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Outsourcing: Sharing the workload
01 May 2002
As insurers’ staff and financial resources are stretched ever more thinly by the tough economic environment, many are outsourcing a variety of different functions to specialised firms. This allows the insurers to focus more on what they do best – underwriting. By Russ Banham
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[insurance]
[claims]
[swiss re]
Electric Insurance Company was short-circuited by its
inability to contact customers who had not paid their monthly
insurance premiums and were in danger of having their policies
cancelled. So the Massachusetts personal lines insurer outsourced
the customer contact process to EnvoyWorldWide, an outsource
service provider specialising in real-time notifications. "When we
contacted customers who'd missed their due dates it usually
prevented their policies being cancelled," explains Dominick
Cipolla, Electric's vice-president of operations.
"Unfortunately, we did not have resources to contact all of them,"
he adds. "We had two people here devoted to this and they were only
able to contact 100 of the 1,000 customers whose policies had gone
into late status. Consequently, a lot of policies were being
cancelled, translating into lost premium volume for us." Since it
started using Envoy in June 2001, Electric now contacts all 1,000
late bill-payers. This, in turn, frees up the two customer service
representatives to focus on more...
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