insurance back office services

For the insurance industry, physical supply chains are less significant than what they are for most other industries. But the sector is marked by complex business processes that involve multiple tasks and sub-tasks that demand close monitoring and timely intervention. And it has been the operations side of the industry that has taken a severe blow from the ongoing Covid-19 pandemic. The intricate interplay between the insurers and their external networks has been disrupted by…

The ongoing COVID-19 pandemic has wreaked havoc on every aspect of human life, shattered global economies, and forced industries into bankruptcy. The insurance sector, owing to the nature of its workflow, finds itself among the worst-hit businesses. The usually busy insurance workplaces, buzzing with operational activities around the year, have been forced to either shut down their business or at least trim their workforce and operations owing to poor market conditions. However, even though everything…

Insurance claims administration is one of the most critical aspects of insurance processing. Whether you are an insurance carrier or an agency, you want your insurance claims management to be top-notch, timely, and free of errors. After all, delayed or erroneous insurance claims management can lead to multiple problems like unhappy customers, fraud, expensive lawsuits, and negative damage to their brand. Over the years, there has been a substantial increase in the outsourcing of insurance…

Insurance carriers have not had it easy with the onset of COVID-19. Not only are they faced with massive customer support queries and requests, but they are also struggling with the move to a remote workforce. To make matters worse, security breaches and fraud has only been rising in the industry, leaving many insurers wondering what to do next to simply survive the times. Outsourcing insurance back-office processes has always been one solution to the…

For long, outsourcing has been the trend in the insurance industry primarily to help insurance carriers and agencies save on costs. With outsourcing, insurance carriers have been able to get hold of third-party support providers to operate less important tasks from cheap offshore locations at less than half the costs. These third-party providers specialize in the insurance domain with inside-out knowledge of the process and regulatory requirements. They have leveraged this knowledge to develop robust…

Insurance claims processing is a secondary process, which involves accurately documenting, verifying, and validating the insurance claims to avoid potential errors. Filing of insurance claims is mostly done by following a pre-set format. Being inefficient and inaccurate in processing the insurance claims could result in rejection or denials. For medical practitioners this can be a time consuming and tedious task. However, medical practitioners need not take the responsibility of manually coding and processing insurance claims…

Outsourcing has been quite an effective solution for multiple industries across the board for a while now. It is largely used to promote the growth and development of an organization when faced with increasing market pressures and competition. Outsourcing insurance back-office support services specifically comes in useful to save time and resources for high-volume but low-level tasks such as data entry and insurance claims processing. Even though outsourcing is known to have a few challenges…

As a carrier you must have understood the imperative need to embrace digitization. However, developing core digital capabilities can be an arduous process as there are many pitfalls to avoid. So, what is that carriers need to do to make a beginning towards the digital transformation. Which areas of the insurance business process must be digitally enabled first in order to make the most of digitization. In this blog we put those priorities in order.…