HOW YOU CAN MANAGE INSURANCE DISRUPTION THROUGH VIRTUAL STAFFING
Insurance is one of the most susceptible industries to be hit by digital transformation. As technology, practices, and the global market continue to evolve, disruptions have become commonplace, marking the onset of a 4th industrial revolution. While no industry is safe from game-changing innovation, insurance companies are still slow in their uptake, mainly due to stringent regulations.
In recent years however, insurance companies are facing increasing pressure from investors and stakeholders to evolve before disruption hits. Insurers are expected to modernise, take performance and operational efficiencies to the next level, but at the same time manage rising consumer expectations and continued cost pressures.
Recognising the need to balance out the expectation to innovate and counter new age market players, several strategies were laid out by insurers in response. While different strategies function to serve different business models, two common elements found in almost all these approaches are:
- Unrushed and systematic changes
- A strong handle on operational activities
For instance – one of ASW’s partners, Eagle Eye Insurance Solutions (EEIS) had reached a point where it needed to further develop its operations as their business continued to grow. Recognising the need to be critical of how they pushed forward, they turned to us to set up a team dedicated to Administration and Customer Service so they can better streamline other business functions.
* You can read more about how we worked with EEIS to manage their rapid growth HERE.
Tackling Industry Disruption Vs Innovation
Like a lot of other insurers, EEIS had concluded that the quality of partners and ecosystems they choose determines the degree of their competitive advantage.
In order to sustainably take it to the next level, they need to be able to continue growing by using either new methods or technology; but at the same time actually bring down expenses, even on start-up costs.
Fortunately, this is now feasible. Focus and expenses over key functions across the value chain can easily be deployed out as Business Process Outsourcing (BPO) companies like us have successfully streamlined the entire process, making it adaptable and easy to implement, even if clients weren’t familiar with the mechanics in the beginning.
Offshoring the Insurance Value Chain
Covering a range of complexities, efforts to widen the scope of business functions across multiple industries done via integrated remote staffing have proven rewarding. By dispersing more regimented roles such as administrative, customer service or even reimbursement management, it frees management up to focus on implementing disruption strategies without sacrificing operational efficiencies.
From simple back end tasks such as volume data-entry work to sophisticated actuarial processing and R&D, insurers can now effectively increase their performance and productivity through a competent workforce whilst keeping overheads relatively low at ratio. Finding the right talent for the job was never really a problem. In fact, neither were the tools or software. It was mainly governance.
Concerns such as data security and employee welfare have long been addressed and refined. As the industry continues to level up, insurers are favouring pragmatic solutions for increasingly improved processes. They are now able to better redistribute assets as they begin to exercise automation and other changes. The objective is to eventually reimagine end-to-end customer experiences and overall business processes.
Executive Dialogue Through New Tech Convenience
Beyond merely making it convenient to chat with someone 1,000 km away at a click of a button, the advent of digitalisation means complicated projects and detailed discussions can seamlessly take place. Insurers who have already employed distributed teams via BPO companies early on had equipped their integrated remote staff with useful software such as Applied Epic, Eclipse and Blue Zebra, alongside other project management and chat platforms.
The Virtues of Virtual Staffing Set Ups
Insurers have begun taking necessary steps to evolve alongside their market. They understand that initiating action today will better position them to engage disruptive competitors.
BPO companies offer a lot of advantages that most people are still not aware of. Apart from obvious surface-level perks such as cost savings and talent management, insurers can enjoy the ability to scale their offshore teams according to their specifications. They can better manage their risks, utilise favourable labour foreign policies, and adapt different working cultures to give them an added competitive edge.
At ASW Global, we’re able to take on clients who want anywhere from a one-person team set up to a 1,000 large to accommodate various business functions. This ability to scale enables companies to react and navigate strategies without burdening their overheads.
Our focus is on attracting the right professionals for you to help you grow. Consequently, we also handle employee training and growth so that employees gain the skills that benefit their individual careers. They are engaged, nurtured and provided with the necessary infrastructure and incentives to retain the best talent the market has to offer.
Expanding on Opportunities
At ASW Global, we build on our business by improving yours. By fully understanding your business model and requirements, we set up your offshore team through carefully matching our professionals to your specific requirements. We implement up-to-date infrastructure, best practices and corporate culture to further nurture your hired talent.
Contact Us today and get a free consultation on building and managing your integrated remote teams.