The 4 Ways Insurance Companies are Benefiting from Offshoring Services

In recent years, insurers have relied on outsourcing insurance services to give them a significant edge in this highly competitive industry. This became more apparent at the height of Covid-19. Insurance companies have had to adapt to changes in regulations and to their customers’ evolving needs in response to the pandemic situation. This spurred the demand for flexible and sustainable staffing solutions to upgrade their services and optimise the customer experience.

According to insurancenews.com.au, among the top complaints that insurance companies receive from their customers are delays in claim handling and service quality. Outsourcing insurance work processes to an offshore staffing company has proven to be a significant strategy to address these issues. Here are five key advantages of offshore insurance services that will benefit your organisation and your end-users.

1. Access to a wider pool of qualified talent

Aside from customer service and back-office work, an offshore insurance service staff can perform high-level functions such as underwriting, lead generation, claim processing and auditing, or data analytics to support the company’s operations. An offshore staff provider can offer access to more sources of qualified and highly skilled talent from other countries. This can address onshore talent shortage concerns that make it difficult to find reliable staff within your location. Partnering with an offshore staff provider will help you build a qualified team of specialists with the experience to do more complex insurance-related tasks.

2. Ensuring high levels of productivity and quality

A major issue for the internal staff of insurance companies is that they are unable to focus on their core responsibilities to the business. Instead of developing new growth strategies, for example, they are constantly bogged down by tedious, repetitive and time-consuming administrative work, data entry tasks, or handling customer service concerns.

An offshore staff frees your in-house team from this burden by taking on these tasks. This allows your onshore staff to concentrate their time and efforts on growing the business. Having skilled offshore staff helps your internal team to be more empowered with high-performance work. As a result, productivity is increased in all functions to create more successful outcomes.

Another important factor is that an offshore staff is dedicated to work only for your company. They are a part of your organisation, just like your internal team, focussing on performing their tasks according to their job roles. They are considered as regular employees of the insurance company, complying with your organisation’s regulations and standards so the quality of work will not be compromised.

3. Optimising operations for maximum efficiency

An offshore insurance team can streamline operations for faster delivery of services to your customers. They are skilled at using the latest online platforms and automation applications to create significant improvements in making work processes more efficient. This gives you complete access to future-proof solutions that will anticipate your customers’ needs.

For insurers that are seeking to expand their business, one crucial concern is the limited resources with regard to office facilities, IT infrastructure, and other equipment to accommodate additional onshore staff. Investing in an offshore team is the more efficient answer to this problem. The offshore staffing company will provide the facilities and equipment that the remote team needs to fulfil their duties. They also handle the offshore staff’s HR requirements whilst you retain full control over the remote team’s workload and performance assessments.

4. Leverage on scalability

The beauty of the offshoring model is that it serves as a long-term solution to scaling your business. You can start with a few offshore staff for immediate job roles. As you expand your insurance services, you can diversify the functions with a larger team. You don’t have to invest heavily upfront on manpower and equipment. You can build your remote team according to your specific size and other requirements.

Insurance-related functions that can be offshored

With focussed support and high-quality skills from a dedicated offshore team, you can maximise all insurance-related productivity and expand offerings to your clients in different insurance services: health, life, medical, property, casualty, auto, income protection, and more. The following are some examples of insurance services that an offshore staff can accomplish efficiently and effectively:

• Broker administration
• Client renewals
• Case management
• Actuarial Support
• Claims Auditing
• Claims Processing Support
• Claims Relations
• Compensation and Benefits
• Customer Service Support
• Data Capture & Analytics
• Data Entry
• Lead Generation
• Occupational Rehabilitation Assistance
• Policy Renewals and Management
• Underwriting

Elevate your insurance services with the superior Australian offshore solutions provider

ASW Global is a reputable and highly regarded offshore staffing company known for building dedicated offshore teams that are expertly trained to work in various industries, including insurance. We work with businesses based in Australia, New Zealand, the US, and the UK by providing offshore staff solutions to support their internal teams.

Our finely tuned talent acquisition process will attract and recruit the most qualified candidates from Vietnam, Malaysia, and the Philippines. Our onboarding methods will ensure that your offshore insurance staff will be seamlessly integrated to your corporate structure and culture to maintain business continuity.

In terms of data security, we are fully aware that cybercrime is a serious cause for concern among insurance companies as the information gathered from the customers can be used maliciously by scammers and hackers. ASW Global is one of the first Australian companies to attain an industry-level rating of ISO27001 Information Security Management System certification. We apply strict data protection procedures and policies for our internal staff and for your offshore team. This will give you the reassurance that any sensitive data handled by the offshore team will remain safe and confidential.

To give you a more concrete example of how our offshore staff solutions have helped insurance companies, you can get more insights from our case study with Aviso All Points. Discover how your company can benefit from our offshore insurance services solutions. Book a free consultation with us today.