insurance BPO

A Boston-based property insurance company with footprint in 13 cities across the US was facing significant problems with its mailroom operations – a problem common across the insurance spectrum. The 200+ workforce of the firm was trying to manage all aspects of operations in-house which is why it was struggling to distinguish between its core and non-core functions. And then came the Covid-19 pandemic which forced it to suspend operations temporarily as there was very…

The impact of the Covid-19 pandemic on the insurance industry has been disastrous. The primary area of loss for most insurers across all business lines – from property and casualty to specialties – has been the balance sheet. Besides, the crisis has disrupted the fundamental working structure of insurers, disabling their staff from serving their clients. Today, most insurers are faced with a high surge in the number of incoming claims combined with a rapid…

A strategic management of policy services has never been more critical than in the current situation. The Covid 19-induced depreciated economic conditions of consumers have prompted regulatory authorities to impose mandates for insurers to provide pandemic-related coverages and exemptions. Insurers are facing fresh complications in managing their policies in a bid to abide by these mandates. Chubb Limited has estimated USD1.4 billion losses of the global insurance industry in the Q2 2020 owing to the…

The Covid-19 pandemic has caused an unprecedented slowdown in the insurance industry, forcing stakeholders to change the way they conduct business. Insurers were clearly unprepared for such a brutal crisis and had to pay for it in terms of opportunity loss, revenue loss, and workflow disruptions, and even halting of operations. The crisis has underscored the need for insurers to brace themselves for more such unexpected setbacks and catastrophes in the future. And to do…

Customers are smart and look to have a deep-dive knowledge of services they avail. They are more than keen to know about the possible benefits, challenges, and outcomes of subscribing to a service. The necessity to scale up to consumer smartness have triggered the need to frame customized policies and match it with smart service delivery. This has in turn spawned digital disruption in the insurance industry With the advent of technology, IT spending is…

New technologies have disrupted the global insurance industry like never before. The rapid adoption of digital technologies has immensely helped insurance companies simplify critical processes related to policy issuance, claims management, and renewals processing. At the same time, offshore insurance BPO companies have upskilled themselves and developed a deep understanding of the regulatory and quality requirements related to insurance processes. Along with developing deep domain expertise, they have developed scalable models that equip them to…