{"id":115,"date":"2020-02-26T09:25:31","date_gmt":"2020-02-26T09:25:31","guid":{"rendered":"https:\/\/www.insurancebackofficepro.com\/blog\/?p=115"},"modified":"2023-12-08T11:08:54","modified_gmt":"2023-12-08T11:08:54","slug":"benefits-of-outsourcing-insurance-back-office-in-2020-insurers-will-simplify-processes-than-save-on-costs","status":"publish","type":"post","link":"https:\/\/www.insurancebackofficepro.com\/blog\/benefits-of-outsourcing-insurance-back-office-in-2020-insurers-will-simplify-processes-than-save-on-costs\/","title":{"rendered":"Benefits of Outsourcing Insurance Back Office in 2020: Insurers Will Simplify Processes Than Save on Costs"},"content":{"rendered":"<p>For long,\noutsourcing has been the trend in the insurance industry primarily to help\ninsurance carriers and agencies save on costs. With outsourcing, insurance\ncarriers have been able to get hold of third-party support providers to operate\nless important tasks from cheap offshore locations at less than half the costs.\nThese third-party providers specialize in the insurance domain with inside-out\nknowledge of the process and regulatory requirements. They have leveraged this\nknowledge to develop robust processes that strictly meet the quality needs of\ntheir clients. With quality assured at almost half the costs, insurance\ncarriers and agencies saw cost savings as an option to augment profits and\nstarted relying heavily on back office support providers to drive most of their\nnon-core tasks.<\/p><p>Regulatory compliance plays a big role in ensuring transparency and maintaining contractual obligations in the insurance industry. As a proactive means of prudential surveillance, rules and regulations have constantly changed to help minimize non-compliance and reputational risks. This has led to process complexities, which in turn has led to cost escalations. To combat the rise in operational costs, agencies and carriers have relied on outsourcing as the only viable option. <\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong><em>However, in recent years, regulatory changes have taken place at a speed faster than what businesses can keep up with. In their effort to evolve and catch up with the changes, insurance business processes have become more complex. To overcome these complexities insurance carriers and agencies now look upon outsourcing as an effective option.<\/em><\/strong><\/p><\/blockquote><figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"527\" src=\"https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/insurance-back-office-services-for-your-business.jpg\" alt=\"insurance back office services for your business\" class=\"wp-image-119\" srcset=\"https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/insurance-back-office-services-for-your-business.jpg 800w, https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/insurance-back-office-services-for-your-business-300x198.jpg 300w, https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/insurance-back-office-services-for-your-business-768x506.jpg 768w, https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/insurance-back-office-services-for-your-business-400x264.jpg 400w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure><h2 class=\"wp-block-heading\">How Outsourcing will simplify the Following Insurance Processes in 2020<\/h2><h4 class=\"wp-block-heading\"><strong>Policy Checking<\/strong><\/h4><p><strong>Policy checking entails the following:<\/strong><\/p><ul class=\"wp-block-list\"><li><strong>Document\nreviewing<\/strong> &ndash; To ensure that only forms with complete and accurate\ninformation are processed<\/li><li><strong>Checking\npolicy details against those of the proposal<\/strong> &ndash; Eliminates\nfrauds and confusions<\/li><li><strong>Policy\nrenewals<\/strong> &ndash; Verifies the new policy terms with the previous terms<\/li><li><strong>Conflict\nreporting<\/strong> &ndash; Inform the insurer about all kinds of variances and\ndisputes<\/li><li><strong>Delivery\nof policy document<\/strong> &ndash; For successful completion of the policy\nchecking process<\/li><\/ul><h4 class=\"wp-block-heading\"><strong>Costs of Errors and Omissions in Policy Checking<\/strong><\/h4><p>In 2019 insurance agencies ensured a sharp rise in the frequency of Errors &amp; Omissions (E&amp;O) claims, with an average claim value of over $40,000. The increased willingness of consumers to dispute denied claims added to the worries of carriers. The primary reason for this can be attributed to the manual policy checking process that is inherently incompetent. Other reasons include miscommunications and incomplete transactions, unskilled employees and agents, and the absence of standard operating procedures (SOP) and practices. <\/p><blockquote style=\"text-align:left\" class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><em><strong>Thus, in 2020 policy checking automation will be regarded as a long-term solution to the problem and promises an extensive list of monetary and non-monetary benefits for the insurers.<\/strong><\/em><\/p><\/blockquote><h4 class=\"wp-block-heading\"><strong>In 2020 Insurers will want Policy Checking to be an Automated Back Office Task<\/strong><\/h4><p>Automating the process of policy checking will transform the process from a system of record into a system of engagement. This will lead to error-free data absorption thereby making the data more reliable for business insights. Additionally, automated <a href=\"https:\/\/www.insurancebackofficepro.com\/agencies\/insurance-policy-checking-service.php\"><strong><em>insurance policy checking solutions<\/em><\/strong><\/a> will eliminate the need to have grueling overtime, weekends and late nights, which are the root causes of errors. <\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong><em>In 2020, insurers will prefer to outsource policy checking tasks to third-party vendors who rely on automated policy checking primarily because it would help them get the task vetted through technology and also save them the costs of investing in such expensive technologies. <\/em><\/strong><\/p><\/blockquote><h4 class=\"wp-block-heading\"><strong>How Outsourcing Policy Checking to Tech-enabled Vendors Would Resolve the Problem<\/strong><\/h4><figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Insurance Policy Checking Services by Insurance Back Office Pro\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/gQCxzw__PtM?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure><p>A vendor armed\nwith technology will make the process more efficient with<\/p><ul class=\"wp-block-list\"><li><strong>Machine Learning algorithms<\/strong> to reduce\nand even eliminate human involvement in the process<\/li><li>Digital tools for&nbsp;managing reconciliations\nand policy rights, customizing business logic, etc.<\/li><li>M<strong>achine-enabled scrutiny to identify documents<\/strong> with incomplete and\nwrong information<\/li><li>Dedicated resources and tools\nto verify quotes, proposals, and policies to reduce TAT<\/li><\/ul><h4 class=\"wp-block-heading\"><strong>Claims Administration<\/strong><\/h4><figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"488\" src=\"https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/blog-47.jpg\" alt=\"insurance claims administration and management\" class=\"wp-image-120\" srcset=\"https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/blog-47.jpg 800w, https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/blog-47-300x183.jpg 300w, https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/blog-47-768x468.jpg 768w, https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/blog-47-400x244.jpg 400w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure><p><strong>Claims administration is an exhaustive process and primarily includes the following tasks:<\/strong><\/p><ul class=\"wp-block-list\"><li><strong>Registering claim notifications<\/strong> &ndash; Sets about the\nclaim settlement process<\/li><li><strong>Accurate determination of beneficiary<\/strong> &ndash; Particularly\nhelpful when more than one party is involved<\/li><li><strong>Claim validity<\/strong> &ndash; Document verification, validating claim grounds<\/li><li><strong>Estimating the settlement amount<\/strong> &ndash; Ensures correct\ncompensation as per policy terms <\/li><li><strong>Damage repair<\/strong> &ndash; Making the necessary arrangements as part\nof company commitment<\/li><li><strong>Loss recovery<\/strong> &ndash; Form liable parties when required<\/li><\/ul><h4 class=\"wp-block-heading\">Inefficient Claims Administration is Always Detrimental<\/h4><p>Weak <a href=\"https:\/\/www.insurancebackofficepro.com\/agencies\/insurance-claims-administration.php\"><strong><em>insurance claims administration<\/em><\/strong><\/a> not only earns a bad reputation to the insurer but also makes it lose customers to competitors. Claims administration is complex and error-prone because it involves extensive paperwork and demands close coordination with external parties. Also, complying with government regulations while striving to meet consumer expectations is painfully onerous. The paper trail in assessing, auditing, and defending claims can be overwhelming but it must be handled aptly to save on costs and improve customer experience.<\/p><h4 class=\"wp-block-heading\">Owing to the Complex Nature of Administering Claims, the Demand for Automating the Process would Shoot up in 2020<\/h4><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong><em>Adroit handling of claims is imperative to the growth and survival of the insurer in 2020 and hence the error factor involved has to be eliminated from the equation. This is where automation of the process will help achieve unprecedented efficiency and accuracy in claims administration.<\/em><\/strong> <\/p><\/blockquote><p>Reliable third-party vendors will adequately equip themselves with the necessary digital tools to give direct, centralized access to pertinent claims information to all stakeholders. Integration of the process with new technologies, intelligent claims analytics, digitally structured data, and the flexibility to deal with claims complexities would result in rapid and cost-effective closures of claims. <\/p><h4 class=\"wp-block-heading\">How Automation Obliterates All Claims Administration Process Complexities <\/h4><div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/Automation-in-Insurance-back-office.jpg\" alt=\"automation in insurance BPO\" class=\"wp-image-121\" width=\"620\" height=\"379\" srcset=\"https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/Automation-in-Insurance-back-office-300x184.jpg 300w, https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/Automation-in-Insurance-back-office-768x471.jpg 768w, https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/Automation-in-Insurance-back-office-400x246.jpg 400w\" sizes=\"auto, (max-width: 620px) 100vw, 620px\" \/><\/figure><\/div><p>A tech-enabled vendor entrusted with the task of automating the process can transform its complex and siloed models into more organized and cost-efficient ones. <\/p><p><strong>This year vendors will bank on:<\/strong><\/p><ul class=\"wp-block-list\"><li>Software for an unhindered exchange of information\nbetween the insurer and the healthcare provider<\/li><li><strong>Fraud\ndetection module<\/strong> and automated archival process<\/li><li>Case management system,\nlitigation management system, and Return to Work (RTW) Tracking<\/li><li>An automated workflow to <strong>handle bulk <\/strong><strong>paperwork by <\/strong><strong>image recognition\nalgorithms<\/strong>, allowing the client to focus on core\nfunctions<\/li><li><strong>Data\nanalysis<\/strong> and Machine Learning for flagging potential fraudulent\nclaims<\/li><li>Authorization-based processing automation for\nclaim settlement<\/li><\/ul><h4 class=\"wp-block-heading\">Renewal Exposure Summary<\/h4><div class=\"wp-block-image\"><figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"530\" src=\"https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/Insurance-renewal-exposure-summary.jpg\" alt=\"Insurance Renewal Exposure Summary\" class=\"wp-image-122\" srcset=\"https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/Insurance-renewal-exposure-summary.jpg 800w, https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/Insurance-renewal-exposure-summary-300x199.jpg 300w, https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/Insurance-renewal-exposure-summary-768x509.jpg 768w, https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/Insurance-renewal-exposure-summary-400x265.jpg 400w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/figure><\/div><p><strong>This critical step in the insurance process chiefly comprises:<\/strong><\/p><ul class=\"wp-block-list\"><li><strong>Renewal\nReminders and Summary Reports<\/strong> &ndash; Accurate renewal exposure\nreports.<\/li><li><strong>Tracking\nrenewals<\/strong> &ndash; Stay updated on the latest developments and possible\npolicy changes<\/li><li><strong>Coordination\nwith carriers and agencies<\/strong> &ndash; Smooth handling of renewal\nrequests<\/li><li><strong>Renewal\nrequest processing<\/strong> &ndash; Processing of insurance renewal requests<\/li><\/ul><h4 class=\"wp-block-heading\">Why Renewal Exposure Summary Matters<\/h4><p><a href=\"https:\/\/www.insurancebackofficepro.com\/agencies\/renewal-exposure-summary-services.php\">Insurance renewal exposure summary<\/a> is crucial when an insurance carrier needs to process a coverage renewal by providing the right premium amount after analyzing the policyholder&rsquo;s risks. A wrong assessment of the ever-changing risks and exposure of the insured person\/entity can have serious legal and monetary consequences. This makes the task of creating the exposure summary extremely critical and time-consuming, and it demands extreme analysis, calculations, and prudent judgment. A strategic and proactive approach to insurance renewals is important in tackling the challenges of retaining clients.<\/p><h4 class=\"wp-block-heading\">Harnessing Technology to Streamline and Simplify Renewal Exposure Summary Services in 2020<\/h4><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong><em>The complex processes of accessing the risk and exposure of the insured individual can be handled seamlessly with the application of digital tools and techniques. Considering the volatile nature of the industry, the use of Robotic Process Automation (RPA), Machine Learning (ML), Deep Learning will increase in 2020. <\/em><\/strong><\/p><\/blockquote><p>Also, these machine-driven analytics and insights would enable insurers to target different customer segments with customized plans and pricing models. Customer service would also improve this year with automation since it would allow self-administration of policyholders. When such critical tasks are executed by insurance process outsourcing vendors, it lets the stakeholders achieve much more at significantly reduced costs.<\/p><h4 class=\"wp-block-heading\">Automation of Policy Renewal Exposure Summary is the Answer to All Process Pain Points<\/h4><p><strong>In 2020 reputable insurance vendors will leverage technical expertise to improve the policy renewal process. These include:<\/strong><\/p><ul class=\"wp-block-list\"><li>ML-driven <strong>actionable-insights for engaging lower segment customers<\/strong>.<\/li><li><strong>Automated assessment control<\/strong> drives out\nthe need for data validation.<\/li><li><strong>Self-administration capabilities<\/strong> for\nrisk and insurance teams and digitalized tools for field agents for sharing\ninformation.<\/li><li>Interactive dashboards for data\nconsolidation, reporting, and contact management.<\/li><li>Digital solutions to <strong>assist actuaries in accurate projections<\/strong>,\ncompliance formalities, etc.<\/li><\/ul><h4 class=\"wp-block-heading\"><a href=\"https:\/\/www.insurancebackofficepro.com\/agencies\/document-indexing-filing.php\">Document Indexing, Filing and Management<\/a><\/h4><div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/Document-Indexing-Filing-and-Management.jpg\" alt=\"\" class=\"wp-image-123\" width=\"571\" height=\"393\" srcset=\"https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/Document-Indexing-Filing-and-Management.jpg 800w, https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/Document-Indexing-Filing-and-Management-300x207.jpg 300w, https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/Document-Indexing-Filing-and-Management-768x529.jpg 768w, https:\/\/www.insurancebackofficepro.com\/blog\/wp-content\/uploads\/2020\/02\/Document-Indexing-Filing-and-Management-400x276.jpg 400w\" sizes=\"auto, (max-width: 571px) 100vw, 571px\" \/><\/figure><\/div><p><strong>The primary functions of doc indexing in insurance processing are:<\/strong><\/p><ul class=\"wp-block-list\"><li><strong>Document segregation<\/strong> &ndash; Helps in easier\ninsurance accounting, boosts\nproductivity, and saves time<\/li><li><strong>Document indexing and labeling<\/strong> &ndash; Helps\nduring policy checking and administration by cutting down the average handling\ntime. <\/li><li><strong>Easy\nediting and searching<\/strong> &ndash; Easy and error-free processing of document\nrepository<\/li><li><strong>Document labeling<\/strong> &ndash; Easy retrieval of the desired document<\/li><\/ul><h4 class=\"wp-block-heading\">Document Management has a Significant Bearing on Process Efficiency and Employee Productivity<\/h4><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong><em>In 2019, insurance carriers and agencies lost millions of dollars due to the loss of productive time owing to flawed document management. Primary challenges included a lack of centralized document repository, indexing and labelling inconveniences, and document safety, among others. When the management of important documents got compromised, insurers lost huge sums of money.<\/em><\/strong> <\/p><\/blockquote><p>Other than the storage costs of hard copies, lot many insurers had to put up with damaged and misplaced documents. Other worries included the difficulty in making changes, time in filing and retrieving documents, and lack of security, among others. To boost their bottom line by saving on document management, carriers and agencies will partner with a trusted vendor this year to automate such resource-intensive tasks.<\/p><h4 class=\"wp-block-heading\">Smart Indexing and Filing would Change the Game in 2020<\/h4><p>A seasoned\ninsurance vendor has experts to categorize and organize business-related\ndocuments and store them in customer folders for easy tracking and access. The\nname convention they use for labeling and indexing documents simplifies the\naccounting and billing processes. It&rsquo;s a real help for the employees in\nprocessing claims if they get a gist of the policy holder&rsquo;s details.<\/p><p>Insurers will\nembrace digitalization of business data through the use of present-day\ntechnologies stand to gain a competitive edge in the market. Manual documents\nconverted into digital forms allows for cloud storage, a technology that\nfacilitates ubiquitous access, enhanced security, and better collaboration. To\nbe specific, the advantages include remote access to data, reduced dependency\non on-premises storage, and selective access, among others. <\/p><h4 class=\"wp-block-heading\"><strong>Outsourcing the Process would Streamline it to Achieve Higher Efficiency<\/strong><\/h4><p><strong>Smart handling of document indexing and filing process will be realized by outsourcing. This is because third-party vendors know how to:<\/strong><\/p><ul class=\"wp-block-list\"><li>Use global conventions and\nstandard document-indexing for easy understanding and acceptability.<\/li><li>AI intelligence to arrange\nmultiple documents of a single claim together.<\/li><li>Machine intelligence for editing and searching for\nintended documents.<\/li><li>Cloud storage to enhance productivity and lower\noperating costs.<\/li><\/ul><h4 class=\"wp-block-heading\"><a href=\"https:\/\/www.insurancebackofficepro.com\/agencies\/insurance-loss-run-processing-service.php\">Loss Run Processing<\/a><\/h4><p><strong>Loss run processing is crucial to the profitable functioning of the insurance process and entails the following:<\/strong><\/p><ul class=\"wp-block-list\"><li><strong>Information sharing with previous insurers<\/strong> &ndash; For accurate case history<\/li><li><strong>Filing loss run report requests<\/strong> &ndash; Cuts down undesired hassles for the client<\/li><li><strong>Processing of Loss Run Reports<\/strong> &ndash; Streamlines the release of loss run summary<\/li><li><strong>Preparing claim reports<\/strong> &ndash; By verifying and analysing loss run reports<\/li><li>Claim notification &ndash; To underwriters whenever the need arises <\/li><\/ul><h4 class=\"wp-block-heading\">Inefficient Loss Run Processes Cause Insurance Companies Early<\/h4><p>In 2019 insurers\ndepended heavily on the loss run report of the client\/prospect before\nunderwriting their policy. Since the loss run reports speak volumes about the\nclaims history of the insured, underwriters treated it as a yardstick to decide\non the policy terms and premium amount. In many cases there were wrong\ngeneration and processing of loss run reports which hit insurance carriers not\njust monetarily but also in the form of legal troubles and reputation damage.<\/p><h4 class=\"wp-block-heading\">Outsourcing Loss Run Processing would be a Prudent Business Move in 2020<\/h4><p>Outsourcing the\ntask of loss run processing relives underwriters of the excessive workload and\nallows them to focus on other value-adding areas of the business. Armed with\nthe latest technological tools to combat process challenges, the insurance\nvendor can greatly cut down on the costs and efforts of the in-house team. The\nexperts of the vendor team along with their flexible pricing options and\npremium infrastructure guarantee round the clock support, quick TAT, and world-class\nloss run processing service.<\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong><em>In 2020 outsourcing would resolve the cumbersome steps of loss run processing and assists insurers in the smooth handling of policies<\/em><\/strong><\/p><\/blockquote><p><strong>A competent vendor will leverage technology to streamline loss run processing in the following ways:<\/strong><\/p><ul class=\"wp-block-list\"><li><strong>Machine-assisted\ncompliance adherence<\/strong> to avoid all legal problems.<\/li><li>System-assisted detailed analysis of loss run\nreports by industry experts.<\/li><li><strong>Workflow\nautomation<\/strong> and advanced reporting system to facilitate process\ntransparency.<\/li><\/ul><p>To sum it up, the year 2020 would be a\nlandmark year for the insurance industry because there would be increasing\nreliance on technology to simplify critical tasks and save on time and money. To\nrealize this in ample measure, both agencies and carriers will veneer more\ntowards tech-agnostic vendors and seek their active assistance in exploring\nopportunities. <\/p><h2 class=\"wp-block-heading\">Who We Are and Why Our Opinion Matters?<\/h2><figure class=\"wp-block-embed-youtube wp-block-embed is-type-video is-provider-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Insurance Process Outsourcing Services by Insurance Back Office Pro\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/3Rlwn3A-Ya4?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure><p><a href=\"https:\/\/www.insurancebackofficepro.com\">Insurance BackOffice Pro<\/a> is a leading insurance back office support service provider with over a decade of experience in assisting clients manage their critical processes. Our exposure to critical processes such as policy checking, claims administration, loss run processing and renewal summary and our presence in the thick of things of the industry makes us an authority in understanding the critical requirements of the insurance industry. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":117,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance-back-office-services"],"_links":{"self":[{"href":"https:\/\/www.insurancebackofficepro.com\/blog\/wp-json\/wp\/v2\/posts\/115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.insurancebackofficepro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.insurancebackofficepro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.insurancebackofficepro.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.insurancebackofficepro.com\/blog\/wp-json\/wp\/v2\/comments?post=115"}],"version-history":[{"count":9,"href":"https:\/\/www.insurancebackofficepro.com\/blog\/wp-json\/wp\/v2\/posts\/115\/revisions"}],"predecessor-version":[{"id":132,"href":"https:\/\/www.insurancebackofficepro.com\/blog\/wp-json\/wp\/v2\/posts\/115\/revisions\/132"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.insurancebackofficepro.com\/blog\/wp-json\/wp\/v2\/media\/117"}],"wp:attachment":[{"href":"https:\/\/www.insurancebackofficepro.com\/blog\/wp-json\/wp\/v2\/media?parent=115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.insurancebackofficepro.com\/blog\/wp-json\/wp\/v2\/categories?post=115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.insurancebackofficepro.com\/blog\/wp-json\/wp\/v2\/tags?post=115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}