A financial institution is running out of cash, and a company that aims to guarantee people’s financial future is now bankrupt and awaiting bailout. How ironic, and entirely possible for many companies in the financial industry that still cannot decide which processes define their business and which do not.

 

For insurers who are still trying to figure out the benefits of outsourcing, the axiom “do what you do best, and outsource the rest” should come to mind. It is high time for insurance companies to focus on the activities that best connect them with their clients and meet their needs. For this, they should look to outsourcing as both an opportunity and a strategy that will help them transform their company, operate more effectively and efficiently, offer better services to their clients, and become more financially stable.

 

To achieve these goals, insurers must delegate to insurance outsourcing providers their back-office and administrative processes, which include:

 

  1. Customer support – Ensure better service for your clients by outsourcing your customer support to an inbound call center that can manage customer concerns and queries through multiple channels including voice, chat, email, and social media on a 24/7, 365-day basis.
  2. Telemarketing – Be efficient not only in operations, but also in customer acquisition. Outsource your outbound sales to a telemarketing expert who can attract new clients and upsell new products and services to existing clients.
  3. Marketing – For a fraction of the cost of keeping an in-house team, you can already contract an outsourced team of web specialists and online marketers who have the necessary tools and strategies to promote your company across all channels and push your website to the top rankings.
  4. Data entry – Having to deal with large volumes of data and transferring them to a database-ready format (to quickly verify claims and easily process payments) makes data entry work tedious and time-consuming. Why not outsource data entry to an outsourcing provider that offers exceptional data processing service?
  5. Loan processing – Why keep a process that is evidently tedious, complicated, and time-consuming? If you want to benefit from a faster, easier, and more economical process that delivers better results and more output, then outsource.
  6. Bookkeeping – Keeping a full-time bookkeeper won’t be worth the money since the task is performed only one or two days a month. To make or save more money, outsource the task of bookkeeping to get better financial reporting.
  7. Payroll processing – Outsourcing your payroll to an insurance outsourcing provider can ensure the confidentiality of your books. By entrusting your accounts to a trusted and reliable third party, you can protect your account from prying eyes in your company.
  8. Accounts payable/receivable – Benefit from an outsourcing provider’s solutions to process invoices and collect payments more easily and quickly. Minimize the need for in-house resources while cutting the cash cycle short.

 

For insurers, achieving greater financial stability is not a dream but a goal to achieve in order to set an example for their clients who will one day come to them for their needs.

 

Is your insurance firm ready for outsourcing? Let Taking You Forward, a Philippine-based inbound call center offering back-office processing for financial businesses, know. Drop us a line and let’s see how ready you are.