Insurance Back-office Management Services

Insurance Back Office Management Services

With every passing day, surviving in the insurance industry is getting difficult for an insurance agency. Customer expectations are going over the roof and this is compelling the insurance agencies and firms to customize their services to the highest level. Reducing the time-to-market and providing the best customer experience has become one of the top priorities for any insurance agency. To achieve these customer demands in the best possible manner, outsourcing back-office management to an experienced service provider is the most fruitful option.

Flatworld Solutions provides the best-in-class insurance back-office management services to insurance agencies, brokers, and insurance carrier companies across the globe. This provides them some free time on their hands to focus on their core competencies. Our services help our clients to increase productivity and efficiency and provide their customers with great service and hassle-free customer experience.

Our Insurance Back-office Management Services

Having served insurance industry for over a decade helps us understand different businesses and cater to their specific needs. Our team provides international standard back-office management services with an unparalleled combination of expertise, experience, and technologies used. Our high-quality insurance back-office management services include -

  • Quote Summary and Proposal

    • Summarizing coverage details carrier-wise for insurance agencies and carriers
    • Preparing a premium and commission summary table for all quotes which meet clients' proposal requirements
    • Extracting carrier financial ratings for consideration
    • Preparing structured spreadsheet to allow quote comparison
    • Populating standard proposal template with required information
    • Finalizing the proposal and delivering a printable/presentable format
    • Receiving, processing and issuing certificate of insurance
    • Managing third-party communication / follow-ups to process requests quicker
    • Verifying contacts for compliance and following up on non-compliant matters
    • Renewal of requests and compliance reporting
    • Processing revised certificates after renewals

    Read more about our Insurance Quote Process.

  • Certificate of Insurance

    • Receiving, processing and issuing certificate of insurance
    • Managing third-party communication / follow-ups to process requests quicker
    • Verifying contacts for compliance and following-up on non-compliant matters
    • Renewing requests and compliance reporting
    • Processing revised certificates after renewals

    Read more about Certificate of Insurance.

  • Document Indexing and Filing

    • Segregating documents based on their usage
    • Labeling documents as per standard naming convention
    • Indexing documents for easier retrieval
    • Preparing document summary for policies
    • Ensuring documents are searchable and editable as required in the future

    Read more about Document Indexing and Filing.

  • Loss Run Processing

    • Sending loss run requests to previous insurers and receiving reports
    • Pulling out loss run data for policy renewal
    • Analyzing loss run and preparing claims report
    • Sending claims report to underwriters
    • Notifying underwriters if loss run is available or not

    Read more about Loss Run Processing for Insurance agencies and carriers.

  • Policy Checking

    • Reviewing the policy document for completeness and correctness
    • Insurance claims administration
    • Ensuring that the policy matches the proposal or the previous term policy (in case of renewals)
    • Recording variance based on findings of the detailed review
    • Reporting any variances to the carriers and requesting revision of policy document
    • Ensuring a final policy document without any variance is received

    Read more about Policy Checking for Insurance agencies and carriers.

  • Endorsements

    • Adding to the coverage of an insurance policy
    • Limiting or deleting coverage of a policy
    • Adding or deleting people and locations on an insurance policy
    • Adjusting premiums as a result of an insurance endorsements
    • Following-up
  • Billing and Accounts Receivable

    • Ensuring accurate and timely delivery of invoices
    • Sending reminders / follow-up for timely collection of payments
    • Receiving and recording payments
    • Checking if the premium installment on the policy has been set up as per customer request
    • Reconciliation of accounts receivable and reporting
    • Maintaining archives as per the needs

    Read more about Billing and Accounts Receivable for Agencies

  • Renewal Exposure Summary

    • Planning and managing policy renewal
    • Tracking renewals in advance
    • Sending renewal reminders
    • Interacting with carriers for renewals

    Read more about Insurance Renewal Exposure Summary.

  • Accounting and Billing

    • Direct bill invoicing
    • Downloading exception reports
    • Insurance underwriting and pricing
    • Internet payment reconciliation
    • Expense report tracking
    • Agency bill invoicing

    Read more about Billing and Accounts Receivable for Carriers.

  • Insurance Data Entry

    • Applications data entry
    • New business data entry
    • Quoting & proposals data entry
    • Prospect & market research data entry
    • New producer books data entry
    • Acquisition integration data entry
    • General insurance data & analytics
    • Insurance data mining

    Read more about Insurance Data Entry Services

Why Choose Us for Insurance Back-office Management Services?

Outsource2india has been providing the best-in-class insurance back-office management services and a host of other insurance services to clients around the globe. Our team of insurance executives is trained in every type of back-office management services and can handle all kinds of back-office service requests. Some of the reasons for you to choose us, include -

  • We provide unmatched insurance back-office management services which include retirement, annuity, insurance property & casualty services, etc.
  • We assign a dedicated team of insurance executives who have the relevant experience in the insurance sector
  • We help our clients to reduce the overhead back-office management costs while maximizing the transparency and cost predictability
  • We are able to provide back-office management of insurance services to our clients through a well-established network of multiple delivery centers spread across the globe
  • We provide highly accurate insurance back-office management services at cost-effective prices and also provide clients with various flexible pricing models
  • Our team is well-trained to work on different kinds of insurance software such as Vertafore, Nexsure, Agency Matrix, Hacksoft, Salesforce etc.
  • We have access to state-of-the-art infrastructure and some of the latest and cutting-edge technologies which help us to customize your back-office services as per your needs
  • Our insurance services ensure that your time-to-market is reduced considerably and help you provide your clients a great customer experience

Outsource Back-office Management of Insurance Services to Flatworld

Outsource2india has been in the insurance sector for more than a decade now and the vast experience of having worked in a wide range of verticals helps us to understand different businesses and cater to their customized needs. Our cost-effective back-office management services help customers save a considerable amount of time and money which would otherwise be invested in hiring an in-house team of insurance specialists. We are available for all kinds of insurance-related assistance including insurance cancellation at all times for our clients around the world.

If you are looking for a safe and reliable insurance back-office management service provider then look no further. Get in touch with us or talk to one of our insurance executives who will be more than happy to help you out.