Insurance companies invariably cater to a dynamic customer base that is not only varied in terms of business size but also in terms of industry, range of services, and corporate culture. Providing outstanding customer service to this diverse group is a cornerstone of an insurance company’s business. There are naturally many challenges associated with providing service to multi-type businesses, but by leveraging managed service providers (MSPs), insurance companies can improve growth by demonstrating an extraordinary level of customer service.
Compliance
For insurance companies to meet the needs of their clients, they first need to adhere to their industry’s strict regulations and standards. To be compliant, insurers must demonstrate strict uptime, feature advanced data management protocols, and have a robust data backup and disaster recovery plan in place.
Much like the healthcare and finance industries, insurance companies are contracting with MSPs to meet the stringent compliance standards of their accrediting agencies. Suffering the penalties for noncompliance isn’t an option for any companies. The repercussions not only include hefty fees but also loss of accreditation. Working with a high-quality MSP means that an insurer can take the steps it needs to ensure compliance and reduce risks associated with service disruptions and data loss.
Service Restoration
There’s no way to prevent all disruptions of service. Natural disasters like floods and storms cannot be prevented. Power outages will also occur. However, insurers can take steps to reduce downtime associated with service disruptions when they partner with a third-party. MSPs are usually comprised of a team of IT professionals who specialize in one thing: keeping your core systems running no matter what.
Moreover, insurers that opt for cloud-based backup systems can typically restore services very quickly. Incurring downtime means that an insurer can’t provide the level of customer service its client’s demand. Therefore, by minimizing service disruptions and downtime, insurers can continue to provide their clients with the services they need.
Cost Savings
Choosing to run IT systems in-house is quite the investment — and an ongoing level of expense that can fluctuate without warning. Companies that subscribe to an MSP, however, know precisely the amount they will pay each month for contracted services.
For companies concerned about their bottom line (and aren’t they all), the fee for third-party services is far less expensive than the cost needed to purchase hardware and pay for a full IT department — not to mention a hefty amount set aside for maintenance needs. And when it comes to contracting with a high-quality managed services provider, cost savings does not translate to inferior IT capabilities. On the contrary, insurers can avoid large expenses while obtaining advanced technology solutions that can compete with the big leagues when they partner with a trusted MSP.
Customizable Services
MSPs offer a wide range of technology solutions to meet the needs of their diverse clientele. Whether your insurance firm is large or small, you pay only for what you need. Solutions are scalable, flexible, and designed to meet specific budgets as well as service requirements. This means technology solutions are tailored to provide companies with robust data backup and operating functionality to move their business forward.
Focus on Business—Not Your Technology
Insurers that contract for managed services find that they no longer have to steer exorbitant resources into their IT management and technology platforms. In other words, their MSP handles the technology portion of their business. This frees the business to focus on what it does best: meet the insurance needs of its clientele and provide outstanding customer service.
Even if your business only purchases data backup solutions in case of a disaster or service disruption, you can rest easy knowing that your company’s services are covered to meet compliance regulations. The point is, when things like tech deployments, maintenance, and monitoring are taken care off, you spend less time worrying about IT problems and more time converting leads, attracting news clients, and, ultimately, growing your business.
If you own an insurance company or a business that cares fiercely about its customers and its growth, consider consulting with the team at Dyrand. Partnering with us grants you access to the latest technologies, worry-free maintenance services, and data backup solutions that keep your business running and growing at the same time.