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.
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.
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…
We know the impact good quality has on a brand or business. It can allow them to command premium pricing for their product, and it is a powerful driver for customer loyalty and growth. In the insurance business, quality is expected, a necessity. Because of this, there is a cost to not meeting quality standards.…
For several years, ReSource Pro has been engaged in a dialogue with our clients about the future of insurance distribution. The advent of devices embedded in everything from walls, wires, tires, pipes to human bodies will precipitate a revolution in how risks are measured and controlled. The roles of the insured, agent, broker and carrier will be transformed. It’s…
Organizations of all sizes and across all industry sectors have been steadily embracing project management as a way to control and improve project results. The reason is simple: Adhering to project management methods and strategies reduces risks, cuts costs and improves project success rates. Project management, when implemented properly, helps to anticipate and mitigate or…
There is tremendous opportunity for greater profitability for agencies that implement best practices in their organizations. In fact, the top 25% of agencies with revenues of $5 million-$10 million that have created smart operations are 30-50% more productive than the average agency, with a spread per employee of $85,940 vs. $64,752. If you have 50 employees,…
While making a change in an organization is difficult enough, sustaining it can be even harder, which is why it’s imperative to have reinforcements, the last component in the ADKAR model for successful change management. The focus on reinforcement should be strong so that desired results are delivered. How do you build reinforcement? There are…
We’ve discussed the importance of awareness and building desire in the change management process in previous posts. Now it’s time to equip your employees with the knowledge and ability they need to make change happen. From a change management perspective based on the ADKAR model, there are two types of knowledge an employee needs in…
Putting fun in the workplace means making it a happy place to be! A happy worker is a productive worker. In fact, unhappy American workers cost $300 billion dollars each year in lost productivity! By creating a fun, happy work environment, organizations can boost productivity and reap many other benefits including: Increased productivity. Without a valuable…
