Insurance companies must send lots of communications to subscribers. Those documents include personal and confidential information, which means strict adherence to regulations. Because of the regulatory environment, many insurance organizations lean toward producing these communications in-house, thinking they’re better protected and more in control. Frequently, that’s a misconception. Using an expert transactional print and mail provider can better facilitate insurance print and mail communications and insulate insurance companies from many of the risks associated with these communications.
Outsourcing to such a company brings many advantages and benefits, providing you with control, visibility, and transparency at every step.
Insurance Carriers Must Create a High Volume of Communications at a High Cost
While some consumers prefer to receive all communication in digital format, many still want physical copies of invoices, ID cards, claims, and policy or coverage communications. Even with this high volume, running your own in-plant is costly.
Expenses include materials, equipment, labor, space costs, postage, and more. In addition, there are a number of compliance measures you must put in place to ensure integrity. For example, you need advanced print and inserter technology to confirm that every person receives the correct information.
With such a variety of communications and the need for processes to be seamless, it’s hard for insurance companies to stay on top of everything. After all, it’s not your core competency. Expenses can add up quickly. By outsourcing, you will see that number go down.
Dynamic Printing Helps Your Personalize Communications
Another aspect of insurance print and mail is using personalization in communications. To do that, you need a system that enables dynamic printing. That means that printers receive data for each individual correspondence, and you can customize the messaging.
This can be very impactful for upselling and cross-selling your portfolio of insurance solutions. Additionally, you can also increase engagement. For example, if your company has programs for subscribers to participate in, you can use invoices or policy communications to promote this to encourage them to sign up. You could also use dynamic printing to drive customers to online payment portals.
More Benefits to Outsourcing Insurance Print and Mail
At the top of the advantages to outsourcing is the cost savings. Transactional printers will always be able to claim the best postage rates. They also have specific contractors with paper suppliers. Since their entire operation is around regulated communications, they have efficient, robust processes that create significant savings and curtail waste. Engagement and personalization are also highly beneficial, but what else can you expect when you outsource?
Decrease the risk of unplanned outages:
A transactional printer has built-in redundancy, typically by having multiple locations in different geographies. That’s something most insurance carriers don’t have.
If you face downtime, it could cause lots of problems. Communications may arrive late, which could render you noncompliant. It could also impact cash flow if customers receive invoices later than expected.
Increase security and compliance.
Transactional printers are singularly focused. They hold robust compliance certifications. They also have industry-leading data security protocols that protect information throughout the process. In addition, such a company will have a full-time Compliance Officer to monitor all regulations and procedures.
Track all your mailings.
You can access a secure platform that provides you with complete transparency into the production of your communications. You can monitor the status of all jobs and track the document from printing to delivery through a dashboard.
Ensure greater accuracy.
Accuracy isn’t negotiable in your mailings. As noted earlier, you can best achieve this with a technology system to insert the right documents into the right envelope. Such a solution scans barcodes at the bottom of each page. It also uses high-speed cameras to track every insertion. The use of such a system delivers the industry-leading accuracy of 99.9999%.
Trust PCI Group for Insurance Print and Mail Services
PCI Group is the chosen provider for some of the most recognizable companies in the insurance industry. We have the compliance protocols and certifications, technology, and processes to ensure integrity, accuracy, and quality. Find out more about our services for insurance carriers today.
