Outsource Insurance Policy Checking Service
Our back-office support services for policy checking helps insurance agencies minimize errors, omissions and oversights in policies before issuing it to customers
Insurance Back Office Pro is a global insurance policy checking company with deep expertise in providing back office support services for checking insurance policies. The scope of our job includes spotting errors and missing data and following up with carriers on behalf of agencies and brokers to get them rectified. Our streamlined services will help you deliver error free policy issuance in quick turnaround time.
Our policy checking process is carried out by a team of highly experienced insurance professionals with wide exposure to policy checking. Our process involves analyzing policy documents meticulously, with emphasis on the complex and critical aspects of a policy, understanding the differences in coverages and determining if it complies with industry and company standards. You can leverage our service to check new business or individual policies, same-carrier renewal policies (check for wording that may have changed from the preceding to the succeeding year), renewal policies with a new carrier etc. Our clients prefer to outsource insurance policy administration services to us for a complete and robust solution
Our Comprehensive Insurance Policy Checking Service
Check Documents for Incomplete/Wrong Information
As a premier insurance policy checking company, our basic responsibility begins with the validation of customer details. Our in-depth review process enables us to uncover inconsistent information in the policy and perform a complete check on the policy standing. We scrutinize policy quotes, proposals and binders generation for the integrity of the information supplied on them. We avoid any scope for complications at the time of insurance claim by meticulously verifying policies for errors and missing information.
Identify Errors and Coordinate with Underwriters
The inclusions in the final policy depends on the insights of the underwriter. This makes policy underwriting a demanding task. With our accurate policy checking services, we greatly reduce the workload of the underwriting process. We take complete charge of verifying particulars of the quote, the proposal and the policy. This directly translates to faster turnaround times of the policy issuance process. We submit timely conclusions and information to the underwriter to ensure completeness of all the required information.
Verify Accuracy of Coverage Details
The coverage information is complete only when it contains policy adjustments from clients and there is a complete understanding of the terms and conditions of the policy from both the carrier and the customer. We contribute to the accuracy of the coverage details by authenticating and evaluating the adjustments requested by the client for inclusion in the policy. We undertake various verification procedures to check if the adjustments impact the premium of the policy and dispatch them for approval. As a global insurance policy checking services company, we leave no stones unturned to ensure accuracy of coverage details.
Check Policy Status
Insurers/carriers need to facilitate the checking of policy related information in order to keep customers updated about details like premium payment status and more. With our insurance policy checking services, your customers can check the status of their policies real time. We enable your customers to check vital information like instalment premium, bonus amount, the loan amount and the annuity. Our team of insurance professionals are adept at furnishing well-structured and accurate information about customer policies to add value to your insurance process.
Issuing Final Policy after Cross-Checking Underwriters Input
We complete all the back-end tasks of identifying errors and coordinate with the underwriter to get insurance policies updated in significantly shorter turnaround times. We double check to ensure that customer requests for policy changes are accommodated after being verified by the underwriter. Once everything is in place we issue the final policy to the customer. Outsource insurance policy checking services to us, to get full accountability of your entire policy checking process.
Our End to End Insurance Policy Checking Process
Receive Policy Document from Carrier:- The document is received on the CRM system for the initiation of the review process.
Retrieve Proposal Document from Centralized Folder:- The insurance proposal document of the respective customer is retrieved.
Compare Policy, Proposal for Difference:- Consistency in policy information is assured by a thorough comparison of information on our system, the proposal and the actual policy itself.
Open Check List and Update Information:- Basic customer information is updated on the policy based on the requirements of the checklist.
E-Mail Differences to Carrier if Any:- The carrier is duly notified of any differences in the policy information via a written communication.
Dispatch Policy:- The new policy is dispatched to the customer after ensuring every data is accurate and consistent.
How Insurance Policy Checking Service to us Gives Your Business a Competitive Edge
As a global insurance policy checking company, accuracy and consistency are the hallmarks of our policy checking services. Our well-defined process takes a policy through several stages of scrutiny and approval, each of which uses advanced commenting and tagging capabilities, to ensure no mistakes or slip-ups go unnoticed. This gives us the confidence to guarantee that none of the policies you sell have any chances of going void.
An inherent part of our process involves creating an audit trail of your policy review that covers all identified discrepancies and resolutions. This can be of immense help during legal battles, as it traces the protocols followed to demonstrate compliance.
In case of workers’ compensation insurance, we also have an option to check from a range of specific lines of business. This helps in cutting down the time needed to check the business specific nature of the policy and deliver the validated version in the shortest possible time.