For businesses seeking curated, affordable insurance-focused solutions, outsourcing means curated access to streamlined operations and strategic return on investment.

Check out our Sourcefit blog, as we unravel the diverse range of services outsourced in the insurance sector, shedding light on the pivotal role outsourcing plays in policy management, claims administration, IT support, and beyond.

 

Outsourced Services in Insurance: An Overview

1. Life and Annuity Policy Management

Outsourcing covers a spectrum of services for life and annuity policies, from sales to back-office and IT support. Our services offer flexibility, customization, and scalability, allowing businesses to achieve substantial cost reductions of up to 40% or more.

2. Property and Casualty Policies

From consulting to administrative support, outsourcing spans business process consulting, IT modernization, and automation for property and casualty policies. This ensures streamlined processes and efficient policy and claims systems.

3. Property and Casualty Claims

Outsourced insurance software solutions automate high-frequency claims, expedite settlement of high-severity claims, and enhance standardization. With reduced overpayments and lower claims management costs, efficiency becomes a hallmark.

4. Collections and Disbursements

Outsourcing collections and disbursements leverage cutting-edge software and applications to drive down transaction and audit costs. The result is improved customer satisfaction and a diminished need for facilities and technology upgrades.

5. Pensions

Outsourced pension services cover contributions, asset and benefits management, reporting, and call center support. The third-party advantage lies in improved service quality, lower administrative costs, enhanced efficiency, and regulatory compliance.

 

Benefits of Insurance Outsourcing for Businesses

1. Cost Reduction

The primary driver for outsourcing in the insurance sector is cost reduction. Sourcefit’s expertise in process optimization not only cuts down costs but ensures the delivery of an exceptional customer experience.

2. Updated Services and Processes

Our outsourcing service providers invest in state-of-the-art technology and processes, keeping clients at the forefront of the industry. These updates come at a fraction of the cost compared to in-house technology upgrades.

3. Domain Expertise

In a specialized industry like insurance, recruiting and training full-time employees can be cumbersome. Sourcefit offers domain expertise at a fraction of the standard cost, saving both time and resources.

4. Clearer Metrics

Outsourced service providers implement clear metrics to evaluate the health of outsourcing campaigns. With a continuous focus on improvement, experienced staff ensures stringent reviews, reducing errors and delays.

 

Explore Sourcefit’s Custom Insurance Solutions

Ready to optimize your insurance operations? Contact us to discover how Sourcefit’s tailored solutions can streamline your processes, cut costs, and elevate your customer experience.

Navigating the complexities of the insurance industry has never been more efficient.

 

Contact us today for your risk-free, obligation free consultation!

 

To learn more about outsourcing, you can read our Top 8 Qualities of an Outsourcing Company in the Philippines article.

We invite you to follow us on social media and to visit our website to learn more about Sourcefit – your outsourcing partner.

About Us

Sourcefit – your preferred accounting service provider – is a widely recognized US-managed business process outsourcing company based in Manila, Philippines. We proudly serve over 100 clients with a workforce of more than 1,300 employees. Our global centers can serve multiple markets, and our staff is highly proficient in English, Spanish, French, and Portuguese. Whether you need a few or many employees, we can help you achieve your business goals and build high-quality offshore teams.

Latest Awards

Sourcefit’s commitment to excellence has been recognized through numerous industry awards and certifications.

We recently received the Fortress Cyber Security Award from the Business Intelligence Group. Sourcefit was also honored with the prestigious recognition of Best Outsourcing Solutions Provider in the Philippines during the 2023 Business Excellence Awards.

Other awards include: FT ranking of 500 high-growth Asia-Pacific, The Marketing Excellence Awards, Inquirer Growth Champion,  HR Asia Awards, among others.

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