Outsource Policy Issuance Services
We streamline your policy issuance process with proven procedures to upkeep your reputation of a professional organization
Insurance Back Office Pro has over a decade of experience in helping carriers streamline and standardize the policy issuance process. Our commitment to improving the underwriting process has helped our clients consistently issue clean and unambiguous policies and enhance their reputation as a highly professional organization. We instate tried and tested policy issuance procedures to streamline your policy issuance claims process.
Our policy issuance service is handled by a battery of experienced insurance experts with domain expertise in specific insurance fields such as life and health liability, property, personal, casualty etc. Their expert knowledge can help you add an additional layer of quality check to ascertain risk determination levels and other factors that may have a bearing on your profits. Our proven track record of delivering consistent and reliable Insurance policy issuance services has helped us garner some of the biggest names in the insurance industry as our clients.
An Overview of Our Policy Issuance Services
Review Policy Documents and Verify Information
A review or a mismatch in policy docs can prove to be fatal. As an expert insurance policy issuance services company, we take this burden off your shoulders. We take charge of the end to end process of policy issuance by collating customer information and screening it for data inconsistencies.
Our team of insurance experts are adept with the critical step of matching the customer documents with the information provided to create accurate customer profiles. This is followed by diligent review and verification.
Submit Missing or Incorrect Findings to Underwriters
We go the extra mile to collect missing information or highlight incorrect findings to the underwriter to avoid wrong underwritings. We have the experience to do it in a timely fashion and keep escalations at bay. It is because of this detailed and meticulous approach that we are rated highly as a policy issuance services company.
We liaise with your underwriters using well established communication channels to help streamline the entire process of policy issuance. Our diverse experience in the field helps us spot mistakes early and improve both turnaround time and accuracy. We ensure that at no stage is the file of the customer stuck in processing, due to missing information.
Verify Policy Details and Customer Information
We undertake a thorough review of policy documents to ensure consistency and reduce errors and inaccuracies. This directly translates to reduced turnaround times for the claimants. Our experts go into the finer policy details such as insurance amount, name of the dependents, premium etc. to track aberrations and draw your attention to it. Such meticulous review helps to enhance your reputation as a premium provider of insurance services. We use state of the art software packages such as Msuite, a document management software to speed up the process.
Enter Information to Generate Policy Setup Document
Upon completing the rigorous review and verification of customer documents, we digitize the information by entering it into our CRM systems. We use a range of custom software packages configured to handle policy issuance protocols. We have different teams to handle different types of insurance policy issuance services and so can cater to your requirements in a specialized way. Our well established process and skilled staff will ensure your policy issuance requirements are met in a professional fashion.
Issue Final Policy
We work closely with your underwriters to issue the final policy to your customer. With up-to-date and real time cycling of information to underwriters, we make sure an error free policy gets issued on time. Given that a dynamic engagement between the carrier and the underwriter helps in achieving faster turnaround time, we follow up with underwriters to keep things on track. With final policy issuance taken care of properly, carriers can focus more on your core business.
Our Insurance Policy Issuance Process
- Searching for an Existing Insurable Object:- The policy issuance process begins with our experts selecting the object applicants wish to insure. The object can be home, life, vehicle insurance and so on.
- Creating an Insurable Object :- if it does not exist in the portfolio of objects listed by your company, our team of insurance agents create a specific policy. We create the terms and conditions of the contract accordingly and send it to carriers for approval.
- Application for an Insurance Contract:- Once approved, the application for the issuance of the insurance policy is sent to the customer for vital customer data including name, details of residence, policy term and premium.
- Reviewing the Contract:- Upon the completion of the application, an insurance contract that is agreed upon by the applicant is created. We file the contract under the applicant’s name after it is duly signed.
- Creating an Insurance Contract:- The insurance contract is created and issued to the applicant making them an official customer. The customer is entitled to all the benefits listed in the insurance policy.
How Outsourcing Policy Issuance Services to us Gives your Business a Competitive Edge
We have a well-structured issuance process designed to help you meet the twin objective of boosting relationship with brokers and improving the experience of the insured. Besides streamlining and standardizing the policy issuance process, we help you improve the underwriting process, collect rich data and produce cleaner policies. From verifying customer submissions to checking the final policy; from resending the policy to the underwriter for corrections to re-reviewing the corrected policy; we take complete care of the entire policy cycle.
We bank on a range of software to eliminate process bottlenecks in issuing issuance policy. This also helps us eliminate the risk of missing out on identifying data inaccuracies that can lead to bad customer reviews. Banking on technology helps us speed-up the process enable carriers save on costs. As a reputed insurance policy issuance services company we have successfully incorporated a contemporary approach to handling the needs of the insurance industry and can use it to the hilt to give your business a competitive edge.