Friday 30 June 2017

Four Major Tips for Successful Insurance Process Outsourcing

Outsourcing refers to the practice in which the company usually delegates it’s in- house functions to the outsourced company so that the parent firm is free to focus on the core aspects of the business. However, outsourcing in today’s era has got maximum popularity. It is today seen as an effective tool to boost growth and stimulate productivity, particularly when the experienced staff is very hard, difficult and pretty expensive to hire. 

Imagine insurance underwriters and producers spending their precious time which they can use on varied core productive things on routine data entry, rating, invoicing, ordering or reviewing inspection reports/APS, generating loss and issuing policies. Very aptly seen, an agency’s knowledgeable and efficient workers are overqualified and overpaid for handling such minor tasks. It is feasible to employ them for business development and renewals – such activities require high- level interpersonal skills and risk control management.
The questions that comes in front of us now is if the overqualified people will be working on the business development, then who will work on the non – core part of the business. Hence, the concept of outsourcing comes into place and it is thought to be feasible to transfer the non–core operations to the outsourced organization. Below mentioned are the four major tips for the successful insurance process outsourcing:-
1. Outsourcing is about growth, not downsizing:-  One of the famous person “Thomas Friedman” said in one of his famous selling book “The best companies outsource to win, not to shrink”. Outsourcing is not thought as a bane. It is actually a boon which saves a lot of time of the qualified people in order for them to focus on the core business activities of the organization. 
For agencies, where all the people are valued and experienced, the goal is not to downsize and cut costs, but it is to optimally utilize the human capital and time. By outsourcing routine tasks, agency costs are reduced, liberating resources which can be efficiently and productively utilized.

2. Communicate effectively for Smooth Functioning of Business :-  There are a lot of key elements to assure effective communications between your service provider and your home office. The companies should look for those service providers who understand the operational challenges and specific objectives and abide by the companies policies. 

Further, for a smooth transition of the business the parent company and the outsourced company should keep the communication track in place in order to remove any kind of obstacle/gap. 

3. Ease of Implementation: - Some outsourcing companies involve substantial investment in the new IT systems, processes and training. Others do not. Normally, the service provider connects to your office with the same system which the parent company is using. This helps the company to easily outsource their work. Further, with the help of effective communication, proper systems in place and human capital, the implementation of work can be done smoothly and efficiently by the outsourced company. 

4. Economics: - This is indeed one of the most important factors. Offshore solutions offer the best rate on investment – as long as quality control is maintained. Analyze your current fully loaded costs including –hiring, training, salaries, management supervision, attrition and then compare these costs once the work is outsourced to the service provider. Besides, just the financial gains, there may be significant benefits to outsourcing, such as greater ease of adding capacity to your operation by documenting workflows and by placing the burden of hiring, management and quality control on the service provider. 








Thursday 22 June 2017

How Employee Pooling Assist in Licensing and Contracting needs

Employee pooling is one of the renowned Business Process Outsourcing organization which has been providing Agent/Agency Contracting services to our clients from a long period of time. With Employee Pooling, your contracting management service is in secure hands. We make full use of technology to accommodate the changing regulatory landscape while maintaining high level of personalized client service. 

As the name suggests, Licensing and Contracting pertains to helping the agent acquire a contract so as to allow him/her to sell a policy for a particular carrier. Each state requires insurance agents to hold a license to sell policies. Most states require separate licenses to sell property and casualty insurance versus life and health insurance.
Our licensing and contracting team will help you through every step of the contracting process. We provide both front end and backend services for licensing and contracting process. In the front-end, we scrub the agent’s contracting packet to determine if all the information has been provided by them, process it further and send it to the carrier so they can allot an Agent Writing Number. In the back-end, we follow up with the carrier to acquire Agent Writing Number and to determine the requirements they need to appoint the agent.

Monday 12 June 2017

Why Outsourcing Commission Management Services is Good Choice for Your Insurance Firm


Commission Management outsourcing is the latest buzzword these days as its advantages far outweigh its disadvantages. This is because there is a noticeable shift in the management strategy towards the goal that anything which is not related to core activities of the business should be outsourced and the main focus of the business should the majority be on the 2 key aspects i.e. business growth and development. Back office support services mainly include data entry; payroll management, policy management, insurance claims and commission management. These processes are outsourced to the outsourced agencies so that they can handle all the non-core activities of the business and the firm gets the leverage to pay more attention to the core aspects of the business.
Commission management service which includes commission payout and processing is indeed the most complicated in nature as compared to all the other outsourcing services. This is because it is a form of payroll services with flexible amounts which might vary. Every policy scheme has its own rate of commission which is payable to agents. Henceforth, no two agents will have the same amount payable in a given period. If we multiply this with thousands of agents to whom the commission needs to be paid, we will understand how complex the commission payout process is. Thus outsourcing commission management services is truly beneficial in the insurance sector.

Advantages of Commission Management Outsourcing Services
Essential Infrastructure:-  Undoubtedly, processing commission management services requires highly advanced and refined hardware and software if a huge volume of calculations has to be done periodically with a great deal of accuracy.  Service providers have this infrastructure in place and this helps the insurance companies to save a huge amount of investments in the given arena. The benefits of saving can be passed on to the policyholder in the form of more competitively priced schemes. 

Security oData: :- Data security plays a vital role in outsourcing commission management. The insurance company provides the outsourcing firm with the details of monthly sales of each agent along with the policies sold by him for commission calculation. A huge volume of data is involved which can’t be compromised in any manner. Outsourcing commission management services to the outsourced firm is truly beneficial the outsourced firm works on the specifically designed Commission Management software package which is completely secure. This package is not only fully secure; but, it also facilitates high accuracy of data processing results. 

Focusing on Core Activities of the Business: :- The major benefit that the insurance company get after outsourcing the commission management services is that they are free to focus on the core aspects of the business i.e. business development and increasing the turnover and profitability. Further, the insurance company also gets relief on manpower deployment as after they outsource the work, it is the responsibility of the outsourced firm to hire the employees and make the work get managed. These services give flexibility to the insurance company to optimally utilize their human resources. 
These are the some of the reasons as to why it is valuable/profitable for the insurance companies to opt for outsourcing their commission management services. Employee pooling is one of the renowned Business Process Outsourcing Company which has been providing commission management services to our clients from a long period of time. With Employee Pooling, your commission management programme is in secure hands. We make full use of technology to accommodate the changing regulatory landscape while maintaining a high level of personalized client service.

Monday 15 May 2017

Benefits of Legal Process Outsourcing(LPO) Services

Every organization in the current business scenario is looking for ways in order to enhance its profitability and gain an extra edge over its competitors. Among the law firms, outsourcing the legal support services have turned out to be a common phenomenon. Legal firms are opting for outsourcing services in order to ensure the optimal utilization of resources and making the best use of time. These services have made the life of lawyers easier by reducing their workload. Below mentioned are the following advantages which the legal process outsourcing services(LPO Services) offer:- 

 Access to a variety of services: - Document management, e-discovery, deposition summaries and analysis, document review, case summaries, summarization of records and proofreading are some of the non-core tasks which can be effectively outsourced by the company. By outsourcing these time-consuming tasks, the company gets additional time to focus on the core-business activities like business development and sales. 

 Access to External Talent: - Outsourcing legal services helps the firms to get access to high level legal talented personnel. For example: If the company lacks the expertise in litigation support like deposition summaries and analysis, then finding a suitable personnel for this task might be time-consuming and quite expensive. Henceforth, the outsourced firm comes to the picture and provides talented personnel and makes the task easy.

 Cost Effective: - Cost–saving is one of the major advantages of outsourcing. Labor arbitrage is the process through which organizations are able to reduce the cost-structure and reap the benefits of the low cost. For e.g: Hiring a legal official in-house might cost $150/ hour whereas if we transfer the same to the outsourcing company then it will cost them nearly $75/hour.

 Round the Clock time:- Off shoring/Outsourcing helps organizations to take the advantage of multiple shifts and time-zone differences than the other organizations. This time-zone difference is truly important for contracts, legal research, electronic document management and document discovery. The time difference of 11.5 hours helps the organizations for 24/7 round the clock operations.

Seamless process migration:- Since the outsourced company personnel are quite experienced in most of the cases, this helps the firm to successfully/seamlessly transfer the work which helps in the productivity of the organization.

Monday 8 May 2017

Business Process Outsourcing – A Boon for Insurance Industry

Insurance Outsourcing Services

Tom Peters aptly quoted “Do what you do best, outsource the rest”. Outsourcing is meant as delegation of non-core operations or jobs from internal production within the business to an external entity that specializes in that operation. Outsourcing is a process which is undertaken by a company in order to focus on the core business competencies. The common processes which are generally outsourced includes: Call Centers, Data Processing, Accounting and Payroll Outsourcing.  

Insurance companies have traditionally been among the slowest adopters of outsourcing/offshoring. However, in the recent years, higher claims disbursement, shrinking margins and increasing competition have forced insurance companies to look at outsourcing as a measure to improve efficiency and to channelize resources towards the core functions of product development and innovation. Recently, insurance companies have come to recognize that their core competencies which are underwriting, financial analysis, cash management, risk management and portfolio analysis needs more focus than the areas like general accounting, payroll processing, customer support, human resources etc. Some of the key factors which have attracted insurance companies to outsource their areas are:-                                              

Enhanced Job Acceleration: - Insurance back -office companies are filled with experienced manpower which helps to increased productivity. Further, due to immense competition in the market, they offer the best possible results resulting in the increased work performance.

Developing new competencies and skillset:- Insurance outsourcing companies makes it easier for the insurance firms to enhance business, exploit leads, empowering skillset & help firms to enter into a new competency market.

Time Zone Advantage & Cost Effective Labor:- The cost-effective labor coupled with time zone advantage of India gives companies in western countries as added advantage as before the US case managers comes to the office, the reports are already to be worked on before their working hours.

Speedy Productivity: - Since, the insurance outsourced company handles the back- office operations work, we don’t have any disturbances of taking the calls and following up with the clients. The outsourced company sole work is to provide tailor-made services and handle it efficiently.

Beat Competition: - Companies outsource to stay ahead of the competition rather than to downsize because it helps them to gain market share and to grow. Outsourcing data entry services helps the company to make the most of productive time as the agency costs are minimized and the resources are used diligently.


Monday 1 May 2017

Employee Pooling: A Customer Centric Organization

Employee Pooling delivers innovative business outsourcing solutions designed to simplify workflow, boost productivity and drive revenues. We are one of the leading Business Process Outsourcing (BPO) Company which offers variety of services like - Mortgage, Insurance, Revenue Cycle Management and Legal Process Outsourcing Services. 

At Employee Pooling, we ensure to keep our customers at the core of everything as we move around in the customer lifecycle. All our activities are aligned to what the customer is trying to attain.

Our foremost focus is on the customers along with the services that we are providing to them. We have designed our organization from customer’s perspective and henceforth, we are very flexible and focused on customer’s changing needs and market conditions. Further, as customer – centric association, we foresee customer’s needs and provide them with answers to all their difficulties. Additionally, we support customers in their endeavors and give them great experience and work towards accomplishing their goals.
The eight attributes that we follow to make our organization customer centric are as follows:

Customer Focused Leadership: - 
Customer Focused Leadership is defined as commitment to customer satisfaction. Customer focus is considered to be one of the major aspects for the overall success of the organization and this involves ensuring that all aspects of the company put its customer satisfaction at the topmost position. We at Employee Pooling ensure customer focused leadership approach towards our valuable customers.

Understanding Your Customers: - To know your customer’s need, is one of the key aspects which help all the organizations to grow as well as to be customer centric. At Employee Pooling, we understand our customer’s needs thoroughly by supporting them day in and day out.

Design the Experience: -We design the experience as per the expectations of the customer and this is one of the essential elements of any business organization. We provide tailor made services i.e. we mould our processes as per our customer’s requirements and follow them.

Empower Front Line: - Front line agents are the bread and butter of all the organizations. We at Employee Pooling ensures to train the front end employees and make them proficient so that they can understand the process aptly. Further, we also ensure that our front end employees understand and comprehend the process and follow it with 100% accuracy.

Metrics that Matter: -
The metrics that usually matter for a business to grow are customer loyalty and retention, cost of customer acquisition, operating productivity, size of gross margin and sales revenue. The major metrics we, here at our company provide to all our customers are phenomenal cost saving, simplified onboarding, employee satisfaction and increased revenues. 

Feedback Drives Continuous Improvement: -
Bill Gates quoted “We all need people who will give us feedback. That’s how we improve.  At Employee Pooling, we are completely open to feedbacks from our customers. We take the feedbacks positively and try to improve ourselves constantly.

Monday 24 April 2017

Advantages of Healthcare Business Process Outsourcing Services


Healthcare service has turned out to be one of the largest industries for outsourcing- both in terms of income and work. Healthcare services involve doctor's facilities, medical devices, clinical trials, outsourcing telehealth, medical equipment and most importantly medical coverage. The global insurance interest in outsourcing has developed greatly in the current years because of the industry's drive to lessen costs while as yet having the capacity to give quality healthcare services. Earlier, the industry constrained their outsourcing to medical data entry and medical transcription. Yet, with the developing mindfulness that outsourcing has more prominent advantages for healthcare associations and doctor's facilities, many are investigating into insurance data administration frameworks, clinical research, big data, medical billing, and IT to keep patient information secured among numerous others.
As indicated by Jonathan Clarke, Assistant Professor of Health Policy and Administration at Penn State University, "Outsourcing is something we ought to consider, particularly when it energizes proficiency and grows access to human services, however we should be canny about it so as not to put tolerant well-being at hazard." He likewise expressed that around 90% of the doctor's facilities in the United States are outsourcing a few services especially radiology benefit. Five reasons the healthcare industry ought to contemplate outsourcing their non-restorative operations are:
 
Critical mistakes are avoided: - As per Tom Lowery in his article entitled 8 Ways Outsourcing Can Help Hospitals and Patients, US healing centres leave about $125 billion on the table every year as a result of poor medical billing practices. Also, 80% of hospital expenses contain blunders. One element that adds to this is a few hospitals are not updated with currently changing billing rules and regulations. With outsourcing, healthcare organisations can have a devoted group of prepared experts that spotlights on billing purposes.
Diminished training costs: - Healthcare organisations that outsource their procedures don't likewise need to stress over spending additional cash for instruction, programming or staff preparing since the outsourcing accomplice sees to it that their representatives are fully informed regarding the most recent changes in benchmarks and controls.

More opportunity to concentrate on giving quality patient care:- With an outsourcing accomplice dealing with searching for a healthcare association's staff and preparing them, healthcare providers have the capacity to concentrate on the more imperative things in the business - in this case, giving the best quality care for patients. Business outsourcing services & solution will help providers to diminish their dull authoritative and overseeing workload, and permit them to give a positive patient care involvement and enhance it as well.

Save on cost without trading off quality of business:
-The greatest favourable advantage of business outsourcing is the lessened expenses in healthcare operations. Outsourcing brings in huge savings with its ease labour and framework. Healthcare outsourcing services  can help spare organisations 30-60% of expenses. Besides dealing with staff obtaining and maintenance, having an outsourcing accomplice likewise decreases excess managerial costs since the immediate advantage of outsourcing is monetary surge.