26 Mar 2021
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How Hosted PBX Works in the Insurance & Finance Industries

The insurance and finance industries face some unique challenges when it comes to their telephony, but a hosted PBX is the best solution for them. Here’s why.

A Fully Managed Solution Across Many New Locations

In the insurance and finance industries, large players often grow by acquiring smaller firms, thus inheriting phone systems. These systems might not be up to date with the latest business functionalities. They may be using failing telephony. Or they may be fine, but having a mosaic of former small firms, each with their own phone system, creates a hodgepodge of systems with different strengths, weaknesses, standards, billing structures, and IT challenges. No IT department should have to devote so many resources to support a mixed bag of older PBX based systems. 

That’s why a hosted PBX is better suited to a big operation with many office locations. Hosted PBX offers a fully managed phone system that takes pressure off IT departments that would be challenged by managing dozens of phone systems across the country.

Standardization & Low Touch Deployment

As financial and insurance firms acquire smaller companies, those smaller companies can become branch offices. To better manage a branch office, standardized solutions are required. Enter the cloud. It’s like a one-stop shop. No need for more employees to manage more systems and no need to worry about different deployment logistics for different installations in different offices.

By using hosted PBX, IT can easily standardize each branch’s telephony. By having the same people do each set up, there is a sense of unity in each deployment. Moreover, they don’t need to travel to each site and manage things individually. Everything can be done remotely.

Cost Redaction, Stability, & Operational Efficiencies

If you have one hundred different locations, would you still want one hundred different bills and contracts? Of course not. That’s why companies with lots of locations get a hosted PBX solution, such as the one offered by ThinkTel. That way you deal with one company, get one system, and get one bill.

It’s important to highlight the importance of getting one bill. Getting just one bill means you can depend on price certainty. You know exactly what your bill will look like and can budget for it in advance. It’s also worth noting that with a hosted solution, everything becomes an operating expense instead of a capital expense, meaning you can write off more.

Unified Communications & Even More Functionalities

There should be more ways to reach an insurance agent than by just speaking over the phone. Fortunately, with unified communications, there are. Say I’m dealing with ABC Insurance, and they’re using a hosted PBX with unified communications. I can email my claim to my agent, I leave them a chat message just to touch base, I can call them later to discuss an issue—and it is all seamless because from their perspective they’re dealing with me from the same place. Instead of starting over with a new agent every time, a single agent can handle everything. It doesn’t matter what mode of communication is chosen, because it all ends up in the same place.

Call recording is another fantastic feature beloved by insurance and finance clients. By going back to a call recording, they can ensure accuracy. Each call recording becomes a new point of reference. This way, you can, in effect, pick up where you’ve left off every time.

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