Some days in the insurance industry can feel like one big claim that never seems to end. Reviewing and processing claims is a burdensome process for many and, yet, it is a vital part of ensuring your business meets its customer service goals. What if you could shift these processes to a trusted partner and focus your energy – and your team’s energy – on acquiring and servicing existing and new customers?
Insurance claims processing services can significantly boost customer support and growth. The better your service, the better your feedback, retention, and growth projections. Processing claims in-house consumes many resources, and switching to the right business process outsourcing (BPO) partner can streamline your operations.
Using outsourced services from a nearshore insurance claims processing company addresses many inefficiencies bogging down your operations. Take a closer look at the obstacles an in-house claims processing center can create and the benefits of using outsourced insurance claim processing services instead.
What Are Insurance Claim Processing Services?
Insurance claim processing services are a key part of BPO. Customer service call centers will handle tracking, documentation, and customer support, avoiding the need for you to manage internal staff and resources.
Outsourced claims processing services can handle these and other tasks:
- Claims submission through documents, online portals, and phone calls
- Adjudication and decision-making
- Claims verification
- Payment determination, delivery, and documentation
- Customer service, including initial claims, follow ups, and other queries
Insurance claims processing companies allocate trained representatives to their clients based on the volume of business and anticipated business needs. Along with providing the staff, your BPO partner will also provide:
- Consulting and resource development to streamline processes
- Enterprise-level insurance claims processing software solutions
- Data-driven reports to measure successful outcomes
What Are the Biggest Challenges of In-House Insurance Claims Processing?
Outsourced claims processing services resolve business challenges that many organizations face. Assess your organization and see if any of the below challenges sound familiar.
Departure From Core Competences
Every business has its core competencies, the unique services or products it provides that make it competitive. However, every company also has operational requirements that take time and resources away from those core competencies.
When you manage your operations in-house, your company needs to make significant upfront investments in infrastructure, employees, technology, and other resources. That means those resources won’t go toward your core business objectives, and the people completing those tasks can’t focus on strategic projects and initiatives.
Heavy Administrative Overhead
Focusing your resources on administrative task management doesn’t just present opportunity costs. Having and managing a large department of claims processors is a financial burden impacting your bottom line. You’ll continually be paying for the following:
- Salaries for direct claims processing staff, as well as the wages for HR, payroll, and managers that support them
- Utilities
- Software subscriptions
- Laptops
- The recruitment and training costs of staff turnover
Lack of Bilingual Support
Your in-house teams may have some bilingual or even trilingual staff, but you can also have a severe lack of bilingual support staff available in your organization or even in your local job market. Not being able to support your customers in their preferred language alienates them and can make you lose access to core segments of your target markets.
Inconsistent Customer Service
You can’t offer great customer service without providing consistent customer service. However, in-house claims processing can be turbulent as new staff gets trained, you face sudden peak windows of claims volume, and sudden turnover jeopardizes quality control.
What Are the Benefits of Insurance Claims Processing Outsourcing?
Outsourced nearshore BPO insurance claims services can address each challenge and offer unique advantages. Third-party processing companies specialize in claims processing for different organizations; it is their core competency. Keep reading to see how this benefits businesses like yours.
More Consistent Customer Experience
The right BPO call center partner has agents skilled in claims processing, payroll, and more. They receive consistent and focused training to adapt to clients’ brands. This ensures peak surges are handled, customer experience is consistent in English and Spanish, and new hires don’t impact metrics.
Scalability as Your Company Grows
If your company is growing or sees significant seasonal ups and downs in processing demand, outsourcing your claims team means you can increase or decrease the volume of processors working for your organization. Easily update your services contract to meet your business’s growing needs—all without upfront hiring costs or lag due to recruitment and training timelines.
Bilingual Support—in Your Time Zone Range
Nearshore insurance claims call center services provide support during peak hours, operating in the same time zones as your U.S. offices. Your operations will benefit from bilingual speakers who understand the cultural context of your customers and can respond quickly to tasks during everyone’s normal working hours.
More Cost Savings for Your Call Center
One of the most significant advantages of outsourcing claims processing is the cost savings. You don’t have to pay the high administrative costs of managing, paying, and equipping in-house staff. Instead, you pay a more efficient, predictable, and transparent fee.
There’s a hidden secondary benefit here: You can easily track the costs, measure ROI, and have crystal-clear forecasting for future months.
How Do You Select Your New Insurance Claim Processing Services?
The benefits of switching to insurance claims processing services are clear. But how do you make the switch?
There are three main steps: getting internal buy-in for the change, finding the proper BPO organization, and starting the transition. Once you get support for the change, follow the below checklist to compare different service providers and select the right one for your company.
Checklist for Selecting a Reliable BPO Service Provider
Evaluating your current challenges and the outcomes you want to see can help you prioritize criteria for selecting a BPO call center service provider. Start with this simple checklist to zero in on the perfect fit.
- Experienced Insurance Claims Processing Professionals: Ensure adequate staffing numbers, proof of all necessary certifications, and a high client satisfaction rating. They also should thoroughly understand what claim processing is in the insurance industry and the unique needs of your niche or market.
- Bilingual Support: Find a service that supports the languages you need, including both English and Spanish.
- Comprehensive and Customizable BPO Services: Find companies that offer a wide range of BPO services with completely customizable plans that give you as little or as much support as you want across different business operations.
- Compliant Business Security Processes: Investigate the company’s data security, regulatory compliance, and alert processes to find one that aligns with your obligations.
- Transparent Pricing: Ask companies about the service plan prices, rates for increasing or decreasing support, and payment options they support.
Find the Right Insurance Claim Processing Services for Your Organization
When your goal is to improve your insurance company’s productivity and efficiency, investing in a BPO insurance claims processing solution can efficiently manage the processes on your behalf.
Confie BPO offers bilingual insurance claim processing and software solutions through its nearshoring services. Call 800-684-2BPO (2276) or reach out online to discuss what you need from your BPO partner. You can also email us to start the conversation.
