The BPO industry has great penetration in the commercial sector. Every industry has gained benefits from the service portfolio, including the financial and insurance sector. In fact, outsourcing insurance company processes have gained much traction in the last half a decade or so.
The cut-throat and fierce competition in the insurance sector has brought businesses to implement cutting-edge technology and a fool-proof infrastructure to ensure maximum profitability and customer retention. And this is exactly where the BPO industry comes into the picture.
Outsourcing insurance company operations and processes to an inbound or outbound call center company can bring many advantages. So, we are here to discuss more the BPO industry’s role in the insurance sector.
- Lead Generation
The primary objective for any insurance company is not customer retention but lead generation. Now, there might be a lot of contrary theories surrounding this, mentioning that retention is more important. However, when it comes to the businesses in the insurance sector, once you have managed to get the customer to choose your product/insurance scheme over others, you can be almost certain it’s for a long term until the policy does not lapse. This is because the customer has already done researches to make a final decision.
On the other hand, given the competition and lucrative schemes from various companies, your insurance business will have to work hard to get the customer to buy from you. Therefore, it is important to be the best among the multiple options that the customer has.
Outsourcing insurance company lead generation process can help you attract more customers to your business and boost the revenue. Thanks to the cutting-edge technology that the BPO companies implement, you can be assured that the result will always be positive.
- Claim Settlement
Claim settlement is the single biggest concern for any insurance company in terms of volume. This is primarily an inbound call center process where the present customers call in to get the claim linked to their insurance policy.
Since claim settlement is always a high-volume process, outsourcing it to an insurance call center can ease off your burden of setup and infrastructure. At the same time, you can focus on bettering your offerings to attract more new customers.
However, with claim settlement outsourcing, the insurance call center company needs to have complete product knowledge to ensure that the agents can resolve customer queries on your behalf with maximum expertise.
- Complaint Handling
Complaint handling is another important process that the insurance company has to take care of. However, outsourcing insurance company process for complaint handling can ensure seamless management and customer retention.
Handling customers with an inbound call center process can even increase your retention rate. In addition, effective and quick resolution to processes and claims creates goodwill for your insurance company. And due to this, your present customers may consider buying new purchases or recommending your company to others as well.
- Cross-selling & Up-selling
Even though a majority of the sales in the insurance sector happen online, cross-selling is still a very important part of the process. Telemarketing and sales are still effective, especially when it comes to pitching to existing and loyal customers.
An experienced agent can help engage with customers much better, be it outbound or inbound call center processes related to sales or lead generation. Cross-selling also requires the agents to have the complete product knowledge to ensure that customers are being approached the right way. This is the same with both cross-selling as well as up-selling.
- Answering Services
Now, since we have only mentioned the roles and services of an outsourcing insurance company based on the importance that they bear, the answering service needs to be mentioned at the end of the list. Now, this by no way, implies that the answering service isn’t effective anymore. In fact, it just means that it has become obsolete in the digital arena.
Customers look for insurance schemes online and drop a message or interest. The insurance company itself then follows this lead through an outbound call center process. So, the scope for an inbound answering service call center is low.
However, the answering service is still effective in handling queries for already-converted customers.
A utility call center is a crucial sector, and every safety measure that a business takes must be spot on. Power failure, out-of-order lines, or other failure emergency cases can put people’s safety in danger.
Therefore, a utility customer service agent must be highly professional, and a huge team must work spontaneously through the day and night and all around the year. The team will have a substitute ready to replace the agent in case of any emergency. They handle mainly inbound and outbound voice processes, webchat, email, and handling social media official pages. They highly require language assistance as well. A contact center helps in the smooth working of the entire system.
Financial activities play a vital role in any type of business and service. However, maintaining in-house accounting is quite burdensome for small and medium-scale businesses. And the efficiency in handling accounts needs a lot of training, and investing in accounting software is mandatory. Here you should hire an agency for the finance handles. These agencies are experts who can handle the core finance matters with much accuracy. Besides just this, financial outsourcing will also give you the access to have reported flawlessly.
Outsourcing insurance company operations and processes can help in boosting revenue and also goodwill. So, the role that BPO plays in the insurance sector is staggering. It handles almost all the operations and processes, be it inbound claim settlement and complaint handling or outbound sales and lead generation.
So, when it comes to mentioning the BPO industry’s role in the insurance sector, the answer is always positive. Moreover, considering that the insurance sector is one among the many industries that saw a boost in business post the Coronavirus pandemic, it is almost inevitable that the BPO companies come to aid and help the sector achieve more from the growing industry.