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Insurance BPO Philippines: How is outsourcing impacting the industry?

MANILA, Philippines (AFP) – The Philippines’ flourishing business process outsourcing (BPO) industry has received international attention.

Insurance is one industry that has been severely impacted by this trend, with corporations increasingly flocking to the Philippines to outsource their insurance processes. This change has been fueled by a competent workforce, cutting-edge technology, and a climate conducive to corporate growth.

Several factors have aided the Philippines’ success as a leading destination for insurance process outsourcing. Because of its strategic time zone, English-speaking workforce, and cultural compatibility with Western countries, it is an enticing choice for insurance businesses looking for cost-effective solutions.

Furthermore, by fostering a business-friendly climate and investing in infrastructure, education, and workforce development, the Philippine government has played a critical role.

According to Ralf Ellspermann, CEO of PITON-Global and a seasoned expert in insurance process outsourcing, “BPO firms in the Philippines specializing in the insurance sector have excelled in managing a variety of front- and back-office processes.” Front-office services include customer service, sales, and policy administration, whereas back-office operations include claims processing, underwriting, and risk assessment. These companies provide a variety of communication channels, including phone, email, web chat, in-app messaging, social media, and interactive voice response (IVR) technologies, to provide seamless customer experiences.

The Philippines’ willingness to embracing innovative technologies is a crucial reason in the country’s success in insurance BPO. To improve insurance processes and create more effective, customer-centric services, the industry has leveraged artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), natural language processing (NLP), data analytics, cloud computing, and blockchain technology.

AI and ML are used to examine large datasets, resulting in more accurate risk assessment, personalized rules, and improved fraud detection. RPA automates repetitive procedures, increasing efficiency and allowing people to focus on more complex tasks. NLP enables more intuitive communication between customers and computer systems, ultimately improving customer interactions.

“Data analytics enables insurance companies to identify patterns and trends, leading to better pricing, risk management and product development. Cloud computing offers a scalable, cost-effective infrastructure, ensuring that businesses can quickly adapt to market fluctuations. Lastly, blockchain technology provides increased security, transparency and efficiency in processes such as claims management and policy issuance,” Ellsperman explains .

The combination of these cutting-edge technologies has resulted in considerable benefits for insurance companies outsourcing their processes to the Philippines. Reduced costs, higher operational efficiency, and increased customer satisfaction are just a few of the benefits that have established the Philippines as a prominent insurance BPO destination.

As the Philippines continues to solidify its position as a leader in insurance process outsourcing, the global insurance industry is taking note. “With a potent combination of skilled labor, advanced technology and a supportive regulatory environment, the Philippines is well-positioned to capitalize on the opportunities and challenges that lie ahead in the rapidly evolving world of insurance services,” Ellspermann asserts.

 

 

 

 

Source : philstar.com

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What Are the Advantages of Business Process Outsourcing?

As your company expands, so do the demands on your time. If you want to devote your time to the things that require your attention the most, you must begin outsourcing some of your business processes. Outsourcing managed IT services is one example, and there are numerous advantages to outsourcing business processes in general.

  1. It allows you to concentrate on key operations.

As a business owner, you’re in charge of keeping things running smoothly. Your area of expertise is being the boss, not being the person who handles all the minor details, such as ensuring that all of the technology your company uses is up to date.

Your primary goal should be to expand your business while delegating unneeded tasks to people who have been trained to do them. You already have enough on your plate without having to deal with spending money on new technology when your software becomes obsolete or guiding your tech team through a panic-inducing outage. Let someone else handle these problems. Click here to find a team ready to take on the challenge.

  1. It allows you to more accurately track your budget.

When it comes to investing in new technology, many business owners struggle. You never know when your systems will need to be updated or replaced. It can wreak havoc on your finances and throw everything off-kilter. You never have to be concerned about this with managed services. You pay a monthly fee that you can plan for.

Everything you could possibly require is included. That monthly fee covers maintenance, breakdowns, repairs, and other costs. If the price changes, you’ll be notified so you can adjust your budget accordingly. When it comes to technology, you’ll never have to worry about big financial surprises again.

  1. It keeps you out of trouble if data leaks occur.

There should be no data breaches or leaks if you use a good managed service. However, if one does occur, it does not fall on you or your company. When you outsource your technological needs to another company, that company is liable for data leaks that affect you and any other business that hires them.

It is up to your service provider to repair the damage and ensure that it does not happen again. If there is a blunder, they essentially take the blame. That would not happen with an in-house tech department: you would be solely responsible for any employee or software error.

  1. It cuts down on downtime.

When systems fail, there will always be downtime. It destroys business productivity, and any good business owner understands how important productivity is in the workplace. An in-house team may need to seek outside assistance to get systems back up and running.

If your software goes down, you’re not out of luck with managed services. Before you even realize your systems are down, your remote team may be working to repair them. Furthermore, if a server fails, your external team is likely to have backup servers that they can use while your primary servers are down.

  1. It provides you with a single point of contact.

When you have an in-house team, you must keep a list of vendors for all of the software and hardware you use. If something goes wrong or you need to order something new, you must contact each vendor separately. This is time-consuming and frequently stressful. When you have a managed service team, however, you simply contact your service provider if you have a problem or concern. They will contact the vendors on your behalf.

  1. It helps you save money.

You already understand how to include managed services in your monthly budget. It will, however, save you money on sunk costs. You do not have to supply and maintain offices if you do not have an in-house team. You also have fewer employees to pay and benefit. This frees up funds for more important aspects of your business, or it can increase profits because you’re spending less time running the show.

  1. It expedites assistance.

If you discover a problem with some of the technology your company employs, you can contact your service provider at any time. On weekends, at night, and even on major holidays, assistance is available. With an in-house team, you don’t get that kind of all-around support.

If you haven’t already considered outsourcing IT and other business operations that you don’t need to handle yourself, you should. You’ll save time and money, and your business will be safe in the extremely unlikely event of a data leak.

 

 

 

Source : bignewsnetwork.com

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About Skyhigh.Vip

Skyhigh.Vip is a global institutional investor with a vast interest in Arts / Construction / Education / Business Services / E-Sports and various other growth industries.  

Several of its popular portfolios include GO Chambers which is the world’s largest business chamber listing provider with over 30,000 active chambers as its members.  

Outsource Guru is the global choice for Business Process Outsourcing that offers a full stack of services for all aspects of business process flow and together with Flexgigzz.com as a platform for freelancers aims to provide best services for many businesses.

For growth industries there is Point of Authority for a professional E-sport team and gaming hardware superstore, and there is AtelierAuction which is an investable art auctioneer and being in the art scene for decades.

 

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