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Services for Insurance Agencies

The insurance industry is being severely tested by a desolate economic environment and continual market downturn, forcing insurance carriers to radically change their cost structures. There is a steady rise in the number of insurance carriers promoting a "click and pick online" approach to sell insurance, instead of sticking to traditional methods that relied more on interpersonal relationships and mutual trust. As a result, insurance agencies now are also facing a soft market and lesser margins.

For an insurance agency to stay relevant in these testing times, it has to operate economically and efficiently while automating as many processes as possible. However, even with the latest online marketing strategies and real time quoting tools, there are certain tasks which can be optimally executed only when outsourced to a professional Insurance BPO. As your outsourcing partner, we, at Flatworld Solutions, can leverage our deep expertise in the Insurance domain to provide affordable, fast, and scalable solutions for your business processes.

Services we Offer to Insurance Agencies

At Flatworld Solutions, as a part of our Insurance BPO services, we provide global insurance agencies with customized solutions that closely align with the agency's culture and specific business needs. Our insurance back office experts have built a reputation of delivering value added insurance services to our clients, while reducing their operational costs and increasing cash flow.

Our insurance BPO strategies not only help you improve process efficiency, but also help your insurance producers refocus on what they do best - generating income for your independent insurance agency. We offer various portfolio management services for insurance brokers across several insurance verticals; including Property and Casualty (P&C) insurance, Life insurance, Health insurance and Annuity insurance.

As an independent insurance agency, you can benefit from the following services offered by us -

1. Insurance Quote Summary

At Flatworld Solutions, our dedicated teams of insurance professionals are adept at working with multiple carriers to get insurance quotes and then prepare a summary according to the client proposal requirements. As an added advantage, we also extract Carrier Financial Ratings for every quote summary.

2. Certificate of Insurance (COI)

Our insurance back office experts ensure that the process involved in receiving and issuing a certificate of insurance is fast and accurate. This process is further strengthened by efficient third-party communication and processing of revised certificates after policy renewals.

3. Document Indexing & Filing

Our robust document indexing and filing services allow fast access of properly segregated documents, as and when required. Documents are labeled and indexed as per the naming conventions requested by the client, so that it can be easily searched and edited.

4. Loss Run Processing

Our teams of professional insurance staff save your valuable time by sending loss run requests to previous insurance carriers, and providing loss run data timely during policy renewals. Before preparing the claims report, our team analyzes the loss run data, and sends it to the underwriters, and notifies them, in case the loss run data is missing.

5. Policy Checking

Our team ensures that the policy checking process for an insurance agency is fast and accurate. All policy documents are reviewed for completeness and correctness, and any variance present is recorded. These variances are then reported to the insurance carriers, and a request for revised policy document is made. This process ensures that a final policy document without any variance is received and issued.

6. Billing & Accounts Receivable

Our insurance billing experts ensure accurate and timely delivery of invoices to the respective carriers and constant follow-up for timely collection of payments. They also confirm that the premium installments on a policy are set up as per customer requests. Once a payment is received, it's duly recorded and indexed in our database, where the archives are maintained as per the clients' needs.

7. Renewal Exposure Summary

We help you effectively plan and manage policy renewals by keeping track of renewals in advance, and sending renewal reminders when necessary. We also help in receiving renewal requests and interacting with the carriers for renewals, thereby ensuring that any adjustments to an insurance policy is taken into account before the renewal process commences.

Why Should Independent Insurance Agents Choose Flatworld Solutions?

Insurance Agencies around the world are facing numerous challenges owing to the following factors -

  • Frequently evolving insurance regulatory regimes
  • Dwindling margins
  • Reduced premium growth
  • Product commoditization
  • Diminishing customer loyalty
  • Lack of real-time and easy-to-use information on policy and billing, for agents as well as customers
  • Complex and difficult to maintain legacy applications

In such an unpredictable and complex environment, we understand that the key to laying a solid foundation for growth is the insurance broker's ability to adapt and reuse critical assets, while streamlining the processes. With Flatworld Solutions, insurance agencies can be assured of fast, flexible, and high quality solutions to their insurance BPO needs at competitive rates. Outsourcing your business to us also provides the following additional benefits -

  • Well-trained personnel with vast experience in insurance processes
  • Fast turnaround time with 24/7 support for your insurance agency, insurance agents and customers
  • Compliance to insurance norms
  • Reduced overhead costs and increased productivity
  • Assured security and privacy of information
  • Multiple distribution channels ensuring growth in revenue
  • Rewarding and consistent customer experience to reduce attrition

Our Clientele

Flatworld Solutions has the experience and the proficiency to offer distinctive advantages over our competitors. We are committed to understanding the individual needs of our customers and have provided professional insurance services for varied clients such as -

  • Property and casualty insurance agencies
  • Insurance administrators
  • Third-party administrators (TPA)

Outsource Now for Effective Insurance Agency Solutions!

At Flatworld Solutions, we have set high standards for the quality of our work and business ethics. With a combination of high-end infrastructure, professional insurance back office support teams and an extensive experience in the insurance field, we offer you significant benefits over our competitors.

We have considerable experience in providing professional insurance services to a global clientele across multiple time zones, and have been able to streamline processes, reduce turnaround time and cost overheads, and increase productivity in a fast and cost efficient manner.

Contact us today to learn more about how Flatworld can help you consolidate diverse insurance operations within a professional, optimized environment.