Insurance customers suffer when they can’t reach customer service—--especially in times of widespread disaster—when many need to ask questions or file claims. Yet call centers can go down for all kinds of reasons. Storms knock out power or internet service, natural disasters make buildings inaccessible, construction disrupts utility services, and occasionally, social distancing demands that you close down physical call centers altogether.
While digitization and paperless technologies have revolutionized the insurance industry, paper still has its place. In fact, printing and direct mail continue to play a prominent role in insurance industry communications—and it’s far from “low-tech.” Today’s direct mail systems can produce sophisticated, highly customized materials and automate targeted campaigns that get results. Learn how direct mail, when it’s done well and with proper attention to security, can grow your insurance business.
The insurance industry is more than a numbers game—it’s about people. However, the more you can improve your numbers, in essence your productivity, the more you can focus on the people behind them. Time consuming back office tasks become more manageable through automation. While technology takes on the more rote functions, which are subject to human error, humans gain more freedom to respond to customers and build relationships that lay your foundation for long term success. Let’s take a deeper look at how automation fits into insurance BPO.
As an industry with a variety of stakeholders, insurance must adjust its communication channels and messaging to each audience. Inaccurate, inadequate, or confusing communication can ripple through an insurance company with damaging results. Every aspect of your company depends on strong communication.
Every area of the insurance industry has its own challenges, but the quoting process spans them all. Whether your company sells term life insurance, auto insurance, P&C insurance, health insurance or any other product, customers need pricing quotes before they make a purchase. A current priority across the industry is to streamline the application and insurance quoting process.
Writing personal insurance lines, including home, vehicle and life insurance, requires much of the same knowledge as writing commercial insurance lines. Both rely heavily on technology, effective communication and customer service. However, writing personal lines comes with some key challenges. As the entire industry evolves, certain challenges around personal lines may change the way things are done in the insurance back office. Here, we will take a look at some of the key challenges and how to overcome them.
If you write commercial policies for business liability, workers’ compensation, business fleets, or construction, you know the importance of quickly issuing certificates of insurance. Sometimes called insurance certificates or COIs, these documents allow businesses to prove their insurance policy meets the needs of any contracting partners, government organizations, and internal stakeholders.
Insurance underwriting is a critical function for MGAs and carriers as they grow their businesses and issue new policies. Skilled underwriting combines data, analysis and experience to accurately assess the risk associated with any given insurance policy. Despite the importance of underwriting, there has been very little innovation or evolution to the largely manual process of making an underwriting decision.
As an insurance business, you likely have a wide array of client accounts you work with on a daily basis. You probably have a few key accounts that take up the bulk of your time: they’re the large accounts that might include a full family of policies and require vigilant servicing. You likely also have a number of small accounts, which require less frequent servicing but still deserve the same level of high-quality service as large accounts.
When juggling a multitude of clients and a wide array of group coverages, health insurance brokers have a lot on their plate. It’s essential to make sure that every group is getting the right information at the right time. After all, your clients rely on you to ensure that their employees are getting the best possible coverage and service, at the best value.