This is the fourth in a series of posts, wherein we’ll be discussing the origins and evolution of insurance industry outsourcing. In this post, we discuss how the outsourcing industry evolves, providing distinct offerings. Over the last decade, insurance outsourcing has evolved to meet market needs. Like in many developing industries, outsourcing providers have taken…
This is the third in a series of posts focused on the origins and evolution of insurance industry outsourcing. In this post, we discuss how outsourcing became a relevant business solution for the independent broker. As previously discussed in this series, business process outsourcing (BPO) or ‘outsourcing’ in the insurance industry has been around for…
Are you getting the most out of the creativity and ingenuity of your people? Most insurance organizations don’t realize how much expertise and insight their people can bring to a product, process or service where they have experience. In fact, they are often not even asked their opinion. But, your people have so much more…
According to Prudential’s Ninth Study of Employee Benefits, 81% of benefits brokers said their role has changed a great deal in the last five years. The employee benefits landscape has changed significantly, with the role of the benefits broker having shifted from being sales-focused to service-oriented. To compete, today’s employee benefits broker needs to offer end-to-end…
Do you remember the scene from the 1996 movie Jerry McGuire, where Tom Cruise as Jerry is begging Cuba Gooding’s character to step into line and exasperatingly says “Help me, help you.” Tom Cruise’s character then storms off, and Cuba Gooding says, “See Jerry, that’s the difference between you and me. You think we’re fighting…
This is the second in a series of posts, wherein we’ll be discussing the origins and evolution of insurance industry outsourcing. The first post discussed the economic origins of insurance industry outsourcing. In this post, we discuss how technology enabled outsourcing for new markets. Technology is the Necessary Enabler Technology has had a transformative…
You can have great assets, great people, great resources, great intellectual capital and great opportunities in your insurance organization, and still be expending excess energy, spinning your wheels and suffering considerable loss in output. These losses emerge from your operational processes and lead to some of the greatest missed opportunities in our businesses and indeed…
This is the first in a series of posts, wherein we’ll be discussing the origins and evolution of insurance industry outsourcing. In this post, we discuss the early economic principles that laid the foundation for modern outsourcing. We can trace the origins of outsourcing back hundreds of years in one form or another. As Kate…
Recent publicized ransomware attacks (“WannaCry”) have reminded many about the importance of cybersecurity vigilance. Proving this, any insurance organization that followed the most basic cybersecurity best practices would have been safe from WannaCry. We’ve put together a list of best practices that will help you minimize your insurance organization’s exposure to cyber liability. Keep your…
In the insurance industry, most people think of ‘outsourcing’ as delegating low value tasks at the lowest cost possible. In reality, we outsource mission-critical work all the time – legal, accounting, tax filing, marketing, IT and more – without any hesitation and with a clear understanding of the benefits. So, for lack of a better…
Have you ever been promised that if you just had [fill in the blank] data, you could generate game-changing insights that would transform your insurance operations? If only it were that simple. Unfortunately, insights don’t come from simple osmosis by staring at your new reports and dashboards. That is a recipe for analysis paralysis, and…
As we all now know, in the end the Best Picture Oscar did not go to the movie “La La Land”. In case you missed it, during this years’ Oscar Awards, Faye Dunaway and Warren Beatty mistakenly announced La La Land as the winner for Best Picture. The actual winner – Moonlight – was announce a…
Sometimes, the best business lessons come from unexpected places. For example, one might assume there are few similarities between insurance business processes and the world of logistics and package delivery. Yet, taking a closer look, we find an interesting and helpful correlation. In the 1970’s UPS, the world’s largest package delivery company, started experimenting with…
In the insurance industry, we have often been slow to make changes; but today, the need has never been greater. In an environment moving toward interconnected technologies, artificial intelligence, drones, changing workplace dynamics and industry profit pressures, legacy processes, procedures and methodologies no longer serve the needs insureds. Companies like Lemonade Insurance Company have turned…
In 2004, ReSource Pro got into the insurance outsourcing business. Today we’re in the insurance operations excellence and analytics business. Back in the day, the need of insurance organizations was to fill a gap in staffing, solve backlogs or take on tasks no one wanted to do. We provided those services at a substantial savings…
