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Insurance BPO’s capabilities in winning buyers and influencing sales are still unknown to many. Why?
A buyer is a person who is buying or intending to purchase something. Finding buyers is easy, but converting them into sales is difficult.
That is why Insurance Business Process Outsourcing exists. It helps you find buyers and make sales faster.
In this article, we will discuss with you how insurance BPO can help you increase your sales.
What is an Insurance BPO?
Insurance Business Process Outsourcing or Insurance BPO makes your life easy by handling back-office tasks.
Allowing a third party to handle admin tasks enables you to maximize your company’s work output. Just imagine the paperwork piling up because of the increasing number of insurance policies issued. It will not only clutter your workspace but also overwhelm your employees and render them inefficient.
A business process outsourcing company provides the extra body for your back-office needs. And these are not just supplemental employees but skilled agents that can help you reach your target.
What to Look for in an Insurance BPO Partner?
To get people to subscribe to your service, you must find the best BPO partner.
Below are some criteria that you should check first before giving that sweet “yes” to your BPO partner:
1. Scalability
Right now, you might only receive 100 calls a month. But as your business grows, your call volume will also increase.
Sooner or later, you will need an insurance BPO partner to support your incoming calls. You will need a team of proficient agents that can work independently.
Scalability is not only for inbound calls. Your BPO partner can also help you increase your outbound calling to reach potential clients.
2. Bilingual Services
Language barriers can get in the way of good customer service.
If you can, get an Insurance BPO company that speaks your customers’ language. It will make your life easier in the long run.
3. Representation of Your Brand
Training is important. As much as possible, hire a BPO company that is willing to learn about the services you offer. Being trainable is an essential skill.
When a customer calls, he expects the same things as when he calls you directly. Your insurance BPO partner should provide the same quality of service that you and your customer expect. Anything less is unacceptable.
4. Multiple Channels
Some people prefer to pick up the phone when they need help, but other people prefer to send an email. The point is, not everyone is the same.
A good remedy for this is to have an insurance BPO partner who can provide your customers with options. Below is the most common communication method they are comfortable with:
- Phone
- Chat
- Mobile App
- Social Media
- IVR or Interactive Voice Response System
5. 24/7 Availability
Your clients want help on their own time, and your insurance BPO partner should be ready to provide it at any time.
Getting a 24/7 call center allows you to cater to customer needs at any time of the day. This feature drastically increases your call volume and clients’ trust in your brand.
6. Offshore Insurance BPO Service
Offshoring services will serve you better if you prefer to cater to any race, culture, customs, or language, unlike onshoring services that focus only on Americans.
It is vital to decide whether to outsource. The reception of policyholders to your customer service will make or break their trust in your brand, so choose wisely.
7. Strong Insurance Expertise
Your policyholder’s trust will depend on your agents’ brand expertise.
That is why your insurance BPO partner must have a deep operational understanding of premiums, policies, underwritings, riders, and more. Customers will call to ask about these things every day, so it is a must that they know them very well to achieve faster sales conversion.
8. Customer Satisfaction
Customers expect a lot these days. They want helpful, friendly service, and they want it fast.
If your BPO partner is excellent at assisting your clients, you will lose them. They will find someone else who cares about their concerns.
Hearing complaints is painful to the ears. So before you lose your hearing, find another BPO partner who can help you rather than trouble you.
9. Fast Implementation
If you are trying to launch or introduce a new brand, every day wasted represents an opportunity lost.
You need an insurance BPO that will do what it takes to get you to the market quickly. Ask for the company’s Key Performance Indicators to measure how fast and efficiently they work.
10. Longevity and Adaptability
Business process outsourcing is not a band-aid solution. The design of each service it has is for the long term. You will not harness its full potential if you contract a third-party firm for a short time.
The needs of your company will change as your business grows. And you will want your BPO partner to keep up with it. Look for an insurance BPO partner that can provide helpful services in the long run.
How To Win Buyers And Influence Sales?
There are many ways the insurance services industry can help you meet your goals and objectives. But the best way to win buyers and influence sales is to get one of these insurance BPO services:
1. Data Entry and Recording
Data entry is the process of recording and transferring information into computer data. Just imagine the surge of data coming from your clients; this service allows you to record it systematically and neatly.
Insurance companies want this service because it allows them to maintain and update essential business records and ensures that their data is correct and accurate.
2. Policy Management
Policy management is a service that businesses want because someone needs to maintain and update the policies, right?
You need to maintain strict compliance with government rules and regulations, which change almost every year. Someone needs to facilitate all of your policy renewals, issuances, and checks to ensure everything is perfect.
Policy management helps you keep everything updated on time and on point. This is what policyholders want: convenience.
3. Commission Management
Commission management includes both commission processing and payouts. This activity is different from other forms of payment as every disbursement is different. You will need a team of experts to check it periodically.
Commission management is a must. It ensures that rates are correct and that roadblocks are removed from your existing system.
A flawless process keeps your agents happy. And if your employees are happy, it will show when they assist your customers.
4. Insurance Agency Management
Insurance agency management means automating your entire insurance agency so that you can focus on essential work. It is like having an assistant that will oversee your overall business operation.
The benefit of getting an insurance agency management service is flexibility and peace of mind.
5. Claims Processing
Insurance claims outsourcing is hiring a third-party company to take care of insurance claims.
Insurance claims business process outsourcing handles the whole process of an insurance request, from forwarding to disbursement.
Claims processing is essential because it allows you to save money while providing outstanding customer service. With a dedicated team, you can now focus on core activities and improve your business processes.
Increase your sales conversion by showing that you can process requests quickly and without hassle.
6. Accounting Service Provider
Insurance accounting is an in-demand service provided by all insurance BPOs.
Insurance accounting services help you keep track of your expenses and manage your accounts effectively. It makes sure that you have the resources to provide for your policyholders.
To get buyers and influence sales, you must show them that you are a capable provider.
7. Lead Generation
The goal of a lead generation service is to generate consumer interest.
Lead generation determines those who need the product you are offering. It also spreads awareness about your services and entices potential customers to check out your company.
Using various strategies such as internet marketing, cold calling, and advertisement, you can double your sales quickly. Plus, it saves time and cuts costs.
In summary, the key to getting more people to subscribe to your services is to make them feel special. One way to do that is to automate some admin tasks. That way, you can focus on creating more customer-centered services.
Moreover, always keep in mind these few strategies:
- Always be consistent, persistent, and insistent
- Differentiate yourself in a crowded market
- Use data to upsell opportunities
- Ask the right questions to get to the next sales stage
- Master initial appointments
- Run productive meetings
- Provide excellent customer service
These seven items, plus what we discussed above, will guide you in increasing your sales.
Are You Ready to Win Buyers and Influence Sales?
Magellan Solutions is a BPO company based in the Philippines. With over 17 years of industry experience, we offer high-quality call center services to all industries. We guarantee the quality of service, and our company is ISO 27001:2013-certified and HIPAA-compliant.
At Magellan Solutions, we train our agents to become customer service experts and ensure that they have the necessary tools, equipment, and knowledge to serve customers efficiently.
Ready to revolutionize your business operations? Discover how our Insurance BPO services can elevate your sales and customer satisfaction. Contact Magellan Solutions today for a tailored Insurance BPO solution that meets your unique needs.
Complete the contact form below and get your 60-minute free business consultation with us today!
