit of outsourcing these tasks, so it might be time for yours to follow suit and partner with an outsourcing company of your own.
It’ll be best to let an experienced team process this behind-the-scenes. With that workload, offshoring data entry specialists will prove useful.
3. Data Entry
Data entry may seem like a menial task for the average insurance worker. Even so, companies need to encode correct information to keep the insurance process moving without a hitch. This allows hospitals and finance providers to easily pull up this data for use.
Processing millions of strings of crucial data through a secure channel? It’ll be best to let an experienced team process this behind the scenes. With that workload, offshoring data entry specialists will prove useful.
4. Customer Service
Complaints, concerns, and inquiries are not new for any business — even more so with insurance companies. With such complicated jargon and complex policies in place, companies can’t simply hire people without a background or proper training relevant to the industry. In order to properly handle client concerns on the phone or online, you’ll need multiple experts manning the gates. Keep in mind, 62% of insurance buyers attribute talking to someone on the phone as the most influential factor in making their decision. Don’t settle for less when it comes to your customer service team.
By acquiring dedicated staff for your insurance company, carrying out these duties and processes will no longer be a sweat. Outsourced teams will dedicate more time to servicing client needs, and leveraging outsourcing for this aspect of your business will help you avoid significant costs.
FGC+ can provide trained professionals ready to take on insurance matters for your company. As a leading provider of virtual insurance professionals in the Philippines, we’ll help scale your insurance firm and streamline your operations — your way.
