Property and casualty insurance provides the tools to manage property-related uncertainty and loss, thereby providing vital professional and personal protection to the people involved. This segment of the insurance industry provides protection for physical properties, such as houses, cars, commercial properties, etc. and protection against any subsequent legal liability.
Underwriting for property and casualty insurance is an extremely important step in the modern insurance world. This is because increasing competitive pressure, changing customer requirements, etc. are driving P&C insurers to rethink their existing operating models, implement more customer friendly strategies and revamp existing processes. Our property and casualty insurance underwriting services can help you regain your competitive advantage while working towards a more profitable growth phase.
Why Choose Us
Why Choose Us for Insurance BPO Services - Flatworld Solutions
Insurance BPO services from Flatworld Solutions help Insurance agencies, Carriers, and MGAs get approximately 50% cost savings on processing sales, customer onboarding, servicing, and claims renewals.
Our Property and Casualty Insurance Underwriting Services
In property and casualty insurance, underwriting excellence is directly related to the insurance company's performance. In recent research conducted by McKinsey's Journey Analysis, it was concluded that there is significant variability among top insurance companies and that operating results has the greatest impact on the overall financial performance of the company.
By helping our clients focus on underwriting excellence, we can help you streamline your processes and service your customers in the best possible manner. By focusing on portfolio steering, capacity optimization, pricing adequacy, and designing the coverages, we cut down on what is not required while providing you with all-round solutions for all your underwriting needs.
Our P and C back office solutions include -
Insurance Software we use
What Sets Our Team of Underwriters Apart?
Our underwriters have had years of experience across multiple P&C portfolios and can help profitably underwrite your properties while keeping the risk in check. We have evolved with changing coverage needs and new risks and can work with any business model and exposure traits. Some of the key skills our team of underwriters brings to the table include -
- Ability to blend qualitative analysis with quantitative analysis
- A forward-thinking approach towards risk exposures and how they can change over a duration of years
- Access to an in-depth management information framework that offers an eagle-eye view of the entire portfolio
- Ability to provide account-level guidance on target rates and renewals with real-time corrective action being a hallmark of our services
Over the duration of the project, our team of underwriters follows an expansive list of factors that can change your underwriting decisions and can provide a comprehensive report on the same too. These factors include -
Condition of Property
Age and Value of the Property
Occupancy of the property
Age of Insured
Other Services You Can Benefit From
Why Outsource Underwriting for Property and Casualty Insurance to FWS?
At Flatworld, our insurance underwriting experts have the know-how and the experience which directly translates into high-quality underwriting management. Our focus always lies on translating market developments and our operational excellence into actionable processes for you. By partnering with us for P and C insurance back office, you can benefit from the following -
Strengthened Customer Experience
Customer experience is the core of all insurance services. Our underwriting professionals constantly strive to improve your operational efficiencies, while delivering consistent reporting for all your key metrics, which in turn ensures you can service your customers better. We also help to improve your methods of data capture and consolidation even when we have to work with multiple reporting platforms. All of this translates into better services for your customers.
Better Operational Efficiency
Prior to engaging us as their property and casualty underwriting service providing company, our clients predominantly leverage a labor-intensive task force to complete their day to day tasks. As such, their underwriting cost per application is significantly higher. We aim to streamline these processes and significantly reduce standard operating times. We help to consolidate, standardize, and automate your processing activities while reducing manual errors and eliminating rework.
Comprehensive Operational Support
Are you concerned about missed proposal opportunities due to significant bottlenecks in your underwriting pipeline? Are you unable to bring a consistent level of service among your underwriting team and duplicate similar functions across multiple groups? By prioritizing transformative growth and refocusing your staff, we eliminate all waste in your existing business processes. We can -
- Remove redundancies and duplicate your existing processes
- Streamline the entire data/risk calculation process by implementing AI-powered actuarial software
- Develop better accreditation processes and training programs for your underwriting team
- Implement centralized monitoring systems to report on policy processing in real-time
Enhanced Cash Flow
Our expert underwriting services can help you revitalize your cash flow and reduce costs across your organization. We do so by effectively handling the bulk of routine transactional work. We also enhance your current processing times while constantly focusing on better quality, transparency, and bringing in new digital methods to handle overworked channels.
We leverage the latest in analytics and modeling to identify the key drivers which impact your quote volumes and identify the incremental impact of external factors leveraging the power of data. We can work with multiple variables such as -
- Quote volumes received from existing customers
- Quote volumes received from prospects
- Clicks, keyword strength, and search, ads, paid and organic search, etc.
- Macro-economic indices for the area such as cost of living, etc.
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.
Partner With FWS For Outsourcing Underwriting for Property and Casualty Insurance
If you feel that your underwriting process needs rethinking, then you need our help. We think as a process transformation company first and as a service provider second, and our entire focus lies in ensuring we can help you optimize your workflow and reconnect with your clients on a more personal basis. We specialize in rebuilding and rethinking your processes and turn them into smarter, more aware ones with the help of technology.
Contact us right now to understand more about our offerings and how we can help you get back to profitability.