Outsourcing is more than a means to reduce your infrastructural, employee and other overhead expenses. It is a strategic and in fact and an essential tool for companies to achieve their growth goals. It helps you to increase your overall productivity, and address gaps like shortage of skilled employees. Like any other outsourcing, Insurance BPO services offer you a quicker turnaround time, while helping you maintain quality in their services. The insurance industry being so…

An Insurance loss run report contains a record of all the claims a policyholder has made against his/her insurance policies.  Policyholders have to provide this report to insurance carriers when they seek a new coverage or renew the current one. It is quite similar to the credit score reports prepared by commercial banks to determine the eligibility of the loan seeker. Insurance companies study the history of the claims made by the business, to assess…

C-Suite executives in the insurance industry have enlisted product innovation as their top priority in the years to come. This is because factors such as evolving consumer expectations, fluctuating interest rates, proliferation of insurtechs, embedded insurance, among others are making it difficult for traditional insurance carriers to stay relevant in the industry. Product innovation will help them come up with diverse customized offerings and become more competitive in a post-pandemic world. Product Innovation Pathways There…

Insurance claims management is a complex process. It involves several layers of tasks and massive amounts of paperwork. Employees find it a big challenge to sift through multiple documents and ensure accuracy in all the claims administration steps. An accurate insurance claims administration process has a direct bearing on customer experience. Therefore, a failure to insurance manage claims administration translates to a failure to manage customer experience. The primary challenge lies in processing multiple claims…