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
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.
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
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:
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.