ReSource Pro CEO Dan Epstein believes that property/casualty insurers are ripe for the outsourcing in which his company specializes: business process outsourcing. Executive SummaryReSource Pro CEO Dan Epstein is sensitive to the word “outsourcing,” which typically refers to a company exporting jobs overseas where they can be done for far less money than at home. But ReSource Pro provides outsourcing of a different sort. It is known as business process management, and the company has grown tremendously by offering the service to its largely property/casualty insurance carrier clients. In short, ResourcePro’s operations in China handle carrier tasks including submission entry and underwriting support so that carriers don’t have to. The idea is to free up carriers’ existing employees so they can focus on higher-caliber tasks to grow the business.
“There are a whole range of activities people are engaged in that I would describe as necessary for compliance but which don’t add direct value or differentiate the carriers either to their brokers or to their end customers, the insureds,” Epstein said in a Carrier Management interview.
He said that “there are valuable people in the industry who can be producing much more, driving more value to their clients and organizations and to their partners, and they are impeded from doing that because they spend so much time doing routine processing.”
ReSource Pro’s sizable staff—35 in the U.S. and 2,000 in China—can handle carrier tasks from submission entry and underwriting support to binding and issuing policies, invoices, processing of endorsements and renewal processes, he said. Below, Epstein explains more about what ReSource Pro does and what he sees as his company’s ability to enhance insurance industry job creation.