Long turnaround times on business processes in the underwriting and operational areas of your insurance company can cost you money, affect your customer service, and impact your ability to grow. As an insurance carrier or MGA, do you lack the in-house resources to devote to catching up and staying current on your business processing tasks? Are you struggling with legacy technology? If so, BPO is the best way to cut through the backlog, sparing you the expense of upgrading your technology or hiring, training, and hopefully retaining new employees. Yes, BPO is an excellent option, but not all BPO providers are the same.
Insurance BPO Providers
On average, BPO outsourcing companies in the property and casualty insurance industries achieve cost benefits of 20 percent. Yet customers of Solartis Administer, the division of Solartis dedicated to BPO, are able to obtain significantly higher cost benefits of over 30 percent.
What are the key ingredients resulting in this level of excellence? Documented business processes, quality assurance, aggressive service level standards, and pricing based on transactions processed versus full-time employee rates.
Solartis Administer is more than just a provider. We are a business partner. In a collaboratively created service level agreement (SLA), you work with Solartis to approve and document turnaround times (TATs) for outsourced processes. Solartis then seamlessly keeps track of TAT performance (as well as other performance indicators) through our workflow and reporting technology platform, OptimX.
Take the policy binding process as just one illustration. Solartis customers are obtaining eight-hour TATs with Solaris Administer. The submission clearance process is another great example. One customer was able to reach a two-hour TAT for that process without adding any in-house resources. These results are achieved by applying the learnings and insurance administration expertise that Solartis has developed over the last decade.
Through our BPO service, we let you reallocate your in-house resources from time-consuming administrative activities to work on customer relations and strategic projects.
Insurance BPO & Cost Savings
Solartis’s BPO services are highly cost-effective for three main reasons. First, in contrast to the full-time equivalent (FTE) pricing used by competitors, we offer a transaction-based pricing model, enabling you to easily scale BPO up and down to suit your business needs and fluctuating business volumes.
Second, we bring attractive economics to customers through the location of our delivery centers in southern India.
Third, we’ve been focused exclusively on the insurance industry throughout our more than ten years in existence, producing highly impressive economies of both skill and scale. In 2018 alone, Solartis Administer processed more than 1.5 million transactions for its BPO customers. By the way, we can work with any and all systems your company has in place.
In addition to submission clearance, we’re highly experienced with all of these types of business processes:
- Brokerage business quote and policy lifecycle
- Request-for-quote process management
- Policy verification
- Stamping & distribution
- Binding Authority business policy lifecycle
- Policy issuance & distribution
- Renewals & Cancellations
- Loss runs
Beyond all that, every single process is 100% quality controlled with Solartis Administer's maker/checker model, preventing any potentially costly errors from slipping through.
"They are fast, simple, and cost-effective. Their team is an extremely reasonable group of people who care, really care, about your success. Every launch has some bumps - they worked above and beyond to make sure those bumps didn't disrupt our launch or our ability to write new business. Without Solartis, I wouldn't be projecting a 30% increase in topline growth."
said Cameron Linder, CEO, Western Bowling Proprietors Insurance (WBPI), Rednil Insurance Brokers, Inc.
Schedule Your BPO Consultation
With the burden of business process backlog lifted from your company’s shoulders, you can leverage your internal resources for strategic initiatives that will help you to differentiate your offerings while serving customers better. That way, you can make sure to stand out above the crowd in today’s highly competitive insurance marketplace.
Click here and submit the form to schedule a BPO consultation with someone from our team.