Outsource Insurance Loss Run Processing Services

We work closely with the insurance providers to provide the most detailed and accurate insurance loss run processing service in the shortest time.

Insurance Back Office Pro has over 10 years of experience in providing insurance 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 Service 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.

We understand that insurers can have security concerns while thinking to outsource loss run services to third-party vendors. To address such concerns, we have designed our service infrastructure that have all the necessary security protocols to handle sensitive customer information. InsuranceBackOfficePro has new-age data security solutions in place to safely handle and process customers’ sensitive insurance information.

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.

Aaccurate Assessment

We communicate with your underwriting team to provide clarifications to their doubts, thereby helping them to make an accurate assessment of the risks involved.

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.

Why Outsource Insurance Loss Run ProcessingService to Insurance Back Office Pro

When you outsource insurance, loss run processing to us, we provide you with the following benefits:

  • Expert loss run report analysis by experienced professionals
  • Guaranteed 30% reduction in TAT
  • Assured reduction in per employee operational cost by at least 40%
  • Flexibility to scale up to 80% during peak times
  • Quality control audits for accurate reports
  • 100% Compliance adherence with ACORD, ISO, etc.
  • Robust reporting system to ensure transparency and easy detection of flaws

Our insurance loss run processing service is built around the principle of on-time report generation. To make this happen, we work with the insurance carriers directly and conduct follow-ups in a timely manner.

Our team of experts can also help identify potential flaws or errors with data in the reports. We provide a comprehensive analysis that will offer valuable insights to mitigate risks. When it comes to formulating complex loss run reports, we provide expert support in organizing it meticulously and explaining it in simple, logical manner. This kind of reporting is sure to give your organization a strong, qualified image.

Looking for a reliable third-party insurance loss run processing company? Outsource insurance loss run processing to Insurance Back Office Pro and make your process more efficient.

FAQs on Loss Run Processing Services

A loss run is a report issued by an insurance carrier detailing the number of claims you have filed against your commercial insurance policies, otherwise known as your claims history. A loss run report will include the financial impact of your claims, the frequency of your prior claims, and the types of claims you have filed in the past. Loss runs can determine the level of risk underwriters could face if they decide to insure your business.

It depends on the insurer you are working with. You may be able to get your loss run report in a day, after several days, or within a week. According to the law, however, the requested information must get to you within 10 days or less in most states.

Outsourcing loss run reports is the process of getting third parties to collect loss run reports on your behalf with minimal inconvenience and effort involved. It consists of sending loss run report requests to previous insurers, extracting loss run history for policy renewals, and analyzing loss runs to prepare claims reports. Outsourcing loss runs can also include sending these claims reports to underwriters and then forwarding the loss run reports to insurance agencies and brokers.

A loss run report can serve many purposes. As an informational document, it can give you a detailed account of the claims activity on your policy. As an initial assessment tool, it can help insurers assess the amount of risk involved in insuring you and the pricing and terms that will be required. As an on-going assessment tool, it can help insurance companies decide whether or not to renew your policy. And finally, a loss run report can help you obtain better terms or pricing with a different insurance company – if you have a claims history with minimal activity on it.

We can start your loss run processing support services within a period of1 to 2 weeks. It depends on the complexity and volume of your requirements

Simply contact your insurance agency or insurer and inform them that you need a loss run report. You will need to specify how many years of claims history it should cover and provide a deadline for when you should receive that information.

We have state-of-the-art infrastructure that is designed to handle critical and sensitive client information. We also have carefully designed data security mechanisms in place to ensure safe handling and processing of our client’s insurance data. Finally, we are an ISMS certified company, which means that we use many layers of data security to protect our client’s intellectual property.

If you want to get a quick quote, simply send us an email info@insurancebackofficepro.com or fill up a brief form on our website.

Loss run reports detail the history of claims made on an insurance policy and can be requested for a period of up to 5 years. If the policy has been held longer, the loss run report can be generated for however long coverage has been provided.