COVID-19 has brought along multiple challenges to business owners around the world and the way in which they conduct their operations. Businesses, big and small, are working to find viable ways to maintain business operations and revenue while making sure that all employees are safe. Something that is a lot easier said than done.
In the world of insurance, where many customers are used to face to face interactions when handling their policies, the current situation proves very problematic. In person transactions are limited, and operations have to be migrated to phone or email only. For companies and agencies that are built on those face to face interactions, they have to adjust quickly, and adapt to the current state of the world. That however is easier said than done.
As an insurance agency owner, how is your business responding to the challenges brought about by the global pandemic? Are you short staffed due to employees getting sick or having to stay at home to look after their families? Have you seen a decrease in sales due to the current situation? Have you been able to quickly and easily transition from face to face transactions to over the phone and online, without incurring big expenses? There is a lot going on at the moment, and the way in which businesses react to these situations can have a big long-term impact.
Outsourcing can be a viable alternative to help with the issues many businesses are facing. Allowing for certain tasks to be handled by an outsourcing company, frees you up, to provide better customer service and focus on sales. Additionally, you can count on a support group, even when you are short staffed in the states. Therefore, outsourcing may be the best solution for businesses that need quickly adjust to the new normal.
Today, clients are bound to be confused and anxious. In this scenario, insurance clients’ questions and concerns need to be addressed with honesty, care and concern (McKinsey – Adapting customer experience in the time of coronavirus).
Outsourcing enables you as an insurance business owner to focus in delivering a better customer experience. All mundane tasks that take valuable operational time, effort and attention will be handled by your outsourcing partner, giving you and your team more time to focus on your customers’ questions and concerns, giving them a sense of assurance and the peace of mind that your agency is doing the best of your abilities in delivering personalized service along with the customer journey.
By focusing in addressing your customer needs, you are creating a unique and positive customer experience that will increase customer acquisition and retention.
Simply put, outsourcing allows employees to focus on what they do best. One major goal of insurance outsourcing is not to replace the existing in-house employees but rather, to help maximize their productivity.
Given that in the current situation you may be short staffed, allowing for time consuming tasks to be completed by an outsourcing team, can free up your remaining staff to focus on tasks that directly add to the business revenue, like sales, renewals etc.
Additionally, outsourcing allows insurance businesses to have an “in-demand” talent pool that allows your business operations to scale rapidly without the need to hire additional full-time employees and increase overhead costs in office space and equipment in the states.
Outsourcing to help manage your administrative work, allows you to step back to look at the bigger picture and set your sights on how to scale productivity, generate revenue activities and bring more efficiency in daily work flows.
While the COVID-19 pandemic had disrupted your business operations, the need to continually improve on both product and business operations does not stop.
Surviving the pandemic requires new ways of navigating business challenges. Outsourcing enables you to innovate your business processes and engage with your clients better. By taking advantage of outsourcing, you are better equipped in adopting new customer experience strategies and in managing operational processes with better flexibility, visibility and control. Outsourcing allows you to focus your time, attention and resources on your business’ core competencies to be able to successfully get through the COVID-19 storm.