insurance back office services

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.…