Planning to Outsource to an Insurance BPO Service Provider? Here Are the Top 4 Things You Must Consider
Relying on insurance BPO outsourcing offers a range of tangible benefits that include cost saving opportunities, better operational efficiency and resilience, better productivity, among others. The Covid 19 pandemic and its mutated variants have triggered a fresh set of challenges for the insurance industry. Challenges in the form of resources constraint, drying up revenue, regulatory complexities, and others. Such challenges have reinstated the importance of outsourcing to an insurance BPO service provider. Here’s a look at the factors that you must consider deriving the maximum value out of your partnership with the vendor:
Know What You Need
The way to go forward with your outsourcing plan is to understand your exact needs. Which functions do you need to outsource? How can your potential insurance BPO service provider connect to your business processes?
You need to sit with your stakeholders and analyze the weak spots of your functions that must be outsourced to third-party experts. You need to draw your partnership goals that must include the way that you want these service weak spots to be handled. If you are a start-up or a midsize insurance firm, you must factor in the chance of expanding your products and services portfolio. You must make a choice between hiring an in-house team to execute your newly expanding service portfolio or outsource this service to an insurance BPO provider if you are unsure of its success.
Ensure Service Quality
It is imperative that you do a deep-dive evaluation of your prospective insurance BPO partner’s work history. While evaluating, weightage must be given on their work culture, clientele, level of technology adoption, and employee attrition rate. These factors give an impression of your partner’s ability to deliver quality services even during disruptions such as natural calamities, pandemics, and the likes. Client feedbacks on your vendor’s social media handles is another way of being assured of your vendor’s service quality.
Data security should be a critical parameter while outsourcing insurance services. That is why you must partner with vendors who can operate by establishing remote connections with your servers. This will give you the chance to have a completely visibility and control of the data transaction. You can change the server password and take back their access to the data after you contract with the vendor expires.
Offshore or Inshore Services
To begin with you must consider the constraints of working with both an offshore and in-shore service provider. For instance, an in-shore service provider will get the job done at your location. This means that communication with them is a plus point. However, such a partnership will entail additional investment into accommodation for the team and infrastructure that is specific to the vendor’s operation mode. We recommend partnering with vendors who take a hybrid approach. Such vendors provide both inshore and offshore services. You can avail such services based on your communication needs, your budget, and your operational infrastructure.
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You must thoroughly monitor your partner’s level of adherence to the contract SLS terms. Your partner must be able to create and execute service strategies instantly to deal with industry dynamisms and to keep the operational wheel spinning. These qualities can ensure a long and fruitful partnership with insurance BPO service providers.
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