It’s no secret that it’s expensive to run a business, in fact it isn’t unusual for 70% of a company’s spending to go to paying their people. As the costs for back-office operations continue to rise, more and more insurance companies are looking at outsourcing as their number one solution in helping to keep their operational costs down. Let’s take a moment and look at commonly outsourced back-office functions:
It is common for accounting departments to be overwhelmed with their workload. This is especially true when insurance businesses experience rapid business growth which is often accompanied by an increase in invoice volume. While this is great when it comes to sales, it puts additional pressure on the accounting staff.
With this situation, financial leaders become concerned about the additional overhead expenses when hiring additional full-time employees, staff turnover, and even time, which they do not have, in vetting applicants. These concerns make outsourcing accounts payable and receivable functions appealing to insurance businesses.
Almost all insurance companies deal with large volumes of data in their everyday operations and processes. For insurance companies to verify the information and to make the right decisions, they need data. Data needs to be converted into a database-ready format using various data entry processes.
Data entry is a volume job and it requires a lot of resources and time. An error can possibly result in denials, complications, and even legal issues. It also sometimes adds workload and takes valuable time from overqualified staff to do data entry or in managing data entry activities.
Data entry service providers are dedicated to delivering accurate data that helps insurance companies focus on core business activities and in delivering high-quality service to customers.
Today, the skills to market an insurance company are vast and varied. Modern marketing platforms are now driven by technology and require a great deal of expertise to keep up with the updates, techniques, and changes. It can become a challenge for insurance companies to keep up. In turn, insurance businesses turn to outsourcing to help fill in the gaps, sometimes even taking in the reins. This allows the leadership team to focus on their core business. The outsourced marketing provider proposes the strategies, implements them, and reports the progress.
Insurance business owners understand that they would need to be there for their customers after the close of a sale. Having a dedicated customer service team allows insurance companies to build a loyal customer base. Thanks to outsourcing, having a customer service team need not be difficult and expensive.
With outsourcing customer service, smaller insurance industry players can compete with the bigger brands. Larger enterprises can utilize outsourced customer service as an augmentation to their existing team.
Here at Staff Boom, we’re prepared to help you build your dedicated team! For more information on outsourcing, contact us now!