Preparing for Insurance Renewal Season of 2023

5 October 2023
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April and October are considered the peak months for renewal season, requiring your company to prepare for a higher volume of paperwork and customer communications. Insurance renewal season varies depending on the type of insurance. For example, health insurance open enrollment period is usually from November to DecemberAuto insurance policies typically renew every six months. Homeowners insurance policies usually renew annually.

Insurance renewals are an extensive task that can take a significant amount of your business’ resources. As you are geared towards growing your business, you should maximize your resources to deliver the best-in-class services and renewals should be addressed effectively and in a timely manner. However, with the increase of renewals during this period, it can quickly become overwhelming for your company to handle all the different tasks involved in renewing policies. This is where outsourcing can come in handy to alleviate some of the stress that comes during these overwhelming times of the year.

Three commercial premium renewal rates rise, three fall | Business ...

How Outsourcing Supports Insurers During the Peak Season

1. Having Ready, Skilled and Scalable Insurance Renewal Specialists

Insurance underwriters and producers’ time and effort should not be spent on routine data entry tasks, ordering loss runs, issuing polices and the like. They are simply overqualified for these types of tasks. Instead, it is more beneficial for the business’ employees to put more focus and effort on business development, complicated renewal activities and risk control judgement.

Outsourcing companies have specialists ready to be deployed to start working the renewal process almost immediately. Depending on your needs, outsourcing companies can help you find the right resource.

2. Workload On- Boarding

Outsourcing companies can readily integrate to your proven workflows to help process the overflow of your insurance renewal tasks. Outsourcing teams can remotely connect to your system, learn your processes and act as an add-on to your insurance business. This way, outsourced teams can be integrated with your proven systems without much difficulty in sharing your insurance renewal workloads.

3. Improving Logistics in Your Operations

Outsourcing insurance renewal processes offer ideal returns on investment – on the condition that quality of work and service are maintained throughout the contract period. If compared to a one-to-one ratio, the cost of doing work in-house, plus salaries, benefits, hiring and firing and other operational costs such as managerial supervision and attrition, outsourced teams are a cost-effective solution that can produce the same quality and value of work.

Other than cost effectiveness, insurance businesses can also take advantage of operational best practices such as workflow documentation, quality control and the day-to-day management of staff.

By outsourcing your insurance renewal process, overall productivity for your business can improve, as it increases the available time you and your staff have to deliver high-quality and value to your customers. This will in turn make your processing and quoting workflows more efficient, which will eventually generate cost savings that can be passed forward to your customers.

Through Staff Boom your customers will be given the attention they deserve and allow for your company to win and keep their trust and loyalty. We will help meet the needs of your customers by helping you presenting them precise and accurate policy renewals, thus helping you demonstrate your professional competency.

For more information, contact Staff Boom now!


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