Insurance BPO Services for Carriers
Insurance Back Office Pro has been a strategic partner to over 50 insurance carriers, in the US. Backed by over 10 years of experience and equipped with the skills needed to enable you to stand apart from competition we have successfully catered to the diverse needs of carriers and assisted them to become a trusted service provider for their clients.
Our custom solutions across the insurance value chain have helped our clients minimize costs, reduce errors, simplify workflow, and truncate delays. Additionally, our analytics solutions have helped derive strategic consumer insights to operate at optimal efficiency and profitability at all times.
Our Comprehensive Services for Insurance Carriers
Our team of insurance professionals have been providing the following services for dozens of global insurance providers:
New Business Setup
Our back-office experts have experience in assisting carriers carry out new business setup as quickly and efficiently as possible. We take care of all the important processes that your business might have, whether that entails entering quote requests from other agencies into the system or onboarding a new customer on your behalf.
Our insurance professionals are experts in identifying errors or inconsistencies in policy declarations, definitions, coverages, exclusions, conditions etc. We have wide experience in assisting underwriters spot the odd fact or figure out. After verifying the policy and customer details and cross-referencing them with the underwriters’ inputs, we ensure an error free policy document is issued out to the customer.
Policy Maintenance, Administration and Servicing
Our trained professionals collect adjustment requests from your customers, analyze its potential impact on their premium, update their policy details, and assist you in issuing new insurance certificates, as and when required.
Loss Run Processing
The entire history of claims made on an insurance carrier (or loss run report) is important for any insurance provider. We ensure that the entire loss run process is simple and efficient. From transferring loss run requests to the respective insurers, to analyzing the data, and generating the claims reports, we ensure the entire process is smooth and seamlessly executed.
Processing claims diligently is an arduous, complex, and expensive task. Our team of experts offer a practical solution to claims processing that includes first response, careful investigation of the cause, detection of fraudulent claims, and comprehensive management of customer data. Our exhaustive service is designed to ensure your customers have a seamless experience with your services.
Our experienced team of professionals help you plan and manage any policy renewals effectively by keeping track of prior renewals and dispatching necessary reminders promptly. Any adjustments that need to be made to the policy are considered prior to revising the premium by coordinating with the respective agencies involved to secure fresh renewal requests.
Billing and Accounts Receivable
Our billing experts have the expertise needed to manage carrier billing needs efficiently. We ensure accuracy and promptness in the delivery of invoices, through consistent follow-up with respect to the collection of payments, by maintaining the necessary archives, and by producing in-depth financial reports for upper management. Streamlining the billing process for our clients ensures that they are able to reduce their administrative costs, while experiencing a substantial improvement in their cash flow as a result.
How Outsourcing to Us Gives Your Business a Competitive Edge
Our insurance professionals leverage their wide experience and deep expertise to handle all types of problem faced by carriers. They are well versed in different verticals of the insurance value chain, from Life, to Health, and Annuity, etc. We leverage our presence in 8 global delivery centers to ensure quick insurance processing and turnaround times. This, in turn, allows you to spend less time focusing on minute details and paperwork and more time taking care of your core business activities.
We obviate the need for you to build a separate department for your insurance back office requirements. This has helped our clients reduce overhead costs and increase profits through savings.
Additionally, we boast of ISO and other certifications which means your data will always be protected with zero threats of security breaches.