Ways Insurance Companies Can Leverage Staff Augmentation

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Ways Insurance companies can leverage Staff augmentation

Insurance companies can leverage virtual staff in many useful ways. Insurance company staff augmentation is increasing every year. Staff augmentation in an insurance company used to only be the domain of large companies.  Increasingly, SMB insurance companies are leveraging staff augmentation. We can provide an insurance company virtual assistant or many other IT, digital marketing, accounting, and bookkeeping roles.

Specific Challenges to the Insurance Industry

Staffing is a particular challenge for insurance companies. It is hard to hire help these days and also to fit them within budgets for roles. Increasingly, it is also hard to retain staff as well. The insurance industry has been suffering from a talent drain in developed countries as university graduates select other business segments to start their careers in. Improving back office efficiency gains for better profitability is also a challenge faced by the insurance sector. Digital transformation can help at times, but there must be tasks with a high frequency to warrant a bot for automation. Staff augmentation for an insurance company can meet this challenge when RPA cannot.

Other Challenges for the Insurance Industry

Rising rates are an additional challenge which drives customers to shop more. Climate change and issues are also having an adverse effect for some parts of the industry. Overall, there is simply increased choice for consumers, thus making competition fierce. There are new digital entrants and vertical integration from companies that previously did not offer insurance. The bottom line though is that there is a trend towards globalization. Insurance company staff augmentation can be one way to combat globalization and compete on level footing. The challenges of being an insurance SMB are what we try to help our clients address. Providing an insurance company virtual assistant, a bookkeeper, billing staff, or other roles we fill, are just a few of the ways we can help.

Insurance Company Staff Augmentation

Staffing challenges at insurance companies is an issue we hear from many clients. They frequently are offering attractive packages but simply cannot find workers. Back office help is a must for insurance companies and insurance brokers. They also frequently report challenges finding IT help, software administrators, and other tech support roles. We provide all of these plus digital marketing, as well as staff that can launch AI and automation initiatives. Cyber security is also of utmost concern to insurance companies due to the amount of high value information they process for customers. We can provide fractional cyber security solutions that can help them be diligent.

Insurance Company Virtual Assistant

A specialty of ours is providing our clients with an insurance company virtual assistant. Our assistants can be trained to assume any number of back office clerical jobs and roles. Frequently our staff is providing information about policies to customers or other firms. They also update forms and submit them. They can process claims and collect documentation from customers and businesses serving them. Additionally, our staff can process payments received from customers or for claims. Virtual assistants can also calculate premiums and communicate them to customers or prospective clients. Processing new insurance applications and new claims is also frequently addressed. Our resources can off load routine and mundane work so that staff in the office who is customer facing can have more time to provide personal assistance. Simply put, … our virtual assistants can do a lot to make a business more efficient.

Status of Insurance Company Staff Augmentation

Large companies have been utilizing insurance company staff augmentation for years. Our mission is to provide mid-sized companies and small businesses the access to the same services as large enterprises. Filling back office roles can be a huge help, as can providing accounting and bookkeeping services. We can provide digital marketing to our insurance clients so that they can maintain a digital presence and compete more effectively globally and outside their physical locations. All of these practices are increasing among large companies… we want to make sure our clients have the same opportunity and are able to compete.

Benefits for Insurance Companies Using Virtual Staff

Simply filling roles that are going unfilled is one big upside to a virtual assistant at an insurance company and insurance company staff augmentation in general. Filling roles at a lower cost is also a big benefit. We frequently find our clients use these savings to incentivize in person staff and to retain them. All Valenta engagements are flexible in nature, can be scaled up, and ramped down flexibly. Other benefits we hear from our clients include getting needed skills in the door (if they cannot be found locally), being able to focus on what is most important, being more client facing, and having the time to be strategic.

About Valenta

We address all insurance company staff augmentation with a team of professionals. Our engagements include a local managing partner in the same city, state, or province, plus regional service heads responsible for all virtual staff supporting a region. All our remote resources include a management layer for staff.  Our clients deal with the staff manager directly. Our team leaders are managing a team of individuals in the same role for other clients. Staff available during local working hours is an option.

Valenta’s core services are Process Consulting, Digital Transformation, Staff Augmentation and Learning Platforms.  We are 100% SMB focused and we provide all the same services the large staff augmentation and consulting firms provide to the Fortune 1000. Our local managing partners are located in the USA, Canada, UK, EU, Australia, New Zealand, the Caribbean, Latin America, and Africa.  Please feel free to find your Local Managing Partner here.


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