The only solution I can find to this query is Mail Backup X.
About the alternatives:
Time Machine: my experience with it was terrible as most of my emails were empty. Secondly, the mail folder of Outlook 2016 is hidden and difficult to retrieve.
The backup Tool you have been using: either doesn't come with incremental backup, i.e., every exported mail has to be fed individually, the same mails are required to backup repeatedly. That ends much like Time Machine.
Mail Backup X on the other hand, can backup Mac Outlook 2016 emails automatically and directly from the Outlook main Identity. Saves me time from exporting every mail to OLM every time before backing up.
It avails you the option to back up your mails directly on an external drive.
To know more on how to backup Outlook Mac, visit: http://www.mailbackupx.com/how-to-scenerios/how-to-backup-outlook-mac-mails-on-mac.html