Business Process Management (BPM) for Insurance
We monitor & optimize processes for Insurance companies, agencies & carriers while maintaining their market share & profitability
Over the years, one of the ways in which insurance companies have tried to maintain a competitive edge is by continuously improving their existing business processes. By overhauling existing processes to change with the times, companies can work towards enhanced efficiency, quality, and better response times. But the insurance industry is notably late to incorporating such process improvements, especially BPM for Insurance in core areas such as underwriting and claims.
When you outsource business process management for insurance to Flatworld, we help to alleviate your traditional pain points and lead you towards sustained competitive differentiation and better technological innovation. Over the years, we have worked with companies belonging to various sectors in the insurance industry, such as life, annuities, and securities, and helped them transform their existing business processes.
Insurance Back-office Support
Business Process Management for Insurance - Our Services
The insurance industry is one of the most labor-intensive industries out there and is characterized by an increasing amount of work volume which is impossible for the insurance agent to undertake daily while remaining productive. Our streamlined processes and technologically advanced tools can help you manage your workflow better.
We offer the following insurance BPM services to our clients.
1. BPM Services for Front Office
Our business process management for insurance companies helps to enhance front office operations and allows insurance companies to handle their agents more effectively. This means multiple optimized distribution channels, and an enhanced chance to renew new business. Our services include -
- Effective agency and carrier management - We can help you introduce new insurance packages to customers, monitor distribution channel performance, take care of agent compensation, etc.
- Distribution channel optimization - We can help you adopt new distribution channels faster, change the regulations for the maintenance of a particular channel, support an optimized flow of data and information between channels, etc.
- New business renewal - We can automatically focus on new policy renewals leveraging our AI-based operational software which tracks all new and repeat requests, ensure better prospect identification, automatic generation of quotes using analytical tools.
2. BPM Services for Underwriters
As a premier business process management service providing company, we can have a significant impact on your bottom line by helping you work towards increased transparency in underwriting and overall policy administration. Our services include -
- Reduced operational expense - By enabling rule-driven decision-making and implementing straight-through processing modifications, we can help you significantly cut down on the expense
- Enhanced processes - We can implement configurable underwriting systems which leverage the latest in data analytics to help your underwriters work faster. This also reduces the amount of expenditure on support and maintenance.
- Enhanced Income - By significantly impacting the speed and accuracy of your policy distribution, we help you in achieving better customer satisfaction, which in turn directly translates into better income for you.
3. BPM Services for Claims
When you outsource business process management for insurance to Flatworld, we offer services for you to efficiently manage your entire claims lifecycle while managing risks. We can help you reduce the overall claims processing time by bringing in improvements at every stage of the lifecycle. Our services include -
- Better claims handling - We can automate the entire process of claims routing to help your claims adjustor including claims entry, ensure work assignments are prioritized based upon experience and case severity and improve overall regulatory compliance
- Reduced claims processing time - By implementing straight-through processing practices and better claims intimations, we can help reduce overall processing times by a significant margin
- Enhanced risk mitigation - We can effectively manage fraud practices by leveraging out state-of-art predictive analysis-based software for better business intelligence while supporting a better flow of information across your company departments
- Better customer acquisition and retention - We help to enhance your services for your customers across multiple touch points, while effectively managing data to support better decision making and improve the ability to handle risks better.
4. BPM Services for Reinsurance
We offer high-quality services to support reinsurance business processes across the value chain for enhanced customer satisfaction and better ROI. Our services include -
- Proprietary solutions for reinsurance - We help to create effective solutions in the form of software endpoints to administer reinsurance contracts properly.
- Administration support - We also support reinsurers in contract administration, catastrophic modeling, statutory and technical accounting, reporting, etc.
Insurance Software we use
Business Process Management for Insurance - How You Stand to Gain by Partnering with FWS
One of the key takeaways from a well-settled BPM process for insurance is the way it allows you to become more customer-centric and set it up as an actual competitive differentiator. In the insurance world, customers are the key, and our BPM for insurance ensures you can enjoy significant cost savings, business agility improvements, and customer service improvements, including the following -
- 30% improvement in first contact resolution
- 18% cost reduction with back-office automation
- 45% reduction in manual steps involved in the process
- 55% reduction in employee training time
- 56% increase in managerial capacity due to reduced workload
Other Services You Can Benefit From
Why Outsource Business Process Management for Insurance to FWS?
As insurance products and services become more diverse and complex, customers need better and more customized services to them to stick to the current carrier. We help you in finding the best ways in which you can identify your customer's needs and offer clients the best possible solution for their problem. By partnering with us, you can benefit from the following -
End-to-end Digital Process Management
We add visibility and transparency into all your processes for enhanced peace of mind. By bringing in such a digital transformation, we ensure you can leverage the benefits of shortened, more accurate processes and service your customers better.
Enhanced Data Quality
In today's insurance world, data is readily available but the technology to read, understand, and interpret the data is still not widely available. We enable you to manage, monitor and categorize the data so you can ensure your process efficiency increases down the line while keeping in sync with what the customers want.
Reduced Dependency on Existing Resources
Our BPM process efficiency relies on automation to drive home the benefits, and this means reduced turnaround times and reduced dependency on manual labor. We help you focus on the important business parameters while taking care of all your existing needs and streamlining them as per your requirements.
Enhanced Productivity and Operational Efficiency
We specialize in automating manual steps and getting more work done with reduced resources. This helps in freeing up the time of your employees and helps them refocus on high-value activities which directly boost your margins.
Improved Analytics
Our in-depth analytical software enables decision makers to get a better understanding of the current state of their business processes and where the improvements are working. We can perform historical analysis to look at old and current data, predictive analytics to determine how future decisions can affect your bottom-line, and trend analytics to uncover rising trends which can help you create a visible impact if leveraged properly.
Better Inventory Management
Our BPM services can directly bring improvements in processes which allow you to manage your existing inventory in a much better way. This means more flexibility in business, as well as the ability to play to the market based on real-time requirements.
Client Success Stories
Flatworld Solutions Provided Insurance Services for US-based Insurance Agency
Flatworld Solutions provided support to manage an insurance database to a US client. Additionally, we assisted in the management of insurance accounts and AR functions.
Flatworld Solutions Provided Policy Checking Services for a US-based Insurance Service Provider
Flatworld Solutions helped in speeding up the process for a US client with policy checking services. The services were provided at cost-effective rates in quick TAT.
Achieve Increased Business Efficiency with Flatworld's Insurance Business Process Management Services
At FWS, we believe in enabling insurance companies and helping them gain customer centricity without having to sacrifice business efficiency. Our team understands the processes, the terminology, the context of your services and who it is meant for and customizes BPM solutions which are ideal for a company of your size.
Get started transforming your inefficient and costly insurance operations today! To learn more about our offerings, get in touch with us right now!
