Outsource Insurance Policy Administration Services
We help you build an insurance administration model that is easy to maintain, efficient and transparent.
Insurance Back Office Pro has wide experience in streamlining policy management services for carriers. We specialize in developing an optimal path for integrating underwriting process, product development, and policy processing systems to enhance end-user effectiveness and process efficiency. With our proven track record. We have established ourselves as a world class insurance policy administration services company
Driven by a multidisciplinary team with expertise in actuarial, advisory, tax, audit, and forensic services, we strive to find the critical dimensions of your processes and integrate them to build a specific administration model that can help you improve product and pricing flexibility, increase speed to market, and enhance customer and broker satisfaction. When you outsource insurance policy administration services to a premier organization like us, you get the room needed to focus on your core activities.
An Overview of Our Policy Administration Services
Keep an Eye on all the Operations Carried Out on the Policy
The biggest responsibility of an insurance carrier is to keep a tab on how policies issued by carriers are being used by customers. As an expert policy administration service company, we help you discharge this responsibility efficiently by employing experts to enter, maintain and archive crucial customer information. This ensures accuracy of information in an insurance policy. Our process is designed to give you high level of visibility so that you know what is going on in the back end.
Receive and Act upon Customer Requests
We drive process excellence by acting upon customer requests in a timely manner. Our team of insurance experts keep your customers duly informed on policy matters and other specific queries. Our day to day policy administration process entails a high-level focus on attention to detail. We maintain and supervise every communication channel with your customers, relaying information about their policy, periodically.
Analyze and Evaluate Requests to Determine Change in Policy Premium
The creation of insurance policy is a constantly evolving procedure. We entertain requests from customers on matters pertaining to policy rules and recommend concerns or requests for change in premiums to you. As a premier insurance policy administration services company, we follow a systematic and a linear approach to the analysis and evaluation of customer requests. This helps us determine changes in policy critical information like premium amount.
Core Policy Administration Services
We take charge of all aspects of the administration process including updating and maintenance of policy servicing. All vital customer information like customer name, contact details, date of birth, occupation etc. are kept up-to-date in the policy. We prepare quotes, issue COIs, match policy needs, endorse, renew and cancel policies based on customer requests. Outsource insurance policy administration requirements to us, to take advantage of a comprehensive and holistic solution to policy administration.
Request for Loss Runs
We do the back-office tasks related to providing loss run reports to agencies and brokers. We also provide the report to underwriters to facilitate policy modification. Our timely and accurate loss run report services ensures things get done in the shortest possible time thus enhancing customer experience. Our tried and tested protocols have helped our clients streamline their loss run process effectively.
Our Policy Administration Process
1.Receive Policy Documents from the Carrier:- Our team of insurance experts receive the profile of the customer and policy documents from the carrier. We update the same onto the CRM system making it visible for all parties involved in the administration process.
2.Retrieve and Compare Proposal with Policy Documents:- The insurance proposal is matched and compared with the policy documents to determine coverage details. Reports of the analysis are duly maintained for future reference.
3.Update Basic Customer Information and Policy:- The profile of the customer is updated with all the latest information made available. The updates are completed in a transparent manner and in the quickest possible time.
4.Coordinate with Underwriters:- We work closely with the underwriters to assist them with all documentation needs to prepare all types of reports.
5.Dispatch Analyzed Information to the Carrier:- Reports containing the progress and status of policy information and customer profile are sent to the broker, agency or customer.
How Outsourcing Insurance Policy Administration Requirements to us to Give Your Business a Competitive Edge
Our policy administration service has been designed to take into account the natural work delegation patterns of your underwriting support operations. This will help you to simplify your claims settlement process and enable you to validate every data set and match them for compliance issues. Yet another advantage of our service is that it makes your process seamless enough to handle high volume of customer-records with speed and accuracy. Further, our policy administration service is structured to ensure proper data acquisition, sharing and storage across the lifecycle of every account.
We leverage the use of advanced technology such as document management tool and a team of highly skilled insurance experts to identify new opportunities. As a globally recognized insurance policy administration services company, we have grown organically over the years to be the trusted service partner of some of the biggest names in the insurance industry.