What Makes Insurance Call Center Outsourcing More Efficient than In-house Operations?

The dilemma of choosing between in-house insurance call center operations and outsourcing has been prevalent for a very long time now. However, while the trend right now is gradually inclining towards outsourcing, many businesses still prefer setting up an in-house team only to cash on the advantages of communication and transparency. Insurance Call center outsourcing be the best when you need for more then your efficient in-house operations.

However, the story does not end here. There are many more considerations to make before choosing between the best insurance services outsourcing or in-house customer support and sales. Luckily, we have listed down an honest report on the pros and cons for each of the two so that it is easier for you to make an informed decision based on that.

Read on further to know more! We have also included statistics that support our conclusion and to help you make you decision on that front.

Insurance Call Center Outsourcing

Pros

Cost-effective: Working with the best insurance services outsourcing company can ensure that your expenses are down since there is already a setup ready and agents trained. Saving up on your expense with outsourcing can help you focus more on the core operations of your business.

• Scalability

Scalability is another aspect of business that you can barely ignore. With an insurance call center outsourcing company, you can upscale or downsize the total workforce seamlessly. After a certain time, this becomes important for businesses, and the flexibility to upgrade or downgrade the call flow and agent requirement can be a big bonus.

• Frees Up Resources

Another very important advantage of insurance call center outsourcing. When you outsource the entire customer service or claim settlement process, you free up your in-house workforce and resource to be utilized to enhance other scopes of operational efficiency. So, you will have the manpower to follow suit without any compromise for any priority tasks or during unavoidable circumstances.

• 24×7 Availability

Another advantage that you can get with insurance call center outsourcing is the availability of service round the clock. So, irrespective of your target location, you can avail 24×7 service. Plus, you also get maximum transparency and communication whenever you want. On the other hand, achieving the same for an in-house team would take up a huge chunk of investment.

• Professionalism

Last but not least, outsourcing insurance call center operations means you will have a more professional team wing to work with. Client-centric BPO companies are very fluent with their services and strive hard to offer an uncompromised relation.

Cons

• Inferior Brand Awareness

Brand awareness is one aspect that a BPO company can never match with an in-house team, especially in the initial phases. Being thorough with the product knowledge and brand philosophy for agents in a BPO would take some time and regular training.

• Privacy

Outsourcing insurance call center operations to a BPO means sharing a lot of data with a third-party organization. Even though the BPO companies ensure maximum data protection to avoid leaks. You might still be insecure that your customer data and other sensitive insurance. Money-related information would need to be shared.

In-house Insurance Call Center

Pros

• Quick Policy Change Implementation

Company policies are never stable and bound to change, especially for the insurance sector. However, implementing the same to the call center operations may be difficult or time-consuming, though having an in-house team eases that front out. In addition, any new policy update is easily implemented quicker.

• Total Control

If you want to set up an in-house call center, you know that you can have total control over the process. You can manage and run the process any way you want, make changes or revert to the previous sequence. While this is a good setup for businesses with a small number of clients, bagging more clients will make the management more difficult.

• Perfect Technical Support

With an in-house team, businesses can always be assured that the technical support is offered to the customers is always on-point, accurate, quick. This is possible since the in-house team member’s product knowledge and brand awareness are always better than outsourcing agents.

Cons

• Expensive Infrastructure

The first and foremost drawback that will inevitably come to your mind . It depend while talking about an in-house insurance call center is the cost of setting up the infrastructure. The cost includes salaries, perks and benefits, training, etc., for the agents and hardware and software resources for the setup, along with a secure server. This is one among the multiple reasons why we need insurance outsourcing over an in-house setup.

• Takes a Lot of Time

Managing an in-house team burns a lot of your time. Even after hiring employees, you would still need an experience in-house resource to manage the team and its operations. And since an in-house employee starts focusing on the call center process, other processes might take a hit.

Encouraging Insurance Call Center Statistics that Open Up Opportunities

Here are a few statistics that display the true potential of the finance and insurance sector. And considering how encouraging the industry is, businesses are better off sticking to an insurance call center outsourcing to better efficiency and reach.

1. 68% of all people who hold insurance did not have a brand preference before looking for a scheme. This opens the gates to launch a sales campaign that can draw potential customers to your business.
2. The average that insurance buyers spend after searching is $867. So, with a strong sales campaign, you can gain this worth of business from every customer you convert.
3. 78% of people searching for insurance companies call the provider to further information. So, backing up your multichannel lead generation with an inbound answering service could be an effective way to go about sales.
4. According to Google, potential insurance customers are likely to call the business throughout their purchase journey. So, up-scaling your inbound team could be a great idea.
5. And last but not least, a whopping 62% of buyers say that talking to an agent or rep over the phone is the biggest decisive factor behind buying the insurance scheme in the first place.

So now you know why we need insurance outsourcing services company. Doing so will help scale up your business by multiple folds.

Summarizing the Discussion

Though insurance call center outsourcing has certain drawbacks, it is still by far the most effective business module. This is because it not only eases out your management but also helps you gain more sales and revenue.

Point to prove here; phone calls effectively convert potential buyers into customers than web leads. And the margin here is around 10-15 times more than the web. Plus, considering that leads converted through calls is 30% faster than the web counterpart, now seems to be the right time to get going with the best insurance services outsourcing company.

And to top them all off, if the higher number of advantages of outsourcing over inbound couldn’t convince you, the stats might just do. After all, nothing influences informed business decisions better than market research and statistics relevant to the very industry.

So, it’s time for you to ride the growth and get in touch with an insurance call center outsourcing company today and discuss the further processes. After all, the massive opportunities in the industry will ensure your growth too.