Reasons Why You should Outsource Insurance Process to Insurance BPO

Author: Shrikant Guthe

In any business the bottom line is the bottom line. There are fixed operating costs that seem to only increase, no matter what actions are taken to reduce them:

  1. 1. Escalating government regulation
  2. 2. Increased administration & compliance costs
  3. 3. The effect of Climate Change on increasing damage claims from fires, floods and hurricanes
  4. 4. Aging populations with increasing medical claims
  5. 5. Rising cost of health care & long-term product liability claims

And through it all, businesses need to continually show increasing profit in order to remain viable and vibrant. They need to maintain a public image and an online presence that will continually promote new customers. They need to invest in new technologies to keep up to date with current social trends.

As the Insurance Industry confronts the challenges of increased operating costs, reduced demand and decreased growth in developed markets, cutting operating costs becomes more and more critical. Both the big players in the business and smaller brokers offering all kinds of insurance are being pressured by these new realities. And, large of small, the challenge- and the answer- is the same.

Partner with an Insurance BPO - that can provide quick and accurate Insurance Data Entry Services at affordable rates, making it the perfect choice for any size business in this sector!

The business of insurance has been around since the 3rd century BC, developed by Babylonian Traders.

Property insurance as we know it today can be traced to the Great Fire of London which in 1666 devoured more than 13,000 houses. The devastating effects of the fire converted the development of insurance "from a matter of convenience" into one of urgency, a change of opinion reflected in Sir Christopher Wren’s inclusion of a site for 'the Insurance Office' in his new plan for London in 1667.

The first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office, founded in London in 1706.

In the late 19th century "accident insurance" began to become available. The first company to offer it was the Railway Passengers Assurance Company, formed in 1848 in England to insure against the rising number of fatalities on the then-new railway system.

One thing the Insurance Industry shares with other industries is escalating expenses. Just like the certainty that actuary tables provide vital statistics, rising costs are a reality.

A BPO Company has the tools that will result in better customer engagement and improved operational performance, thus supporting the entire insurance value chain. They’ve developed software that can give you a "snapshot" of the customer, increasing conversion rates. BPOs can reduce operational costs with unique business methods.

  • Updating Prospects and Market Research Data Entry
  • Excellent maintenance of Insurance Data Mining
  • Experienced professionals handling your account
  • Error-Free Data Entry Services
  • 24 X 7 Customer Service
  • Simplified and Improved Business Process
  • Reduced Operational Cost
  • Better Customer Engagement

Consider the other ways a Business Process Outsource company can help you control costs by organizing and storing the following forms:

  • Uniform Billing Health Insurance Claims
  • Centers for Medicare & Medicaid Services
  • ADA Claims
  • Disability Claims
  • Dismemberment Claims
  • Medical-Claim Data Entry
  • Critical Illness Claims
  • Hospitalization Claims

With sophisticated data entry and retrieval tools, both the blank and completed forms are available to your chosen staff in the blink of an eye. Take the guesswork out of filing and retrieving the huge amount of records generated. If your business is still in the paper age, a BPO can migrate your data to digital- all of it- and continue with digital going forward.

So, when you decide to partner with a BPO, why not choose a firm that has over 20 years’ experience? Rely Services is the logical choice for your insurance business. Contact Rely Services today for a no-cost evaluation of your business and how we can help. Call us at 847.310.8750.