insurance back office

While outsourcing has always been a well-recognized concept in the insurance sector, it was considered an add-on in the pre-Covid days. Regardless of the tangible gains it delivers, it was still an ‘optional luxury’. The catastrophe posed tough questions to insurers in the form of spiking death claims, investment portfolio losses, a slowdown in sales and premiums, and operational risks around business continuity, cyber, litigation, fraud, and employee shortage. For insurers, the ideal response lies…

The Covid-19 crisis has been hard on the insurance sector, inflicting setbacks that include loss of business, operational disruptions, workforce stress, and several others. For the industry, ramping up operations, cutting down on costs, reducing the time to market, and adapting to the post-pandemic world comprise the way to bounce back from the blows. And process integration is the tool that can help insurers to realize these seemingly difficult goals with enhanced efficiency. >> A…

The Covid 19 pandemic has set in motion unique circumstances before which even the leading organizations with robust contingent measures crumbled. With the World Health Organisation’s declaration of the Covid 19 as a pandemic, governing authorities across the globe started implementing stringent measures. These measures forced more than half of the industrial sectors to bring the shutters down on their operations on a temporary basis. The work from home policy which is seen as the…

Globally, the insurance industry is grappling with multiple challenges. Low-interest rates, stagnating industry growth, and the increasing possibility of a global recession are putting real pressures on the insurance business. For example, the number of life insurance policies sold in the USA have declined in the past decade. In 2018, insurers sold 27.7 million life insurance policies in the country as opposed to 28.6 million in 2008. Creating customized solutions to meet customers’ growing needs,…

For any industry with a widening customer base, outsourcing is no longer an option but a necessity to ensure continued growth and sustainability in the long run. For the insurance industry, the growth over the past few years has been unprecedented and beyond expectations. However, the challenges and demands that accompany such developments make outsourcing a no-brainer for the industry players to drive performance, cut costs, and enhance the customer experience. Also, the rising curve…

Insurance fraud is the second greatest financial crime undertaken in the US; with the first being tax fraud. Every year, over $80 billion worth of fraud takes place, harming lives and businesses in its wake. Why is Fraud so Rampant? Medical providers exploit existing automated billing processes with bogus treatment claims that cannot easily be verified.The consensus around insurance fraud is that it is not that severe a crime (i.e. because it is a victimless…