Business Process Outsourcing – Frequently Asked Questions

Business Process Outsourcing – Frequently Asked Questions

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By, Tad Lague, Sr Sales Executive

When we meet with new clients and prospects, we frequently are asked several questions that helps our business leaders understand back office support and how this service can benefit them. We have comprised a list of these questions to better assist our client’s needs.

How will my company benefit from outsourcing our back-office processes?
Aside from the cost savings, Vantage Agora clients can refocus CSRs time and efforts on more customer-facing activities. This results in improved customer service, faster turnarounds, and better use of their staff. Producers can concentrate their efforts on sales which typically results in increased revenues.

How does remote staffing affect operating costs?
Utilizing remote staffing will have a significant impact on reducing operating costs:

  1. It eliminates the need to conduct a search to advertise the open position, find and screen the candidate pool, interview and negotiate salary and benefits.
  2. It also removes the need for physical space in their office. There is no need for additional desks, computers, and office supplies, etc.
  3. Supervising and management costs are reduced when the workforce is not a payroll employee. There is no need to manage vacation days, sick time, weather related delays, etc. when the workforce is managed by Vantage Agora.
  4. Training costs for the workforce are reduced as Vantage Agora maintains an up to date training manual on each process performed.
  5. Finally, and perhaps most importantly, companies no longer have the need to cover expenses such as paid time off, paid holidays, 401K, and health insurance. Also eliminated are payroll taxes, workers’ compensation premiums, unemployment insurance, and other overhead costs.

Overall, companies that use Vantage Agora as their remote staffing partner can expect to reduce their overhead costs by 40% – 60% per full-time equivalent (FTE), see example below.

Are the Vantage Agora team members trained in insurance?
Vantage Agora only hires personnel who are university graduates. As part of our proven on-boarding process, staff are trained on specific procedures and learn the agency management system associated with their assignment. Our training process is certified by all the leading agency management systems. Monthly assessments keep their remote staffing personnel’s skills current with the most up to date procedures and regulations.

What are the advantages of remote staffing personnel dedicated to my operations?
Vantage Agora has an exclusive model of having a dedicated person and team to their account. The advantage of this model is our staff will become familiar and experienced with the idiosyncrasies of each of their processes. This familiarity will allow the staff to make subjective decisions and apply previously gained knowledge whereas models that utilize a revolving or shared personnel will lack that historical and institutional knowledge. Having a revolving or shared personnel model oftentimes results in more errors and slower processing time.  Another advantage allows clients to develop a relationship with their dedicated team and can communicate daily to address issues in real-time.

How are sick days and holidays handled in a remote staffing model?
Vantage Agora maintains at least one trained backup person for each process ready to immediately step in and cover sick days and holidays without any disruption to our client’s business operations.

What are typical insurance processes that VA can manage for us?

Submissions

Rates / Quotes

Policy Issuance

Premium Audit

Claims Monitoring

Loss Runs

Endorsements Renewals Cancellations
Certificates

Policy Review

File Set Up

Renewal Notifications

Commissions

MVRs

Billing

Closing Letters

Vantage Agora is an industry leader in providing remote staffing solutions to the insurance industry. We validate that statement by hiring qualified college educated personnel dedicated to a conscientious, quality job with a strong commitment to continuous improvement.

How do we get started?
Once we receive the approval to move forward, an online video conference call is scheduled within a few days. In this kickoff meeting the client will demonstrate each process to be performed. This call is recorded and used to create a training manual for each process. Oftentimes these are universal processes but we make note of the unique processes that each client brings to the standardized functions. Once the documentation is complete the client reviews and approves the training manual and then assigns a few practice files which we use to demonstrate our mastery of their procedures. Once that process is complete all the client needs to do is assign us live files and we’ll get started the same day. Depending on the complexity of your procedures, Vantage Agora staff can be working on live files in 2-4 weeks.

If you would like to know more about what Vantage Agora can do for your insurance needs, please contact us today to get started.

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