From insurance agents to brokers and carriers, everyone in the insurance sector has to go through diverse back-office processes to streamline their operations and improve workflow. Whether it’s generating a quote summary, or policy management, policy checking and generating a renewal exposure summary, professional back office support is crucial for insurance firms. Insurance agents and brokers, wholesale brokers, managing general agents and insurance carriers, and claims administrators can benefit from back office outsourcing, which is an effective option to address a multitude of administrative and data management tasks.
Outsourcing back-office operations provides diverse benefits for insurers
- Reduced workload for staff
- Reduced operating costs
- Access to expert resources
- More time to focus on core activities
- Increased flexibility and scalability
- Streamlined administrative services
- Access to advanced technology
- Standardized business processes
- Improved customer satisfaction and retention
Insurers can consider outsourcing these tasks to streamline their operations and improve workflow.
Insurers may have to deal with a huge amount of data that can be collected and processed regularly. They may require entering, digitizing and processing data for diverse purposes, such as payments, filing, audits, record keeping, reimbursements, and more. Professional BPO companies provide the services of skilled data entry operators who can deal with any sort of data related to health insurance, motorcycle insurance, quotes and proposals, insurance settlements, property and rental insurance, and more. Experienced companies will use advanced big data analytics tools for data mining. All data will undergo multiple levels of quality check and accuracy validation steps, to ensure accuracy.
Premium and claims payment processing
Insurance claims processing is a time-consuming process, which involves performing a thorough investigation, determining the loss or damages suffered, identifying any liable parties involved, collecting itemized invoice and completion of the claim form, reviewing policies, and making arrangement for payment. Companies may have to process claims related to first party insurance, car insurance, homeowner or natural disaster claims. Such claims can be filed easily with the assistance of an experienced claims processing company. Providing customers with timely services can improve customer satisfaction and you can save both time and money.
Insurance accounting and bookkeeping
Insurance firms often find it difficult to manage the accounting function. Accounts Receivable generates invoices, statements, or both, to bill customers. Accounting services that can be outsourced to experienced providers include asset management, forensic accounting, bookkeeping services, summarizing accounts receivable and payables, financial statement creation, filing tax returns, forecasting economic prospects, accounts reconciliation services, etc. Make sure that the BPO company that you are partnering with has well-trained resources to take care of insurance accounting tasks.
Insurance document scanning
Information collected through various forms need to be saved, digitized and stored for future reference and to process claims. Managing huge volumes of paperwork is another hectic task for insurance firm staff. Document scanning and conversion services provided by back office outsourcing companies support capturing data, digitizing, indexing it, and converting it into any electronic format, thus providing immediate access to any records. Digitization helps streamline insurance processes and eliminate all the paper in the office.
Insurance underwriting support
Each insurance company maintains an underwriting department that deals with understanding the customer’s expectations with respect to insurance, checking the customer’s credibility, verifying all the documents submitted including bank papers, and more. Experienced companies can provide necessary support in underwriting tasks.
You can also rely on BPO companies for policy management, administration tasks, claims management, quality control, renewal processing, application submissions, mail processing, and more.