Are you worried about the increasing competition, declining profit margins, and a growing number of claims? If so, you must outsource life insurance support services to an expert like Flatworld Solutions (FWS). Since the economic meltdown in the last decade, more and more global firms have been leveraging the support service models to improve efficiency and use offshore resources for core product development.
At FWS, we possess 19 years of service expertise in helping insurance companies with various kinds of life insurance support solutions. With over 2000 experts, including, consultants, subject matter experts, and support staff, we can create customized solutions for life insurance support functions, covering the entire back-office functions.
Life Insurance Support Services We Provide
By leveraging our insurance back-office support services, you can get a higher claim disbursement. At FWS, we provide a full range of services for insurers, including turnkey integrated solutions for new agencies and run-off insurers. Here is a list of life insurance support services that we offer -
New Business Acquisition Support Services
As a premier company to provide life insurance support services, we have got you covered for all fresh corporate acquisitions. Our agents can help you with -
- Registering a new application
- Checking the application
- Allocating the case
- Screening the health assessment
- Adjudicating case laws, etc.
General Administration Support Services
Under our life insurance back-office support functions, we cover policy management, call center operations, etc. Our consultants and agents can provide life insurance support for -
- Online processing of the remittances
- W2/Section 35 reports
- Policy process surrender
- Riders benefits
- Premium expiration, renewal, and recovery
Customer Support Services
- Providing customer service to policyholders
- Technical service desk support for policyholders
- Adverse event information (AE)
- Information about product quality complaints, and more
These include several services such as period-end closing, trading options, interest and income calculations, tax planning and loan quotations. Here is a breakup of our customer support services -
Billing and Accounting Services
It includes complete monthly financial reports, trial reports, financial statements, bills, and bank reconciliations. Other than this, we provide our life insurance support services for -
- Print bills and invoices
- Payment processing
- Electronic bill application
- Accounting disputes resolution
Compliance Services and Claim Processing
We provide compliance and money laundering reports, regulatory reports, learn about your customers and trigger event checks. Our life insurance support solutions include claims processing services for -
- Fraud detection
- Case assignment
- Data entry
- Adjudication/case law
- Query resolution
- Payment/Billing Confirmation
- Claim status check, etc.
Marketing, Investment, and Reference Data Informatics Support Services
It includes the reconciliation of transactions, investments, settlements, contractual notes, and valuations. Our life insurance support experts can also help you with -
- Data analysis (internal and external)
- Policy acceptance and rejection data
- Reference data
- Statistical research design, programming, analysis, etc.
- Physician, consumer, & marketing data analysis
Agency Administration and Company/Business Services
It includes the provisioning of management reports and secretarial services. Other than this, we can support you with -
- Customer support
- Commission processing
- Internal technical help desk
Insurance Protection/Regulatory Coverage Support Services
Our insurance back-office support services also include support on the laws and regulations conformity with all kinds of insurance laws, including HIPAA, SOX, etc.
Life Insurance Support Process We Follow
As a leading life insurance support service provider, we have created a time-tested process support process to help you optimize your processes and achieve business goals. The key steps include -
01. Business Requirement Analysis
First, we will collaborate with you to determine your exact requirements vis-à-vis insurance back-office support services
02. Project Planning, Team Setup, and Plan Initiation
Our experts will create a customized plan, form a suitable team, and initiate the plan as per your requirements existing workflow
03. Process Implementation
Depending on the support functions we will implement the process. After finding out the gap areas, our team will implement the process as planned
04. Data Verification
We will conduct various quality audits to ensure the data is accurate and your business requirements are met
05. File Transfer
At this stage, we would have ample understanding of your service operations. Our support staff will systematically process all the data or records and send them via encrypted channels
Tools We Use for Providing Life Insurance Support Services
Our team uses contemporary tools/software to make sure that you receive quality life insurance back-office support services. A few are -
Other Services You Can Benefit From
Why Outsource Life Insurance Back-office Support Services to Flatworld Solutions?
We offer life insurance support services for single or multi-location insurance firms of all sizes. By choosing FWS as your insurance support partner can give you the following list of benefits -
We provide competitive pricing options starting from as low as $8/hour that can fit your budget and business requirements. You can also collaborate with us to hire full-time employees if your project needs are long or complex.
ISO/IEC 27001:2022 Certified Organization
As one of the first ISO/IEC 27001:2022 accredited organization, our processes are on-par with the international standards. We are more than capable to manage and address all types of information-related security threats.
Option to Scale-up
At FWS, our life insurance support services are scalable, which means you have the option to increase or cut the deliverables as per your requirement. There will no extra or hidden charges for this.
High-quality Insurance Service
By partnering up with us for life insurance support services will give you access to high-quality insurance experts who can cut backlogs, reduce operating costs, minimize the time your employees spend working in non-core tasks, and more.
Robust Data Management
24/7/365 Days Customer Support Service
FWS is among the fewest insurance support companies that work 24/7/365 days. You can approach us anytime with your requirements, queries, and issues.
Short Turnaround Time
Because of the skills of our support staff, the use of advanced software, weekend support, 19 years of service experience, and more than capable leadership, we can reduce the turnaround time by 30-40% for an average-sized project.
Single Point of Contact
We will allocate an experienced expert to collaborate with you to solve/resolve even the minutest issue. The professional will be your core connection to get project updates.
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.
Outsource Life Insurance Support Services to Flatworld Solutions
As a prominent is a leading provider of life insurance support services and a plethora of many other insurance BPO services, Flatworld Solutions has the capability, skill, and wherewithal to streamline your back-office processes in a cost-effective way. With a robust team of over 2000 support professionals, we cut the backlogs, improve profit margin, scale the business workflow, and more.
We work as an extension of your core team and relieve them from the non-core tasks, thus, improving their overall efficiency. To get high-quality life insurance support solutions and optimize the insurance back-office processes, get in touch with us now.