Business process outsourcing is a compelling idea for insurance businesses, particularly for document-based and manual processes like policy administration. Done right, policy administration BPO can help an insurer, insurtech, or MGA streamline processes, improve efficiency, and control costs.
However, there are a lot of BPO providers that offer a range of services, with widely varying levels of expertise and support. To ensure that you’re selecting the right BPO partner, it’s good to have questions answered ahead of time.
That’s why Solartis recently unveiled a Frequently Asked Questions (FAQ) page, specifically for business leaders that are interested in learning more about Solartis Administer BPO.
What is Solartis Administer?
Solartis Administer combines best-in-class human resources with Robotic Process Automation (RPA) technology and a Solartis proprietary workflow engine. Solartis customers use BPO services to support all back-office processing needs.
It allows carriers and insurance administrators to hit the ground running for new books of business that are not yet ready for automation; or on existing books of business to eliminate the processing challenges of their legacy systems (backlogs, duplicate entry needs, quality problem, resource retention issues etc.).
Does Solartis Administer incorporate Robotic Process Automation (RPA)?
Yes, We use RPA in our BPO services, as it makes the outsourced processes more efficient. Tasks are completed more quickly, and with minimal human involvement. RPA also fits into existing software, processes, and procedures. This means that it accommodates legacy software, without requiring expensive upgrades, integrations, or retrofitting.
For example, we use RPA in re-keying data that contains several entry points. Normally, an employee would get the data in a form or spreadsheet, then manually enter each instance to every applicable database or system. In most cases, outsourcing this process would mean that an employee of the BPO would follow the same manual, repetitive process. This is not only inefficient; it is also a resource-intensive process that is prone to human error.
With RPA, however, sheet data is scanned and electronically entered into an excel spreadsheet. If needed, missing data is entered by a Solartis team member. Then, once required data points are complete, they are entered into the appropriate database or system automatically using RPA.
The results are a reduction in manual tasks, faster processing, and accurate data without user error.
How do you price your BPO services?
Our pricing is transaction-based so you only pay for what we process for you. This saves you money compared to a traditional FTE model where you pay whether there is work available or not. We figure out with you the measure of use that most accurately reflects the unit of work. Sometimes it is per policy, other times per quote or some other measure of transaction volume. Whatever works best for you.
What are the benefits of Solartis Administer BPO?
Scalability. Solartis offers immediate, on-demand skilled resources, 100% focused on insurance. These can be scaled up or down as needed to manage changes in demand with flexibility: and because our services are transaction-based, you only pay for what you use.
Quality. Solartis BPO improves the quality of each task, and samples and audits critical processes internally for Quality Control and Assurance. Additionally, BPO ensures consistency in process and execution, while committing to ongoing continuous improvement.
Response time. Solartis offers both human resources and OptimX proprietary technology 24/7, for real-time, rapid response to any questions, comments, or issues.
If you have additional questions about Solartis Insure or are looking for information on specific BPO Services, check out our new FAQ page. Or, conversely, you can always contact Solartis directly. We’d love to hear from you!