The BPO industry has been subjected to staggering growth since the surge in technology. What this means is the efficiency of the industry in terms of customer communication gets a big boost. Plus, what’s even better is the fact that the service portfolio that the BPO companies offer has become very comprehensive. The service offering from the call center industry is not restricted to any specific sector, it spans across various domains of the business world. However, here we will only focus on the service portfolio of any BPO company for insurance and finance.
Let’s discuss more the various types of services that insurance companies outsource to a BPO company.
Inbound customer service and support have to be the foremost discussion point. While customer service is common among every business sector, the implementation is extremely different in the case of the insurance sector. This is because the sector deals with sensitive customer finances and personal information data.
This means that the agents will need to be extra careful about their approach while providing support. However, there should be no lack of empathy so that the customers feel comfortable in sharing personal information with them.
Marketing and Sales
Outbound marketing and sales are some of the top services that a BPO company for insurance and finance provides. Even though digitization is rapid in these modern times, the insurance and finance sectors still get a huge share of their businesses from offline sources, like agents, recommendations, etc.
The fact that the insurance sector is still dependent on offline sales boosts the sales process. Outsourcing outbound sales to call centers for financial industries has a good response among the targeted leads. However, this solely depends on the quality of the agent that communicates and convinces customers to purchase a product.
Not every BPO company for insurance and financial services offers credit underwriting. So, if you are looking to outsource the same, you will have to ensure that the BPO company you have shortlisted offers the same.
Underwriting refers to evaluating all the aspects of any proposed insurance or financial service based on the customers’ eligibility. This is done with specialized software. This serves as a great platform for customers to get a clearer picture of the insurance scheme they are looking to buy and help them find the most suitable one.
Complaint management is a part of customer service, though it is a more focused mode of interaction. Most established insurance and financial services providers set up a complaint management team as they look to address their customers’ complaints in the most suitable and expert way possible.
Having experienced agents to deal with the grave concerns from the customers ensures that there is no compromise with the experience and satisfaction. This leads to an uncompromised customer retention campaign.
Not every BPO company for insurance offers services beyond customer service, marketing, and sales. Even credit underwriting is rare, and only the most experienced and established BPO companies offer it. However, apart from these, a few more services that you can outsource to call centers for financial industries, are
- Collection services
- Compliance management.
So, suppose you are looking for a BPO company to outsource your insurance process. In that case, this is where you know which services you can outsource to yield maximum results in terms of customer communications.