Your customers rely on you to minimize their risk and protect their assets. Trust is a big part of the relationship between consumers and insurance companies. To ensure you keep this, you need to deliver communications to them in the channels they prefer that are secure and accurate. While some have chosen to go digital, many still want printed property and casualty insurance documents.
These mailings can include lots of pages when sending policies and declarations. Communication may also be high volume with regular statements and other vital letters. As a result, you incur a lot of costs to print and mail them. It’s also a cumbersome process that requires a lot of defined workflows and is labor-intensive.
It’s a cost center that doesn’t seem ever to decrease. Insurance companies feel the crunch on their budgets in many ways, and outsourcing property and casualty insurance documents is a way to save money. However, you won’t have to worry about sacrificing quality, accuracy, or compliance.
Let’s review how.
Outsourcing Property and Casual Print and Mail Saves You Money
In-house operations keep ballooning in costs, but you may not even be aware of all of them. When thinking about the total expenses, you have to consider:
- Machinery and technology (purchase and maintenance)
- Material (e.g., paper, ink, etc.)
- Postage
- Labor
- Overhead costs (e.g., rent, energy, water, security systems)
It’s a long list of costs that will only go up. You have to keep your equipment up-to-date, upgrading often. Paper prices have risen significantly, and postage is regularly increasing. Even if you reduce the number of mailings, you aren’t likely to see savings. The cost efficiencies regarding materials and postage are only available with extremely high volumes.
When you outsource, you benefit from transactional companies and their buying power and ability to use postage optimization. Those strategies include:
- Address scrubbing that eliminates duplicates and corrects wrong addresses
- Presorting
- Using the USPS Intelligent Mail® barcode (IMb) for automation
- Commingling groups of mail
- Recommendations for standardization of mail sizes
Another option is to leverage a transactional communications company’s secure, compliant e-delivery service so customers can receive statements and documents via email.
You also eliminate equipment, technology, labor, and overhead costs. Now, print and mail are an operating cost, providing you with savings you can redistribute to other areas of your business.
Outsourcing Property and Casualty Print and Mail Unburdens Your Operations
Along with all the costs of operating an in-plant, there is an ecosystem of processes and workflows. They have to be consistent, compliant, accurate, and repeatable. Even minor mistakes can lead to big issues. You also have to update these and audit them constantly. Since this isn’t your core competency, it becomes a burden that will only get heavier.
Outsourcing property and casualty insurance communications shifts all the responsibilities to your provider, and they are ready to take them on by using advanced technology like intelligent insertion, strategies like Lean Manufacturing, and a dedication to quality. Producing transactional print and mail is all they do, so they don’t have other areas of the business doing something else. Those in the industry are also adept at innovation to ensure consistency at scale.
However, you’ll still have visibility through a customer portal that allows you to monitor jobs from data transmission to the mail stream. Tracking mailings to delivery is possible, too, along with many other data points available in real time.
You offload the burdens but can be confident you’re in good hands.
Learn More About Property and Casualty Print and Mail Services
Outsourcing makes fiscal and operational sense for insurance companies. Keep delivering the documents in a timely and accurate way, but cut costs and ease your burdens. We’ve helped numerous insurance entities transition with success. Get more information on these services today.
