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May 07, 2024 SortSpoke

Grow your BPO & TPA Business

Learn How to Unlock New Revenue, Cut Costs, and Outpace the Competition

Business Process Outsourcing (BPO) and Third Party Administrators (TPA) have evolved from executing back-office processes to becoming more of a strategic partner by providing more value-added services. 

Can we find some stats here to increase the power of this?

Top 3 things BPOs want to achieve right now:

  • Sell new higher-value services
  • Retain clients by offering Innovation as a Service
  • Gain operational efficiency and boost margins

Innovation leads to high-value services 

BPOs of the future are seeking growth opportunities and leveraging different strategies such as adding new high-value services, retaining their current customer base, and doing all of this in innovative ways that provide operational efficiencies. 

 A few examples of high-value services that can be provided with the right technology include

  • Submission triage to help insurers profitably acquire new customers 
  • Capturing more high-quality data to enhance the customer experience by responding to underwriting and claims inquiries faster
  • Launching new products or enhancements to help insurers respond to marketplace trends faster

This is where human-in-the-loop AI can help.  AI-powered IDP platforms like SortSpoke use machine learning, taught by your experts. All you need to do is upload your documents into our platform, and our AI will automatically prioritize submissions, and then identify and extract the data you need to pull, all verifiable by your experts.

Capturing data locked in highly varied and complex documents plays a vital role in servicing policies, triaging new submissions, and managing claims.  

For BPOs and TPAs to service various types of transactions, they are required to extract data from a wide variety of complex unstructured documents, such as: 

  • Reinsurance Treaties
  • Financial Statements
  • Supplemental Applications
  • Appraisals
  • Loss Runs
  • SOVs and much more 

Advances in AI though are making it possible for BPOs and TPAs to process more complex documentation (without adding headcount), reduce operational costs, and add new services by using a combination of AI + Humans in the Loop to automate data extraction.  

Innovation facilitates customer retention

Technology also plays a key role in helping BPOs retain their customer base. While the Insurtech space is becoming more and more crowded, navigating the hype is challenging.

BPOs that leverage the latest technology to deliver services, and by extension allow their customers to benefit from innovation without the hassle of vetting new solutions, piloting, integrating, and managing change internally carries a very high value. Many refer to this as Innovation-as-a-Service. 

Innovation boosts operational efficiency

And while BPOs and TPAs want to add more services so they can increase profitability, they are held back by many of the same issues as their insurance partners, including 

  • Tighter profit margins 
  • Rising labor costs
  • Legacy technologies and manual workflows
  • Loss of institutional knowledge

Why human-in-the-loop matters

Fits with your existing model, power the humans up to do more, in less time, and with more consistent outcomes. HITL also provides opportunities to:

  • Compliments Existing Expertise: HITL AI directly complements BPOs' core strength: human expertise. By integrating this expertise into the AI training process, BPOs refine a powerful tool that directly aligns with their service model, maximizing the value of their human knowledge base.
  • Addresses Complex, Unstructured Data: BPOs handle a vast array of documents, often highly unstructured and nuanced (e.g., handwritten notes, complex forms). HITL AI combines machine learning's speed with human expertise to decipher these challenging formats, unlocking data for greater efficiency and new service offerings.
  • Scalability + Accuracy: HITL systems improve over time. As human experts verify and correct AI output, the model learns, leading to increasingly accurate and automated data extraction. This allows BPOs to handle growing document volume and complexity without proportional increases in staff or errors.
  • Adaptability: HITL AI isn't a rigid solution. As BPOs expand or encounter new document types, human experts fine-tune the AI model on the fly. This flexibility makes it ideal for dynamic business environments where needs change quickly.

How SortSpoke Benefits BPOs & TPAs

SortSpoke works with over 20 insurers and service providers who use our advanced AI to respond to marketplace trends faster, as well as deliver better outcomes in underwriting and claims. Some of the other benefits BPOs and TPAs will see with SortSpoke’s augmented AI include: 

  • Ability to capture more data without adding headcount
  • Identify profitable new business submissions faster
  • Create more value by capturing high-quality data throughout the policy lifecycle 
  • Reduce operational costs by automating 80% - 90% of your data extraction needs
  • Launch new products or expand into new markets  2 - 4 quarters faster

 

Interested in a demo? Explore how SortSpoke can help your BPO team today.