Outsource Insurance Accounting Services

Our insurance accounting services will help you maximize the efficiency of your accounting and bookkeeping processes

Insurance Back Office Pro has over a decade of experience in assisting insurance carriers with and providing accounting for insurance companies. From bookkeeping to account reconciliation and tax returns preparation, we offer a wide variety of accounting services that will save you the costs of staffing in-house bookkeepers and accounts experts. Our services venture beyond the traditional debits and credits approach, to provide you with strategic and actionable insights on the performance of your business.

We bring a dedicated team of accounting and insurance experts to review and record all your financial data in an error-free manner. Our diverse exposure to various fields of insurance such as life, health, property etc. has enabled us to quickly become a trusted service partner for numerous insurance agencies and companies. As a global insurance accounting services company our services will assist you with the maintenance of audit-ready financial data at all times.

Our Comprehensive Insurance Accounting Services

Statement Generation and Tax Returns Management

From carrier statement reconciliations to creation of financial statements and filing of tax returns, we provide you with a comprehensive service accounting service structure. We consolidate all financial information and onboard them to CRM systems to enable you get a bird’s eye view of portfolio performance and the economics of your trade. We generate and publish profit and loss statements and extract consolidated reports of the financial accounts from all departments of your operations.

Insurance accounting and Bookkeeping

We manage and monitor the general ledger to isolate the summary of accounts payable and receivables. General Ledger maintenance forms the core of our bookkeeping service. As a pre-eminent insurance accounting services company, we augment our services with value added assistance like data entry and balance sheet preparation.

Forecasting Services

Over the years we have developed great proficiency in forecasting the economic prospects of insurance businesses with high levels of accuracy. We help you plan your cash requirements with the use of advanced analytical techniques. We generate reports containing valuable insights about business trends to help you optimize your business strategy in keeping with the trends. Our forecasting services gives your management the advantage of incisive decision making.

Fixed Asset Management and Forensic Accounting

We track all your fixed assets inventory and assist you in dealing with the reporting challenges as per the established best practices. Besides, we also specialize in forensic accounting services. Our wide experience helps to develop reasonable, detailed and defensible conclusions. We maintain constant vigil on attempts to perpetrate fraud. Our forensic accounting services protect you from all kinds of risks associated with your business.

Accounts Reconciliation

With diligent accounts reconciliation procedures, we track all your expenses down to minute details. Taxes, retail agent remunerations, operational costs and infrastructure costs are some of the primary expenditures that are incurred by an insurance company. We keep a close tab on all these expenses to scout for opportunities to reduce redundancies and identify opportunities to cut costs. We review all the expense statements multiple times to eliminate the chances of errors which may lead to discrepancies during financial audits.

Our Accounting Process in Insurance

  • Requirements Analysis: We design data migration and accounts management strategies based on a thorough understanding of your requirements. We customize our services to suit your organizational needs.
  • Data Aggregation and Accounts Reconciliation: We identify all accounts data sources. We then deploy software systems and personnel to monitor the data accrued by these sources.
  • Accessing Data Repository for Reporting: We take charge of all your ledgers and financial records to complete the implementation of our services. Upon getting access to all your accounts data repositories, we implement reporting procedures with well-established SLAs.
  • Generation of Reports: We generate, verify and deliver periodic financial reports. Our reporting services will give you a real-time idea of the financial performance of your organization.
  • Feedback Review and Change Implementation: We optimize our insurance accounting services based on the feedback we receive from you. We introduce changes to our service structure to incorporate software updates and process improvements.

Our Insurance Accounting Solutions Cater to the Following Verticals

  • Annuity Insurance Services
  • Property & Casualty Insurance
  • Motor Insurance
  • Personal Liability
  • Liability Insurance
  • Worker's Compensation
  • Liquor Liability
  • Inland Marine
  • Health Insurance
  • Director & Office
  • Employee Benefits
  • Life Insurance Services

Software's/Tools We Use

  • AgencyIntel
  • Vertafore
  • ABS
  • InsurancePro
  • ClickClaims
  • Sas
  • Plexis
  • Aspire
  • Nexsure
  • Board
  • A1 Tracker
  • Agency Systems
  • QQCatalyst
  • AgencyMatrix
  • Halo

Why Outsource Insurance Accounting Services to Us?

Outsourcing insurance accounting services to industry leaders can be a smart move for businesses looking to improve process efficiencies, cut costs, and make well-informed business decisions in less time based on accurate financial data. Other benefits that insurance companies can enjoy by outsourcing their requirements include:

Tailored SolutionsWe understand that every business is unique and so develop insurance accounting systems and processes that meet your individual requirements. We are careful to design account management strategies based on a thorough understanding of your needs.
Pioneering TechnologyWe leverage the most cutting-edge technologies and tools in the market to streamline insurance accounting workflows and ensure accounting and bookkeeping becomes quick and efficient. We also use analytics tools to drive greater efficiencies in the process.
Proven ExpertiseYou can gain access to dedicated experts when you outsource accounting services to us. We will help you with accounts reconciliation, statements generation, and data aggregation with close to zero errors. Any financial reports we generate will be designed to give you detailed insight into your financial performance.
Rapid Turnaround TimeWe help insurance companies streamline their accounting practices, aggregate financial data, and generate financial statements in less time. This ensures that you have all the data and insights you need at a moment’s notice to make well-informed business decisions long term.
Lower Operating CostsWe help insurance companies lower their operating costs by relying on highly skilled outsourced insurance billing and accounts receivable personnel. Outsourcing to experts in the field eliminates the need to invest in additional resources or infrastructure.
Looking for a premier insurance billing and accounts receivable services company to streamline your claims process? Outsource billing and accounts receivable services to Insurance Back Office Pro for unparalleled excellence in insurance claims support and service.
Seamless PaymentsOur experts provide accounting for insurance broker commission and generate invoices and bills to keep revenues flowing in. Our specialists ensure that all invoices and payments go out on time so that you can skip all delays and avoid any complications in receiving payments.

Insurance Accounting Services Challenges Faced During the Covid 19 and How We Mitigate Them

Government authorities are issuing mandates to relax policy terms such as extension of premium payment grace periods, waiving copays. This is creating challenge for insurers to predict premium cash volume, analyzing historical trends such as loss ratios to predict claim volumes. We aid insurers to ensure that their liability adequacy test is conducted on the basis of current cash flows estimates. We help updating the market and demographic assessment in light of the pandemic situation to aid insurers measure their insurance liabilities.

The pandemic has caused numerous policyholders’ asset devaluation which created troubles for insurers during regulatory solvency and capital calculations and disclosures to determine how policyholders manage their capital. Our team of experts aid insurers to determine the impact of the accounting policies applied under SLFRS 4. We help insurers to assess the overall implication on the process of determining their liabilities for reported and future claims and reinsurance recoveries.

We provide the necessary directions to our clients to widen their disclosure reports to accommodate pandemic risk management, market and demographic assumptions, factors that bring uncertainties in liabilities estimation, and other factors like liquidity, credit and market risks.

Outsource Insurance Accounting Services to Us and Give Your Business a Competitive Edge

We implement a systematic and well-defined set of processes to maintain error-free quality levels in all your financial data. We use modern-day cutting-edge CRM systems and document management tools to collect rich data and classify them succinctly. Through our insurance accounting solutions, we take charge of your accounts maintenance responsibilities and track your bookkeeping periodically. As a premier insurance accounting services company we provide you with transparent and flexible service levels depending on the needs of your organization. Our accounting for insurance agencies reduces the levels of complexity and delay that are integral to Insurance accounts management.

  • Team of over 200+ Insurance accounting experts with wide industry experience
  • Deep expertise in bookkeeping, business valuations, conflict of interests, audit preparation etc
  • Use of the latest accounting software and analytics tools to drive process efficiency
  • Multi-tier information review system and advanced QA procedures to ensure accuracy of accounts data
  • Access to a flexible work culture to suit custom process related requirements
  • Up to 40% reduction in operational and personnel management costs
  • Proven track record of excellence in providing quality insurance accounting services
  • 100% data confidentiality and privacy

FAQs on Accounting Services in Insurance

Insurance accounting services covers a range of service requirements from asset management and forensic accounting to bookkeeping, tax returns management, forecasting services, accounts receivable and payable management and accounts reconciliation.

We are an ISO 27001:2013 ISMS and SSAE16 (SOC 2) certified organization, which means that all our client data, from financial data and payment information to policy data and demographic information, is kept confidential. It also means that we have security protocols in place to manage the security of assets such as employee information, financial information, intellectual property, financial information, employee details, or other even information provide trusted by third parties.

Our experts can begin operations within 2 weeks. They can set up systems and software to handle your insurance accounting requirements and understand how your business operates to fully cater to your insurance accounting needs.

Outsourcing insurance accounting services results in reduced costs and expenses, speeds up turnaround times, and enhances compliance with accounting standards enlists with the help of industry experts to handling your business requirements. Other benefits include being able to work with pioneering, cutting-edge technologies and tools and leveraging customized accounts management strategies for your company.

WIf you would like to get some pricing quotes or sales information for some of our services, you can always email us at info@insurancebackofficepro.com or fill out a brief form on our web