The insurance sector, like many other industries in the UK and around the world, is facing a perfect storm of challenges – quite literally in some instances.
Most insurers have grave concerns about climate matters for example, with climate-related claims a key risk factor. 83% say that more frequent storms, floods and freezes are contributing to more claims being filed, and more complex claims hitting the sector. There’s a huge financial cost to this of course, with insured loss events hitting a £27-billion high in 2023.
There’s also a growing urgency around AI. While many insurers are forging ahead with AI adoption to some degree, more than eight in 10 actuaries admit to an AI skills gap.
Data security is vital but is becoming harder thanks to increasingly sophisticated and more numerous cyberattacks. And of course, financial pressures continue to loom large with the cost of living crisis and high levels of inflation leading policy holders to shop around for better deals each year.
Dealing with the day-to-day
To the backdrop of these risks, business as usual continues at a frantic pace.
It often feels like the insurance world doesn’t stop for breath. Between chasing payments, managing compliance, and keeping clients happy, the administrative duties that lie behind a successful operation can sometimes feel relentless. And when your team’s already stretched, even the smallest of tasks can become a much bigger headache.
We understand the pressure. That’s why we specialise in working closely with insurance firms to lighten the load, offering virtual assistant support that feels like an extension of your business, rather than yet another thing that needs to be managed.
With years of experience in the insurance industry, we’ve noticed some common challenges that are shared across many organisations.
Here’s a closer look at the biggest and most frustrating of them – and clear insight into how we can help you overcome those hurdles with clarity and confidence:
1. Client relationship management
In insurance, renewals are heavily reliant on a combination of both trust and loyalty. This means you’re always treading a fine line, and you can’t afford to be heavy-handed when chasing overdue payments. Our experienced VAs know how to handle credit control with a calm, consistent approach that keeps cash flow moving and client relationships intact.
2. Growth & development
Hiring full-time staff to grow your team can be costly, especially when roles are part-time by nature. Our virtual assistants offer flexible support that scales with your needs. Whether it’s help with TOBAs, bordereaux, or general admin, we deliver results in a few focused hours per day, without the need for extra desks or contracts.
3. Compliance
Insurance is a heavily regulated industry and remaining compliant requires consistent, ongoing and proactive management, yet many businesses still rely on outdated systems, especially for remote teams. Our remote working e-learning courses are user friendly and bring structure to processes, so compliance doesn’t slip, no matter where your team is working from.
4. Work-life balance
When inboxes are overflowing and admin tasks creep into evenings and weekends, burnout isn’t far behind. Offloading time-consuming jobs to a trusted VA helps you and your team focus on the work that matters most, without compromising on service or standards, while still having time to enjoy life outside of the office.
Outsourcing that feels like in-house support
Here at The Administration Hub, we pride ourselves on becoming a seamless extension of your team. As supplier members of the MGAA – and recent exhibitors at BIBA – we know the insurance world inside out. Our support is personalised, professional, and always aligned with your mission, no matter what that mission is.
If your insurance business is ready to streamline admin, eradicate frustrating challenges, and stay ahead of the curve, we’re here to help you reach your goals.
Let’s lighten the load, together. Get in touch to find out more or explore a tailored solution for your insurance business: info@theadministrationhub.co.uk