Outsource Insurance Loss Run Processing Services
We work closely with the insurance providers to provide the most detailed and accurate loss run report in the shortest time
Insurance Back Office Pro has over 10 years of experience in providing loss run processing services to its global clients and brokers. We work closely with the insurance providers and so can process insurance loss run in a time efficient manner. We follow strict processes and template-based report formats that allow us to provide accurate reports that encourage sales and help our clients stay competitive. We guarantee you to the most detailed loss run report in the shortest time.
Loss run reports are required from time to time either for a renewal process or new insurance application. These reports are requested by insurance companies to get a detailed look into the history of claims on an insurance policy. In a typical scenario, insurance agencies can request for five years of history or for the length of insurance coverage. Claims history plays a vital role when the borrower’s application is being underwritten.
Even though insurance policies are renewed once each year, it can be a cumbersome process for a company that handles thousands of clients with multiple policies due for renewal simultaneously. This could be a huge responsibility for an insurance provider with limited staff at their disposal. As if this wasn’t enough, sometimes clients also consider trying some other service provider when their renewal is due. This anticipation alone makes the requirement of loss run reports a necessity.
Insurance providers spend an inordinate amount of time trying to obtain these loss-run reports because failing to furnish them on time can result in agencies being banned by the underwriter. To ensure that the reports are procured in time, many agencies take help from insurance loss run processing service.
We not only procure these reports in time, but also assist you with its analysis and review to help you make an informed business decision. Our tested and proven methods work in complete coordination with any insurance carrier. When servicing new clients, these providers know that the loss run reports must be verified and processed quickly for successful conversion. Let us handle your mundane insurance backend tasks so that you can grow your business!
Outsource Insurance Loss Run Processing for Gaining on Accuracy and Speed
The customer care representatives hired by most insurance carriers are tasked to handle loss run requests. However, these highly proficient resources could be put to better use, handling more intricate duties such as claims processing or billing, rather than wasting away behind back office work.
To use their efficient resources well and to make their teams more productive, insurance carriers often seek help from a third party insurance loss run processing services company that can handle these tasks for them while they work on frontend service and business expansion.
Here are some of the reasons why you should consider outsourcing loss run processing to an offshore partner.
- Error-Free Reporting: The specialized loss running processing teams can get these reports processed on a client’s software accurately and instantly thus saving time and money.
- Valuable Analysis: The experts can help you review the loss run report and provide you with valuable insights regarding risk management and loss control.
- Verified Reports: Third party service providers not only prepare accurate loss run reports but also get them verified by the carrier’s underwriter.
Besides ensuring these, an insurance loss run processing services company delivers a whole lot of other benefits to streamline your back-end processes.
Our End-to-End Insurance Loss Run Processing Services
Insurance Back Office Pro has a team of skilled and experienced insurance professionals who can guarantee you seamless insurance loss run processing services. Our proficient teams help our clients save huge amounts in operational costs by offering flexible work models.
Some of our services include:
- Filing of loss run report requests to insurance carriers
- Extraction of loss run information to assist during policy renewal
- Analyse and review loss run reports
- Prepare claims reports after thorough analysis of loss run
- Keep the underwriters informed about the unavailability of loss run report
- Receiving and sending loss run report application to former insurers
- Disbursement of loss run reports to brokers and agencies
When you outsource insurance loss run processing service to us, we promise to protect your data by signing a Non-Disclosure agreement (NDA). Not only that, our world class infrastructure keeps information secure and deliver ultimate insurance loss run processing solutions. You can confidently leave your insurance operations in our experienced hands and let us help your business scale heights.