Outsource Renewal Processing Services
We help carriers execute sharp, on-time and error-free insurance renewals to improve customer satisfaction and build relationships
Insurance Back Office Pro has years of experience in helping insurance carriers manage renewals in a highly streamlined and efficient manner. Our experience is a treasure trove which organizations can leverage to transform policy renewals into a value-based
Our renewal processing service is designed to ensure all your clients renew their policies on time. We make an all-out effort to capture the exact requirements of the insurer and send it to the underwriting team, prepare exposure summary with proper explanation and comments, and sell additional lines to the renewing customers. Further, we provide you with the list of customers with increased policy value, to help you tailor a sales strategy
Our End-to-End Insurance Renewal Processing Services
Tracking Renewals and Sending Reminders
As an expert insurance renewal processing services company, we take a proactive approach to the insurance renewal process. We send timely reminders to customers, informing them of the status of their policies. We leverage the use of state of the art CRM systems to categorize and segregate customer information and streamline the renewal process. Our experience in creating consolidated repositories of customers helps us take complete charge of the entire renewal process.
Receive and Process Renewal Requests
We deploy an operations team to process renewals through calls and emails. Our team of highly trained insurance experts are trained to wrap up the renewal process fast and with accuracy. They are closely monitored by a team of senior-level experts to ensure quality and preciseness. This efficient system of handling customer policy renewal has helped our clients create the right positive customer experience.
Evaluate Risk Aspects
As a premier renewal processing services company our renewal process back-office support includes evaluating the risks involved in renewing a policy. Our experts specialize in handling all aspects of risks and so can provide carriers with a comprehensive analysis of the risks. With proper mitigation of the risk aspects, we ensure maximum profitability for your organization.
Prepare Exposure Summary
As an experienced renewal processing services company we create and maintain exhaustive details of a customer’s profile to ensure that you have the right information to understand customer behavior trends better. We create summaries strictly as per industry standards The summaries takes into account the different approaches needed for different types of insurance policies. We leverage the use of our vast exposure to industry requirements, to help you create and maintain descriptive summaries.
Make Adjustments to Policy
We work closely with your underwriters to help make adjustments to your customers policy. We provide them with the supporting documents such as loss run reports to fine-tune the terms and conditions of a renewal contract. We also analyze the final copy to spot aberrations in the adjustments or alterations. Our meticulous levels of attention can make your renewal process sharp, on-time and error-free.
Liaison with Agencies and Brokers for Renewals
We help you reduce your workload by taking charge of communicating with insurance agencies and brokers for policy renewals and host of other issues. We strive to implement consistent service standards so that all your customers can trust you with your services and build relationships. Outsource insurance policy renewal services to us, for value-added liaisoning with agencies and brokers.
Our Insurance Renewal Process
1. Receive Insurance Policy Renewal Request:- We receive new renewal requests from policy holders/agencies/brokers and work upon them on behalf of carriers.
2. Coordinate with Underwriter:- In case of change in policy or modification, we coordinate with underwriter and provide them with the reports they need to process their work.
3. Review for Reports:- We analyze the modification/adjustment done by the underwriter, and flag any aberrations or inconsistencies.
4. Issue of Renewed Policy: - We help you create and issue an updated and renewed policy to the customer. Once this is done, the customer is duly notified of the dispatch of the renewed policy.
5. Explain Policy Changes:- We assist the policy holder to understand the changed policy terms and thereafter make payments to renew the policy.
Outsource Insurance Renewal Processing Services to Give Your Business a Competitive Edge
Understanding the future value of each customer is very important for your business. With our services, we strive to identify, and segment customers based on the revenue opportunity. Once we know who your high value customers are, we give them due attention to win their loyalty. This not only helps you to improve customer retention but also understand your customer better and consequently upsell policies with ease. By identifying the exact need of customers and representing them in precise and accurate policy reports, we help you demonstrate your professional competency.
We use state of the art technology like robotic process automation to eliminate process bottlenecks. This, coupled with our robust infrastructure, make us a highly reliable back office support provider for the insurance industry.