Outsource Insurance Billing and Accounts Receivable Services

We have developed a robust and reliable payment process to help insurance companies gain complete control over insurance billing and accounts receivable services.

Insurance Back Office Pro offers end-to-end insurance billing and accounts receivable services to insurance agents and brokers. Our solutions are designed not just to streamline your billing operations, but also to leverage it to help you have a cleaner balance sheet, build a happy client base, and give your reputation the polish it needs.

We have 108+ years of experience in invoicing, sending insurance payments reminders, receiving and recording payments, maintaining and cataloguing accounts receivable invoices, and reporting on account activity. These payment processes are driven by some best market practices to arm you with the competitive differentiation needed to deliver one-of-a-kind experience to your customers.

With a huge clientele in the U.S, we are one of the most trusted insurance billing partner for practices small and large alike. We have won this trust by designing customized billing solutions for each of our clients based on their specific needs.

Our End-to-End Insurance Billing and Accounts Receivable Services

Billing Services

We take complete charge of your payment collections process and insurance premium accounting functions. Our team of insurance experts are trained to record and maintain a consolidated database of the bills accrued by the claimants who avail your insurance services. They handle all business-critical functions like determining reimbursement, keeping track of bill details, accumulation of insurance information and adding them to the prospective customer profiles. Our experts help you optimize your billing service and make it more robust and reliable.

We leverage the use of cutting-edge software tools to record customer data, prepare claims and submit them to the appropriate party. Our timely evaluation of the details of a claimant’s insurance coverage helps you dispatch accurate billing forms to them with accurate data included.

Accounts Receivable Services

We are an organization that has a substantial amount of experience in providing back-office support for insurance accounts receivable services. We record and maintain receipts, applications and invoices from all verticals of your account’s receivables department. Outsourcing accounts receivable invoices process is the key to boosting the performance of your insurance business as this ensures that revenues keep flowing in. We also integrate the ease and convenience of automation techniques to improve communication and flexibility across the whole department. We work closely with our clients to keep them informed about receivables through well-established communication channels. This holistic approach has consistently helped our clients achieve faster turnaround times.

Reports Generation and Maintenance

We leverage the use of technology to create complete and detailed reports that help drive excellence in your insurance claims process. We generate categorized invoices on monthly, quarterly, or yearly basis to provide comprehensive billing reports to agencies and brokers. We maintain and manage detailed insurance reports which ensure that your clients/customers have all the information that they need, to access their claim.

We employ our diverse experience as a top insurance billing and accounts receivable services company to instate optimized billing and accounts receivables reports generation and maintenance processes. We generate these reports in real-time, eliminating the need for you to invest your time and resource on them.

Insurance Billing and Accounts Receivable Services - An Overview

As an experienced insurance billing and accounts receivable services company, we take complete control of your payment collections, insurance premium accounting and expense ratios.

Our service-range covers the following:

  • Calculate charges TRIA premiums and numerous government and internal charges against insurance premiums.
  • Generate insurance premium invoices in PDF format, Excel or through an internal accounting system as per policy rule.
  • Generate monthly, quarterly semi-annually or annually categorized invoices, and provide exhaustive billing reports (breakup of tax details and commission) to agencies/brokers.
  • Maintain/Update records of insurance premium bookings, prepare account receivable report and track accounts receivable on behalf of agents/brokers
  • Enter account receivable transactions into the system, and deliver periodic statements to policyholders
  • Maintain subsidiary receivables ledgers, transfer received cash to individual customer accounts and resolve issues regarding short pays

Our Insurance Billing and Accounts Receivable Process

  • Dispatch Reminders: We reach out to customers with details of the insurance premium amount payable. Further details like date and mode of payment are included as well.
  • Effective Follow Up: We follow up with calls and email reminders to ensure timely collection of payments. Our insurance experts establish an efficient channel of communication between you and your customers.
  • Record and Receive Payments: The payable amount is received and recorded. Accompanying documents are created and dispatched for evaluation.
  • Synchronization of Accounts Receivable and Reports: Based on the reports generated, the accounts receivables and reports of insurance policies are reconciled. At this stage high level of data accuracy is ensured.
  • Data Archival and Maintenance: All round details of the insurance policy and claim status are recorded and archived. Information is recollected as and when customers request them.

Our Insurance Billing and Accounts Receivable Services Cater to the Following Verticals

  • Property & Casualty Insurance
  • Motor Insurance
  • Liquor Liability
  • Inland Marine
  • Personal Liability
  • Liability Insurance
  • Worker’s Compensation
  • Health Insurance
  • Director & Office
  • Annuity Insurance Services
  • Employee Benefits
  • Life Insurance Services

Insurance Software Tools We Use

  • Intuit QuickBooks
  • M.Y.O.B
  • Sage
  • CheckMark
  • Multiledger

How Our Insurance Billing and Accounts Receivable Services Give Your Business a Competitive Edge

Our insurance billing model plays a significant role in ensuring seamless insurance servicing. We plan our billing services to help you derive maximum benefits and gain more competitive footing all while generating higher sales. For instance, we help you overcome the multifarious requirements of diverse insurance providers by devising different templates for each provider and in the process, take complete control of your expense ratios, payment collections and insurance premium accounting. By outsourcing account receivable services, you can determine the best mix of insurance servicing and payment collection design for your business and leverage it to build outstanding service competency and operational efficiency.

Outsourcing insurance billing and accounts receivable services to industry leaders can be a clever move for businesses looking to cut costs, improve turnaround times, and gain expertise in a short period of time. Other benefits that you can enjoy by outsourcing your requirements include:

Quick Turnaround TimeWith 8 global delivery centers, our solutions are tailored to help insurance companies maximize their business goals by providing the strategic advantage of time. With experts working around the clock at our global delivery centers, you can benefit from rapid turnaround times.
Pioneering TechnologyWe rely on the most sophisticated technologies and tools in the market to streamline insurance billing and accounts receivable workflows. This way, reconciliation of accounts receivable and reporting can be handled seamlessly.
Proven ExpertiseYou gain access to industry experts when you outsource insurance billing and accounts receivable services to the professionals. We can help you with reports generation, billing services, insurance premium accounting, expense ratios, and payment collections with close to zero errors involved.
Tailored SolutionsWe understand that every business is different and so develop insurance billing and accounts receivable systems and processes that meet your individual business requirements. We are careful to design strategies based on a thorough understanding of your most pressing needs.
Lower Operating CostsWe help insurance companies lower their operating costs by relying on highly skilled outsourced insurance billing and accounts receivable personnel. Outsourcing to experts in the field eliminates the need to invest in additional resources or infrastructure.
Looking for a premier insurance billing and accounts receivable services company to streamline your claims process? Outsource billing and accounts receivable services to Insurance Back Office Pro for unparalleled excellence in insurance claims support and service.

Why Outsource to Us

Our billing and accounts receivable service provides you the following benefits:

  • Expertise in handling various billing services (account bill, direct bill, list bill.)
  • Access to experienced insurance billing experts
  • Best billing practices for process accuracy
  • Bespoke solutions for individual needs
Guaranteed
turnaround time
Guaranteed turnaround time for services
24x7 services
from 8 global work centers
24x7 insurance back office support services

FAQs on Certificate of Insurance Billing Accounts Receivable Services

Insurance accounts receivable services are services that cover collections, cash receipts and applications, invoices, credit, and other types of billing for insurance companies. We keep you updated about receivables and customer relationships through frequent reconciliation and analysis conducted through the ‘order to cash’ cycle. We escalate short payments, alert you to the differences found when reconciling your account statements and prepare accounts receivable reports. We also use the invoices raised to date to prepare cash flow summaries for the past and future. These services help insurance companies reduce delinquencies, increase cash flow and recoveries, and minimize bad debt.

Insurance accounts receivable can be reconciled to provide cash flow back to the insurance company. Insurance carriers have their accounts receivable processed so that they can take back control over their expense ratios. Invoicing is assessed to determine whether the billing and accounts receivable system is accurate and delivers insurance billing on time. Once all invoicing is processed your insurance accounts receivable is ready to get all invoices located and paid off, bringing back cash flow into your company.

When accounts receivable payments for insurance companies come in, this adds to the working capital an insurance carrier has on hand. While they can collect premium payments up front before making any other type of payments, they do face unpredictable cash outflow as claims keep coming in. The best way for insurance companies to draw more working capital and improve cash flow is to concentrate their efforts on invoicing and bringing in accounts receivable.

Insurance carriers benefit when accounts receivable insurance payments come in. This is because the invoice that was generated has brought in the payment it was supposed to secure. Cash flow is now coming into the insurance carrier and allowing them to distribute their funds as business requirements suggest.

We are an ISO 27001:2013 ISMS and SSAE16 (SOC 2) certified organization. This means that all our client data from payment information and financial data to policy data and demographic information is kept confidential. The certification also means that we have robust security protocols in place to manage the security of all assets such as financial information, intellectual property, and employee details.

Our insurance billing and accounts receivable specialists can begin operations within 2 weeks. They can set up the required systems and software to handle your invoicing and billing requirements as well as understand how your business operates in that time.

If you would like to get some sales information or pricing quotes for our services, you can always email us at info@insurancebackofficepro.com or fill out a brief form on our website.