Outsourcing is nothing new, with many large international corporations such as Unilever outsourcing much of their work to consultants. Unilever and similar global corporations benefit from outsourcing by reducing operational costs and gaining specialized expertise without expanding internal teams. This approach allows them to focus resources on core business functions, improving efficiency and scalability. Companies can save up to 30% on operating costs by outsourcing, according to a report from Deloitte on global outsourcing trends. This reduction is primarily due to lower labor costs, savings on office space, and reduced overhead expenses.
The insurance sector can also benefit from this modern-era development in which an agency can save money, increase productivity, and ultimately boost profits by hiring a virtual insurance assistant.
Learn how a virtual assistant agent can rapidly help your business or agency grow.
How can an insurance agent virtual assistant benefit your business?
With many agencies offering their services virtually, there is no need to have a large office.
Virtual employees can do the same work as on-site personnel but for much less. Business News Daily says small businesses hiring virtual assistants can save up to 78% on operating costs by avoiding office space, equipment, and benefits expenses. Moreover, research by Stanford University found that remote employees are 13% more productive than their in-office counterparts, mainly due to fewer distractions, shorter breaks, and reduced sick days.
It’s great to have people to help you, and you have built a bond with them, but many employees outgrow their skills and should be doing something more meaningful in your agency or business. Here, an insurance virtual assistant can do administrative work at a lower cost.
Simultaneously, you and your team will have time to focus on producing better products, increasing your marketing efforts, expanding your business, and having more conversations with your clients.
Is it easy to find great talent?
The simple answer is no. Research has found that 62% of hiring managers have looked to remote working talent to assist them.
Many job seekers are not keen to travel to an office. Such folk opt for working remotely − if they are forced to travel, they will ask for higher salaries. A recent Gallup survey showed that 54% of employees would leave their current jobs for one that offers more flexible work time, underscoring that flexibility through remote work is now a critical factor in employee satisfaction and retention.
How does one source great people to benefit a business?
For instance, an agency or company may seek top talent and settle for remote workers. Virtual assistants can do the same work as those on-site, but at a much lower cost.
When virtual workers are onboarded, a business can also increase its diversity, which can have a commanding effect on the company. According to a McKinsey & Company study, culturally and ethnically diverse teams are 33% more lucrative than those that are not.
In addition, virtual workers eliminate any subconscious unfairness towards other ethnic groups, eradicating barriers that may keep your trade from attaining diversity. Hiring virtual assistants could increase productivity by 20% to 25%.
What other benefits can a virtual assistant offer?
More than gaining access to great talent living abroad for much less, an agency or business can save on business overheads such as rent, workstations, and other utilities. All such costs are a massive drain on company profits, impeding the steady growth of the business.
Going the virtual route allows a company to save and use its resources to enhance the customer’s experience, spending more on marketing to gain more clients. In a study by Stanford University, remote employees were found to be 13% more productive, further enhancing business outcomes without the traditional office setup.
What tasks can a virtual assistant complete?
The task list will depend on your business requirements. The most popular tasks include optimizing client relationships or associate management systems.
The VA will also assist with organization and lead management, handle email and marketing, help with virtual reception service, conduct cold calling as a team concierge, and assist with internal quote preparation.
The list, naturally, is not exhaustive − it is up to you to designate the tasks you require.