insurance back office services

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…

Insurance BPO services help carriers in transforming their business operations in multiple ways. One such way is providing better service to policy holders. Addressing policy holder needs is a simple but time taking task. It can bring a bad name if not done properly. Insurance BPOs have well developed processes to handle policy holder services better and bring greater efficiency to the table. They ensure every policy concerns, clarifications and corrections are addressed in a…

According to the findings of Marketwatch, the global insurance business process outsourcing market size will reach a value USD8395.6 million by 2028 and will grow at a CAGR of 4.5%. The global insurance sector is poised to face a score of challenges in 2022. These challenges include talent shortages, customers’ expectations for innovative products, stringent regulatory requirements, uncertain socio-economic scenarios because of international political strife, and others. Insurers are finding it extremely difficult…

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…

The success of an insurer hinges on their ability to deliver superior customer service. The insurance industry is more of a people’s business. This means that every insurance operation touchpoint should be rooted to customers’ expectations and promote better customer service. However, in the modern day, customer service has its own sets of pain points in the insurance industry. These pain points are attributed to a lot of factors that have disrupted the insurance industry.…

According to the recent Reportlinker’s market research report, the insurance industry is expected to outsource complex business operations to insurance BPO services outsourcing companies through 2025. The mutated variants of the coronavirus are expected to trigger newer economic uncertainties through 2025. What this means is that the hardships faced by the insurance industry is unlikely to abate any time soon. The Covid 19 pandemic had exposed the insurance industry to unique challenges like implementation of…

Loss run reports offer detailed claims history of a customer. These details are critical for underwriters to determine a customer’s risk value and decide whether to extend coverage to the person or not. An underwriter’s ability to forecast risk accurately depends entirely on the accuracy of the loss run report.    Imagine a scenario when you approve your customer’s claim for flood insurance coverage because of waterlogging in the basement. But upon investigation, you discover…

Any insurance policy requires a fair amount of data, reports, and other requirements to meet the compliance norms. The legal industry and malpractice insurance segment are no different. Loss run reports, which include a policy’s detailed information, are essential for several reasons. However, getting the latest loss run report can be nothing less than a daunting task. In this article, we take a look at the reasons why loss run reports are important in legal…

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…