Insufficient standardization, management, and tracking of insurance procedures often results in back logs, underutilization of resources, and increased costs. This challenge is exacerbated by frequent employee turnover in insurance administration.
Due to changes in the U.S. labor market, strategically outsourcing administrative services is often the only practical solution. Having a dedicated team of insurance professionals to manage your processes supports standardization and efficiency, as well as improved tracking, reporting, accuracy, and turnaround time—all of which helps strengthen customer relationships and growth.
Identifying “Disruptors” in Your Administrative Processes
Common examples of non-standard process that insurance carriers must manage include seasonal work such as insuring boats or snowmobiles, short-term project work, or special events. Disparate processes are also frequently an issue after a merger or acquisition. As a result of M&A activity, you might have to integrate any number of processes that don’t fit your standard operating procedures and daily workflows.
These “disruptors” can have a substantial negative business impact—slowing down sales and policy administration, impeding new revenue, and straining relationships with brokers and insureds.
One of the main issues with non-standardized processes is the lack of experienced resources available to do the work. Especially at a time when turnover is increasing for employees in administrative roles, carriers may need to continuously train and retrain team members on seasonal workflows every year.
Likewise, carriers are often left with little to no documentation of processes that occur infrequently. For example, an administrator might not bother to write out a standard operating procedure for insuring a Christmas tree farm—especially if they don’t expect to be in the same job the following year.
Standardizing Disruptive Insurance Processes
For many U.S. insurance companies, the solution to non-standardized processes increasingly involves some form of business process outsourcing (BPO). Having a dedicated team to manage your seasonal lines of business and other disruptive processes is an effective way to establish and apply standard operating procedures—rather than having disparate administrators use unplanned ad-hoc methods.
“Outsourcing” has become an emotionally-charged word in the business community. However, companies don’t have to choose between their employees and offshore resources. In the insurance industry, companies are embracing the use of strategic BPO to support—rather than replace—their existing staff and business model.
Strategic BPO enables companies to outsource functions that are no longer cost-effective to fill using U.S.-based employees—such as documenting and administering non-standard insurance processes. Meanwhile, core employees can focus on underwriting, sales, and customer service.
Establishing an owner for disruptive processes is critical to effective standardization. You need a team that can focus solely on managing these procedures, developing SOPs, tracking and reporting relevant data.
Solartis Administer BPO services provide an end-to-end solution for managing your disparate insurance processes. When you assign a process to Solartis, we own it. Our trained, tenured administrative professionals will standardize and streamline existing processes under your supervision, and then track and report on those processes in unprecedented detail—giving you more insight and control while reducing costs.
Our U.S.-based management team will work directly with you to ensure we understand and meet your expectations concerning turnaround time, accuracy and quality—and we’ll provide in-depth reporting to show how we are achieving the agreed-upon goals.
Solartis Administer BPO can make a game-changing difference in how effectively your organization manages non-standard insurance processes. Contact us today to learn how.