Maximizing Revenue by Our Collection Methods for a US-Based Insurance Agency

The Customer

The client is a US-based insurance agency, specializing in risk-coverage services

Requirement

The client was facing problems in managing its accounts efficiently. It was looking for a solution to maximize revenue through proper management of client payments and overdue accounts.

Challenges

Managing client payments is a labor-intensive task and requires superior levels of customer service. Our biggest challenge was to raise the standards of customer service to ensure high customer satisfaction. To bring this about, we needed to set the right customer satisfaction metrics so that turnaround times could be improved and consistency maintained; automate processes to get an integrated view of customer issues and streamline the process to handle the growing volume of documents.

Solution

We designed a three-pronged approach to solve the problem.

We leveraged the Sagitta management system to manage and update the clients’ database. The software provided us consolidated information about customer policy details. This helped us get in touch with customers in time and inform them about their dues. We also used it to work with the people with past due amounts and set payment plans or to explain policy holders what their insurance covers and what it does not. This helped us reach out to customers in the shortest possible time and win their confidence with ease.

Further, we used this single system to standardize cost estimate creation, optimize certificate issuance, and streamline contract renewals so that the process becomes less paper and labor intensive and more cost-effective. We also introduced measures to move fast on past-due receivables and make invoicing quick and error free.

Benefits

With our focussed services, the client was able to achieve the following:

  • Gain operational efficiency
  • Improve timely collection of premium
  • Reduce past due amounts by 70%
  • Gain control on expenses across the value chain
  • Respond quickly to high volumes of new customers
  • Enhance the average customer experience

Why Outsource to Us

By outsourcing claims processing to us, you get the following benefits:

  • Highly experienced insurance processing staff
  • Assured turnaround for underwriting and claims processing
  • Services through 8 global delivery centers
  • Complete process transparency
  • Highly scalable service
50% reduction
in operational costs
50% reduction in operational costs of insurance BPO
24x7 claims
reporting services
24x7 claims reporting services in insurance back office