Insurance Loss Run Processing Services

We work closely with insurance carriers to provide detailed and accurate loss run report in the shortest time

Insurance Back Office Pro has wide experience in helping carriers procure and disburse accurate loss run reports in the shortest possible time. We leverage our contacts with all commercial carriers and agencies to help you gather highly reliable reports for quick and insightful decision making. At the same time, we help you to prepare, review, analyze and compare loss run reports for inconsistencies before passing them on to agencies or brokers.

As an insurance loss run processing services company we enrich your end to end loss run process management with superior process and expert understanding. We have a great support team that knows the insurance industry through experience and state of the art software packages to bring to you, a winning combination of knowledge and technology. We have leveraged this combination to optimize the loss run process of numerous global carriers.

Our Insurance Loss Run Processing Service

Back End Processing for Loss Run Reports

We help carriers streamline the process of releasing loss run reports. We generate loss runs report based on policy holder name and policy number and provide report on the number of years required. Our report generally covers detail about the loss incidents, the amount of benefits paid to you to date, remaining reserve funds claim status. We generate accurate report in the shortest possible time to ensure carrier reputation remain high.

Receiving and Understanding Reports

Our insurance experts have wide experience in reading loss run reports and interpreting them in the right perspective. This helps carriers streamline the entire loss run process for timely and accurate decisions on renewals. Our loss run processing services are tailor-made to maximize customer retention. We bank on technologies such as predictive analytics to provide insurance underwriters up-to-date information during the policy renewal process.

Distributing Loss Run Reports to Agencies/Brokers

We take charge of coordinating and disbursing loss run reports to carrier clients, i.e. to brokers and agencies. We make sure that reports are sent within the set time frame and in carrier template. Our streamlined services ensure carriers don’t have to bother about all the back-office needs of generating and distributing loss run reports.

Studying Loss Run and Readying Claims Report

We go through loss run reports to understand the implications in the right perspective and provide an accurate representation to carriers. Our track record of studying claims report and analyzing it as per carrier requirement is impeccable and is marked with fast turnaround time and accuracy.

Submitting Claims Report in Case of Non-Availability of Reports

In case of non-availability of loss run reports, we process and submit claims reports to carriers. By instating well defined procedures in preparing and submitting claims report, we ensure carriers don’t lose out on prospects and complete the enrollment procedure in the shortest possible time.

Our End to End Loss Run Management Process

  • Contact Insurance Carriers:- We get in touch with other carriers on behalf of our client to procure loss run reports for policies that need renewal or customers who seek policy migration.
  • Report Analysis:- Once we receive the report we analyze it for accuracy. After analysis, we prepare a database of policies and segregate them on their stages of claims.
  • Prepare Claims Reports Based on Loss Run Data:- Based on the loss run data received, we prepare a customized report highlighting the risks. The detailed report is sent to the underwriter for processing.
  • Liaise with Underwriters on Policy Wordings:- We coordinate with the underwriter to clear doubts on the report and assist them in all their needs to make a proper evaluation of loss/risks involved.

How Outsourcing Loss Run Processing to us Gives Your Business a Competitive Edge

As an experienced insurance loss run processing service company we fully understand what it takes to streamline the process for maximum productivity. Outsourcing loss run processing to us is guaranteed to transform the way you handle the entire process. The hallmark of our loss run reporting service is on time generation of reports. We ensure this by getting directly in touch with the carriers and following-up with timely reminders. We also help you meet timelines in preparing and submitting loss run reports to other carriers or agencies.

Our team of experts can also help you figure out the emerging possibilities with the data included in the reports. Our in-depth analysis will provide you with correct insights to manage and reduce risks as well as set priorities for loss control efforts.

When it comes to preparing large and cumbersome loss run reports, we assist you in organizing the details in a well-structured way and explain it out in straight and simple language. This ensures reporting of the kind that gives your organization a good professional image.

Why Outsource Loss Run to Insurance Back Office Pro?

  • Access to 1000+ insurance professionals
  • Expert loss run report analysis in quick TAT
  • Efficient loss run obtaining system
  • Quality control audits for accurate reports
  • 100% Compliance adherence with ACORD, ISO, etc
  • Complete process transparency and easy detection of flaws
  • Automated documentation process for less critical tasks
  • Up to 30% reduction in TAT
  • Up to 40% reduction in per employee operational cost
  • State-of-the-art infrastructure
  • 100% data confidentiality and privacy