As we’re all aware, the business world has been rapidly evolving, and maintaining a competitive edge during this time has required insurance businesses to focus on their core capabilities as well as be able to innovate and adapt to the ever-changing market conditions.
Due to capacity issues brought on by business growth and market dynamics, insurance outsourcing is a smart and practical solution to addressing these issues. From customer service and data entry, insurance businesses have turned to find expert help when it comes to Business Process Outsourcing (BPO).
When engaging with an outsourcing partner, here are some things to consider:
Hiring and maintaining an in-house team costs insurance companies a considerable amount. Not to mention ongoing training and other incidental costs that come with maintaining an in-house team.
By partnering with an outsourcing company, you can get a team that is ready to be integrated with your workflows at a much lower labor cost compared with hiring staff. And, you are guaranteed that your outsourced team has the necessary skills and specializations that are highly relevant to the current industry and your business needs.
When drafting the SLA, the focus must be placed on the greater details of the agreement. This allows transparency and a clear understanding of the working environment. The SLA contains details such as key performance indicators, risk mitigation, penalties, and rewards among others. This creates mutual understanding for both the client and outsourcing partner and it allows clear expectations from both parties.
Leadership is essential to any business and even more so in partnering with outsourcing companies. In general, outsourcing companies recognize there are two core elements in a team member – performance and team management skills. Top performers are recognized and are continually trained by adding more responsibilities and are exposed to different profiles. Leaders are identified and supported with training programs that empower them with a combination of authority and responsibility.
Outsourcing companies have the right people on board to make sure that there is no room for unacceptable work output and should be able to produce the results that are expected.
Quality output is essential in the insurance industry. An outsourced company should be able to stay committed to its vision and be able to maintain quality work and deliver on time. This is clearly defined in the Service Level Agreement (SLA).
Outsourcing companies understand and value the importance of quality and why it is a priority in providing services to your clients.
Open, honest and consistent communication plays a major role in the success of an outsourcing partnership. Outsourcing can have communication challenges, especially in times when decisions need to be made and goals need to be set for your business.
Insurance outsourcing companies’ main goal is to ensure that communications are always open, to facilitate productivity, and progress is monitored by avoiding miscommunication at all costs.
If you’re looking for help in maintaining your competitive edge, look no further because Staff Boom is more than happy to help you serve your clients. For more information on insurance outsourcing, contact us now!