Loss Run Processing for Insurance Carriers
Most insurance policies are set to renew every six to 12 months, which may sound like a long time at a first glance. However, if an insurance carrier has thousands of clients, this will mean that multiple client's policies are all coming up for renewal at the same time almost each day. With companies these days trying to do more with fewer employees, this could be a huge headache for an insurance carrier with a shrinking staff to be undertaken alone.
What makes matters more troublesome is that during this everyday policy renewal process, not every client is planning to stay with their current insurance company beyond the current renewal. Some are looking to "go to greener pastures", at least that is what they think. Also, it is this thinking that gets them asking for loss run reports.
Insurance Back-office Support
Why Offshore Loss Run Processing to an Expert?
Most carriers have customer service representatives (CSR), and one of their jobs is to respond to loss run request forms. However, these high skilled CSR teams are shrinking every day, and they are getting bogged down by these mundane requests when they could be helping a client with a more complex billing or claims processing question. Is there a logical solution to this growing issue?
Flatworld Solutions believes so, and it starts with a partnership with us. Give your insurance loss run processing to us, and keep your highly skilled CSR team focused on solving bigger client service request and issues.
With over 20 years of business solutions experience and insurance clients all over the world, Flatworld Solutions can help an insurance carrier by taking away tasks they would rather not have their highly-trained CSRs spending mounds of time on.
Flatworld Solutions will run these incoming loss run reports on the carrier's platform and manage the sending of these loss run statements to be verified by the carrier's underwriter. This will assist in ensuring that the data is consistent and helps the carrier secure a new client at a competitive rate. In addition, it re-runs a current client through the quoting system in hopes of getting them a better renewal premium rate.
Loss Run Processing Services we offer
- Sending loss run requests to previous insurers and receiving reports
- Extracting loss run data to assist with policy renewal
- Preparing insurance claims report after analyzing the loss runs
- Sending underwriters the claims reports, and informing them in case a loss run report is not available
How Do We Process Loss Runs for Carriers
Flatworld Solutions understands that even if a client has a clean loss history, the report must still be generated and validated to better understand the potential risk of a future claim being filed. We also understand that even if the request comes right in the middle of a policy term, or if it is a new client looking for a new insurance carrier, the reports still must be generated.
Running a loss run for a current client or validating one for a prospect may not seem too time consuming, that is until a CSR team checks the email system and the fax machine, to discover 50 loss runs needed by the end of the day!
The primary aim of the team of insurance business solutions experts and back office support professionals at Flatworld Solutions is focusing on the loss runs. As this is our core focus area, we can get loss runs processed on any of the carrier's loss run processing platforms quickly and efficiently. As an added bonus, when a new client sends in their loss history with a new application, we will get those loss run reports to your underwriter as quickly as possible to verify the consistency of the forms. Overall, our service to insurance carriers can help them process new business much faster, and potentially keep more current clients. The current clients with clean loss histories would see they are already getting the best rates for their coverage after they have been quoted again.
Loss Run Automation
Digitizing and automating loss run documents is as beneficial as it is challenging, courtesy of a diversity of formats and the lack of incentive for standardization among carriers. But we have the perfect solution to help streamline your underwriting process; we leverage modern, ground-breaking AI tools like Groundspeed to capture and structure unstructured data from 8+ document types for 12+ commercial lines. And we can have the extracted data, with 98% accuracy, delivered to you in less than two hours. Reach out to us to automate your business processes. Keep your focus on winning more business, enhancing efficiencies, and improving loss ratios while we engage in predictive analytics best practices to deliver comprehensive outcomes.
Benefits of Outsourcing Insurance Loss Run Processing to Us
Flatworld Solutions believes in fostering a mutually beneficial partnership with all our insurance carriers. We believe in giving them back precious minutes in their day. Time is the one thing that businesses all over the world are always striving to get more of, as they time they do have is never enough. The loss run processing team of experts here at Flatworld Solutions, work together seamlessly and efficiently to take away mundane processes such as running, following up with, and managing the task of loss run processing.
The time that an insurance carrier would be getting back if they partnered with us could be priceless for them. All of our business solutions products are equally effective and cost friendly to carriers so the services can be maintained over a longer period of time with no interruptions.
Insurance Software we use
Outsourcing Benefits Recapped
- Get back time and refocus it on another part of the business
- Enjoy a smooth running, cost efficient system that allows you to use it often
- Enjoy 24/7 service and no more staying after hours to run loss reports
- Get reports verified, and incomplete information followed up on
- Collectively help the process of new business run much faster
- Save on money while availing specialized services
Hire Us for Processing Your Loss Runs
Whether a current client or a new prospect is requesting or sending in loss runs, the need to process and verify them will always be there. Highly trained CSRs should be handling the complex customer service issues of the insurance trade, while Flatworld handles the more tedious tasks that can sometimes consume an entire day away from a carrier and their staff.
Our methods have been tested and proven to work seamlessly with any insurance carrier who gets loss run processing requests. With respects to new clients sending in loss runs, carriers know these loss runs must be processed and verified very quickly. If time is not of the essence for a carrier or they are buried in loss run requests, the prospect has many insurance carrier options and could be lost forever.
Let us help you stay on top of mundane insurance office tasks. Contact us today!
Flatworld Solutions - Your primary partner for loss run processing!