Insurance Endorsements Processing
An insurance endorsement may add, delete, or amend certain terms of the existing insurance policy. Basically, it is a document which when appended to the existing policy document changes the policy in some way. Insurance endorsements are legally binding amends to the existing policy document and need to be kept with the original policy document. Insurance agencies receive hundreds of endorsement requests daily and sometimes this can take a toll on them.
It is always advisable that insurance endorsement processing services are outsourced to a third-party service provider who is experienced in the insurance industry. Flatworld Solutions provides high-quality insurance endorsement processing services to insurance agencies and insurance carriers around the world at cost-effective prices and within a quick turnaround time.
Our Insurance Endorsements Processing Services
Sometimes referred to as riders, an insurance endorsement is usually used to add, exclude, delete, or alter the existing policy coverage. An insurance endorsement may be issued at the time of purchase, mid-term, or during the policy renewal time. It is a legally binding change made to the existing policy terms and conditions. Some of the key insurance endorsement services we offer to our clients include -
- Adding to the coverage of an insurance policy
- Limiting or deleting the coverage of a policy
- Adding or deleting people on an insurance policy
- Adding or deleting location in an insurance policy
- Amending the coverage policy at mid-term
- Adjusting premiums depending on the change in policy
- Following-up with the insurance agency / carrier
Insurance Software we use
5 Types of Insurance Endorsements We Process
Insurance endorsements can be broadly classified into two basic types, standard and non-standard endorsements. Standard endorsements are mainly issued by insurance service organizations (ISO) whereas non-standard ones are drafted by individual insurers themselves. Apart from this broad classification, there are some more types of endorsements classified based on the purpose they serve while amending the existing policy. They are -
- Exclusion - These are used to exclude coverage of certain types of claims from the existing insurance policy
- Coverage Modification - This type is mainly used to either expand or reduce the scope of the existing coverage
- Added Coverage - This type of endorsement is used to add a certain clause or term to the existing insurance policy
- Administrative Changes - These endorsements are added to make certain administrative changes in the policy such as name or address of the policyholder
- Editorial Changes - These endorsements are added to the policy just to clarify the intent without making any changes to the coverage
Why is an Insurance Endorsement Needed?
The main purpose of the insurance endorsement is to bring a change in the policy document. Insurance companies usually provide their insurers with the option of making an amendment in the existing policy's terms and conditions. But sometimes insurers may also issue special endorsements which may restrict or limit the policy coverage. Insurance endorsements are mainly used in casualty and property insurance. Apart from these, endorsements may also be issued on automobiles, home, renter's insurance policies, etc. The endorsement becomes a part and alters the existing policy and remains in force till the current policy is valid or expires.
8 Reasons to Choose Us for Insurance Endorsements Services
Flatworld Solutions provides the best in class insurance endorsements processing services to insurance agencies, brokers, insurance carriers, etc. We have access to some of the latest technologies and state-of-the-art infrastructure which help us to provide the best services. Some of the benefits of choosing us as an insurance endorsement service provider are listed here -
- We have high-value processes in place and the required expertise to deliver quality services which will lead your company towards the path of superior performance
- We will assign a dedicated delivery manager for every client, who will be responsible for keeping you updated about the entire process and project status
- Our insurance executives are well-trained and capable of handling any type of insurance endorsement requests
- Our team at Flatworld Solutions is trained to work with the latest insurance software such as Nexsure, Hacksoft, Agency Matrix, Vertafore, Salesforce, etc.
- Our processes are designed in such a way that they reduce the client's operational costs by a considerable amount
- We are able to deliver the results faster and reduce the client's time to market considerably through our multiple delivery centers spread across the globe
- Our top quality insurance endorsements processing services come at a cost-effective price within a quick turnaround time
- We assure that our services will provide a great customer experience to your clients
Outsource Insurance Endorsement Processing Services to Flatworld
Flatworld Solutions has been providing the best insurance endorsement processing services and a host of other insurance services to clients around the globe. We are one of the best insurance service providers who deliver highly customized and cost-effective insurance endorsement solutions to insurance companies, carriers, brokers, etc. Having worked with multiple clients from varying backgrounds helps us understand different business models and provide the required services as per the clients' requirements. We are a great fit for all small and mid-sized insurance agencies and companies as we work closely with their internal teams and help them with all their insurance endorsement requirements.
If you are looking for a reliable and highly accurate insurance endorsements service provider, then you have come to the right place. Talk to one of our executives or write to us and we will be more than happy to help you out.