As the resource gap in the P&C insurance industry continues to grow, companies are forced to explore alternative staffing options like business process outsourcing (BPO).It’s estimated that there will be nearly 400,000 open positions in the insurance industry in 2020, but less than 5% of millennials are interested in working in insurance (1). Insurance companies are faced with the challenge of finding qualified talent and reducing employee turnover in a complex and fluctuating business landscape.
This lack of resources makes it difficult for insurance organizations to quickly hire and train the high-quality employees they need. As a result, internal operations and organizational productivity is affected which leads to:
- Growing backlog
- The decline in quality of policies and documents
- Longer turnaround time
- Increased clerical work
“It’s estimated that there will be nearly 400,000 open positions in the insurance industry in 2020, but less than 5% of millennials are interested in working in insurance.”
Business Process Outsourcing (BPO)
Flexible and robust outsourcing models are becoming more accepted as insurance companies leverage business process outsourcing (BPO) services. Business process outsourcing (BPO) is when insurance organizations contract specific business tasks out to a third-party provider.
It’s an ideal solution for insurance carriers who are growing and can’t keep up with the workload, need flexible staffing options to accommodate work fluctuations, or need to compensate for staff turnover.
Third-party BPO providers
Partnering with a third-party BPO provider serves as a valuable and strategic option that can stimulate productivity and empower companies to continue to grow despite demanding conditions. A third-party BPO provider gives your organization access to insurance-trained resources that can deliver highly accurate insurance policy and data entry services that meet your organization’s high-quality standards.
These outsourced employees can focus on a range of tasks from general administrative to data processing and data mining. Insurance companies who leverage these services can experience the benefits of BPO, which include:
Benefits of Business Process Outsourcing
- Access to high-quality insurance experts that can quickly reduce backlog.
- Reduced operating expenses.
- A minimized time that employees spend on clerical tasks.
- The renewed team focus on high-value tasks, like better underwriting and better customer service.
Insurance BPO Provider
Consider outsourcing to a trusted insurance BPO provider, like Solartis Administer, to reduce the challenges managers face hiring, training, turnover, and lack of available administrative resources.
Solartis Administer provides you with a team of high-quality insurance resources who act as an extension of your team. They are equipped to work with your technology and business processes and provide 99% clerical accuracy to meet your high-quality standards.
Companies who partner with Solartis for BPO can eliminate backlogs within days, allowing their team to focus on streamlining processes while improving quality.
Schedule a BPO consultation to speak with an insurance expert and learn how Solartis Administer can help grow your insurance organization with the help of business process outsourcing.