The competitive landscape for insurance providers is constantly changing. New startups are entering the market, existing insurance providers are adapting to keep up with trends in the industry, and digital marketing avenues are reaching new heights. In order to stay ahead of the curve, it’s essential to offer a differentiated policyholder experience through a consultative approach to product advising. That’s where outsourced insurance product advisors can help.

When you partner with the right insurance BPO offering product advisory services, you’ll gain access to an abundance of industry experience and proven processes designed to help you scale your business while providing your policyholders with the best possible experiences.

Below, we’ll examine the benefits of outsourcing product advisory services to an experienced team of insurance professionals and explore how it can improve your bottom line.

The Benefits of Outsourcing Insurance Product Advisory Services

Greater Opportunity for Expansion into New Markets

In today’s competitive market, it’s not enough to simply stay afloat – it’s business-critical to focus on continuous growth. If you’re looking to expand into new markets but lacking the necessary infrastructure or personnel to do so effectively, a strong insurance BPO partner can help you scale past these limitations and tap into new markets.

Not only does an expert BPO partner have the necessary knowledge and resources, but they also have the right product advisors to seize opportunities, engage leads, and close deals. This is especially important in new markets where the sales process may be unfamiliar or complex to your in-house team.

A Holistic 360 Degree View of Back-End Processes

When you outsource product advisory services to the right onshore insurance BPO provider, you’re not just gaining an expert team of advisors – you’re also getting access to a wealth of knowledge and experience throughout the entire insurance lifecycle.

The best insurance BPO providers have a strong, holistic view of all back-end processes. They offer a comprehensive suite of services that covers every aspect of the insurance ecosystem, from frontline services to back-office support and customer communication. A BPO partner with an established sales process can help you drive efficiencies, add value to your brand credibility, keep up with changing trends in the industry, and most importantly, better serve your policyholders. Right here at home.

Eliminating the Need for Recruitment and Training

You gain access to on-demand product and market expertise by outsourcing your product advisory services. This negates the need to spend precious time and resources recruiting and training new employees. Instead, you can take advantage of experts already familiar with the industry, who have all the necessary skills for advising your policyholders effectively. 

Outsourced product advisors are exposed to different technology platforms and follow proven operational processes, making them more agile than in-house staff when understanding new systems and optimizing business practices.

A Consultative Approach to Customer Service

In today’s competitive landscape, it’s not enough to simply offer good customer service – it’s imperative to offer a differentiated policyholder experience. The right insurance BPO partner can help you achieve this by providing a team of qualified, onshore product advisors who are familiar with the latest industry trends and offer a truly consultative approach to product advising. 

As Mike Nordeen, our Integrated Services Manager, puts it, “We make it very easy for insurers to quickly and cost-effectively explore direct-to-consumer sales. We take a deep, consultative and collaborative approach – catering our sales methodology to the needs of our clients.”

This consultative approach goes beyond simply trying to make a sale; it’s about understanding the needs of your policyholders and providing them with the best possible service. By taking the time to get to know your policyholders and their unique needs, these advisors can provide policyholders with tailored solutions that fit their individual circumstances.

Dynamic and Flexible Service

When working with an insurance BPO, finding a dynamic and adaptable partner is critical. The best BPO providers have the flexibility to tailor their services to meet each insurer’s specific needs and can rapidly scale operations to support any growth initiatives. An agile BPO partner will also have the systems and quality workflow processes in place to ensure speed to lead and speed to close.

With the right partner, this flexibility and responsiveness is underpinned by a team of product advisors who are experts in their field and have the necessary skills to advise on even the most complex insurance products. This flexibility can even extend to business development and lead qualification support.

Limitless Growth Made Possible

If you’re considering outsourcing product advisory services, you’re ready to open your business up to a world of opportunity. At Covenir, we’re not an extension of your team, we are your product advisory team – working to help you expand into new markets, seize bigger opportunities, and engage policyholders. By partnering with us, you’re creating opportunities to increase your bottom line and focus your in-house expertise on specific core areas of your operations. 

We have an immersive approach to understanding your business gaps and have devised strategic methodologies to bring excellent business value for a more effective operation. You may have outstanding growth plans chalked out on paper, but we have the people power to help you bring them to life.

Partner with us and let us be your edge over the competition. Get started today.