Outsourcing and the Great Resignation

6 October 2023
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According to the U.S. Bureau of Statistics, the “Great Resignation” was one of the top stories of 2021 as 4.4 million workers reportedly quit their jobs in September 2021 and by October there was a record-breaking 10.9 million unfilled jobs.

The “Great Resignation” has also posed a great challenge for employers who have been trying to convince people to come back to work, and because the tides have shifted and workers are looking for options such as flexible schedules or remote work, it’s been a challenge to fill the millions of vacant positions.

The Insurance Industry’s Labor Woes

For the insurance industry, the Great Resignation is making a bad situation worse.

Back in September of 2020, the Insurance Journal reported that the industry was having issues attracting qualified workers. Not only that, but many insurance professionals had retired or were about to, and younger workers were not replacing them.

To read more information on the talent gap, Bridging the Insurance Talent Gap with Outsourcing.

How Insurance Outsourcing Helps

When your employees quit, your normal business operations can become challenging, especially when looking for qualified and capable employees. A ready solution to your staffing issue would be to outsource because outsourcing can fill your business’ staffing needs from data entry, claims processing, customer service, and more.

Here’s more information on how insurance outsourcing helps:

1. Access to Qualified Staff

When outsourcing, you will have access to professionals who specialize in the skills that you need to help you with your daily operations. By partnering with an outsourcing company like Staff Boom, all your staffing needs are taken care of, and you no longer have to invest in recruiting and training, because we will provide you with our pool of highly skilled and capable resources.

2. Lower Labor Costs

You can lower your business’ labor costs by outsourcing specific tasks to your outsourcing partner. The outsourcing partner is responsible for their pay, benefit packages, and training while allowing your company to focus its labor costs on your core staff.

3. Staffing Flexibility

Outsourcing provides insurance businesses the ability to scale up with a trained team of experts who can handle the increased volume of your business. Depending on your business needs, your insurance company can add 10, 50, or even a hundred skilled workers in a matter of days or weeks.

4. Outsourcing Can Help Streamline Business Processes

Outsourcing can help streamline some of your routine business processes. When you choose an outsourcing partner, they can help you with your customer service, claims processing, data entry, etc. Outsourcing will also relieve you and your team of repetitive work with a low return on investment when done in-house, leaving your team available for higher priority tasks.

5. Access to Other On-Demand Services

One of the largest benefits of wanting to engage with an outsourcing partner is that in general, insurance outsourcing companies offer more than just one business solution. If they offer customer service, it’s more likely that they offer other professional services too, such as Contract Review and Management, State and Federal Tax Preparation, Legal and Tax Research, and Writing Services. Anytime you would need any of these services, you can simply reach out to your outsourcing partner, and they will be available to provide you with the staffing you need to get the job done!

The bottom line is, with outsourcing you can focus on your core business functions while your outsourcing partner relieves you from secondary, repetitive, and/or menial tasks that take you away from valuable time spent with your customers!

If you want to be more productive and get valuable time back to spend with your customers, then Staff Boom is your top choice for insurance outsourcing! For more information, contact us now!

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