Insurtech is shaking up the insurance industry.
According to Porch Research, more than 1,500 insurtech companies have emerged in the last five years alone. In 2020, there were 81 insurtech acquisitions – a record – and insurtech companies raised $5.4 billion in VC funding.
There’s a lot of opportunity, at least for the insurtechs that have the needed ability and agility. However, with so many new companies emerging, speed to market is crucial.
Digital Transformation Is Accelerating
Before the pandemic, people talked a lot about digital transformation. More and more, they’re putting their money where their mouth is.
Digital insurance says that the pandemic disrupted operations and revealed gaps in operating models. Now, according to a Deloitte survey of insurance executives, 95% of respondents are accelerating or looking to accelerate digital transformation.
This is good news for insurtech startups that can succeed in meeting this massive surge in demand. TechCrunch says that investment in insurtechs has been hot in 2021 so far, as insurtechs have leveraged the current market environment.
The Plug and Play BPO Solution
Building a company from the ground up can take time – and that’s time that you don’t always have. While you’re hiring on a large workforce and building infrastructure, your competition is beating you to the finish line and taking the opportunities you wanted for yourself.
Thankfully, there’s another solution.
When you use a plug and play Business Process Outsourcing (BPO) solution, you can go live fast – without having to hire and build infrastructure.
You’re in control and you pick and choose the services you need to augment your existing team and vendors.
For example – if you want to use the BPO for frontline services such as your customer service call center, first notice of loss intake, and/or sales agent team, while staffing your back office in-house, you can do that.
On the other hand, if you want to manage frontline services in house, while outsourcing back office tasks like premium reconciliation and agent commission processing, that’s possible too.
It’s even possible to outsource inbound and outbound policyholder communication if that works best for your model.
That’s what we mean by plug and play. You plug in exactly the solutions you need – and you’re ready to go to market, fast.
Your All-You-Can-Eat Service Buffet
Your team can do a lot, but it can’t do everything. Think of the plug and play model as an all-you-can-eat buffet. You get to select the services you want, and you don’t have to worry about getting locked in – the service model can evolve as your company grows.
Are you ready to ignite your startup?
Covenir is the BPO you need. We help insurers in three main areas: frontline services, back office support and customer communications.
Frontline services include:
- Call center
- FNOL intake
- Licensed sales agents
Back office support includes:
- Policy servicing and underwriting support
- Full premium services, bank reconciliation and agent commission processing
Customer communication includes:
- Print and distribution of insured communications including proof of mailing
- Virtual mailroom service – scanning, digitizing and processing of inbound mail