This Ideas Time Is Now

Business Process Outsourcing (BPO) is rapidly changing from An idea whose time is coming, to an idea whose time is now. First identified as a means to gain leverage in an extremely competitive market, the BPO solution offers companies a way to make under-performing business units become revenue-generating areas of strength, even in difficult markets.

If you examine companies posting results of growth, profitability and durability, among the commonalities often found are business segments that previously posted less than optimal results, now outsourced to BPO partners, who bring in new expertise. Savvy business leaders recognized these areas as operationally lacking, but the real problem was these business segments were never a part of the companys core strengths. Therefore, how to address the problem was in fact, another problem. A company can spend the money and resources to try to bolster the unit, bring in some experts and upgrade the systems, but there is another option that has proven to be more economical, more efficient and provide greater speed to market. Enter Business Process Outsourcing (BPO).

Many companies rapidly discovered that by letting someone with insurance expertise handle the administrative back office work; they could save money and focus their energy on more strategic issues, better positioning the company for growth. With BPO, companies now have the option to work with one organization to outsource the entire process. This eliminates the complexities associated with monitoring multiple vendors handling many different tasks. For instance when one vendor handles billing functions, another collections, still another handles auditing what can result is a loss of contact and continuity between outsourced business lines. With a full-service BPO provider the entire business process is easily accounted for and managed.

The prevalent motivation for outsourcing is that experts handle functions your company may not consider strengths. However, defining experts is critical. At Trumbull, our experts are industry veterans, familiar with industry standards and compliance issues. In fact, your work will get the attention of a team with an average of 16 years in the insurance industry. This level of experience allows us to put into action proven processes and industry best practices ensuring that your business flows accurately and efficiently. At Trumbull, our people always adhere to the highest quality standards. In addition, as a full service BPO provider, you have only one contact and one company with whom to address any business issues. This simplifies all vendor communication and eliminates confusion.

Using technology that is stable and proven, Trumbull is able to provide greater value to our customers by featuring electronic data feeds to eliminate the error prone process of moving data manually. Also, reporting capabilities for company management and bureau reporting purposes are completely integrated allowing you the ability to track the productivity and performance of each line you outsource and ensuring that your accounting is up-to-date, accurate and accessible.

At Trumbull, we know that Business Process Outsourcing is indeed an idea whose time has come. So think about it, and then think about the People, Process and Technology that is the Trumbull difference. Make BPO an idea whose time is now!

For 75 years the IASA has been doing its part to bring awareness of new ideas to the forefront and foster a progressive atmosphere in our industry. Each of us at Trumbull, would like to congratulate the IASA on this milestone, as we look forward to many more great years of education and assistance.

For more information on Business Process Outsourcing, visit Trumbull Services on the Web at www.trumbull-services.com