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  • 03 Apr 2017
    A financial firm is going out of cash, and a business that targets to secure people’s financial future has become bankrupt and pending bailout. Precisely how ironic, and also quite possible for a lot of businesses in the financial sector that still are unable to determine which strategies work for their business and which don't.   For insurers that are nevertheless seeking to establish the advantages of Insurance Back Office Services, the axiom “do what you are best at, and outsource the remaining” must strike the mind. It happens to be about time for insurance firms to pay attention to the processes that best hook them up with their clientele and fulfil their requirements. For this purpose, they ought to count on outsourcing as both the possibility and a technique that can assist them in transforming their business, function more efficiently and adeptly, provide superior services to their clientele, and become much more economically stable.   To attain these targets, insurers need to assign to insurance outsourcing companies their back-office as well as administrative tasks that comprise of:   Customer service – Ascertain superior service for your clients by outsourcing support services to an inbound call centre that can potentially handle customer issues and questions by means of several channels like voice, chat, electronic mail, as well as social media on a 24/7, 365-day schedule.   Telemarketing – Be productive not just in operations, but additionally in customer acquisition. Outsource outbound sales to a telemarketing specialist who is able to entice fresh clients as well as upsell brand new services and products to present clients.   Advertising and marketing – For a small fraction of the cost of maintaining an in-house crew, it is possible to sign up with an outsourced team of web experts and internet marketers that have the needed software tools and methods to market your business across all mediums and drive your website to the top-most positions.   Data entry – Dealing with substantial amounts of data and moving them to a database-ready standard (to swiftly verify claims and conveniently process payments) tends to make data entry tasks tiresome and extended. Have you thought to outsource data entry to an outsourcing company that provides outstanding data entry solutions?   Loan processing – Why manage a system which is noticeably tiresome, complex, and time-intensive? In order to take advantage of a quicker, simpler, and more affordable process that provides superior results and increased performance, then outsource.   Bookkeeping – Retaining a full-time bookkeeper won’t be worthy of the money due to the fact that the task is conducted just one or two days on a monthly basis. To make or perhaps economize additional money, outsource the process of bookkeeping to improve financial reporting.   Payroll processing – Outsourcing payroll to an insurance outsourcing company can ascertain the privacy of your books. By entrusting your company accounts to a dependable and reputable third party, it is possible to safeguard your bank account from prying eyes in your organization.   Accounts payable/receivable – Take advantage of an outsourcing provider’s services to process invoices as well as collect payments more readily and swiftly. Reduce the requirement for in-house assets while reducing the cash cycle.   For insurers, attaining increased financial security is not a fantasy however an objective to accomplish so as to set a good example for their clientele that will someday come to them for their requirements.   Are you prepared for outsourcing? Allow Insurance Support World, a well-established company providing insurance back-office services to clients worldwide explain you the benefits of outsourcing. Drop us an email at info@insurancesupportworld.com or call at +1 646-688-2821.
    865 Posted by Diana Krall
Other 2,278 views Aug 31, 2017
Useful tips for Better Policy management Process

Policy management is a core activity in the insurance industry. Insurance carriers have a team of underwriters that are responsible for writing policies for its customers according to their requirements. To survive in this competitive market, it has become essential for insurance companies to improve their policy management process. There are various processes under policy management, such as renewals, endorsements, policy binding, cancellation of existing policy, etc. Insurance companies are largely dependent on its customers and satisfying them is the best business strategy. In today’s business era, managing policies, retaining customers and reducing costs have become a challenge for the insurance industry, some of the carriers are also finding it difficult to introduce new offerings to its customers. Policy management deparment is the revenue generating department in insurance firms and it is obvious they don’t want to make their business insolvent at any condition.

 

Then, What can be done in that case? Here are some tips that will help you to make your Policy Management Process efficient:

 

Plan a Viable Strategy – Every business organization has set certain goals and objectives which are based on the analysis made by the company. Similarly, insurance companies need to do analysis within the organization to grow their business. How is it possible? Insurers should conduct a survey, that which tasks are consuming more time of the underwriters? On the basis of that report they should make a strategy to improve their policy management process. Making a viable strategy and implementing it can help insurance firms to increase their productivity.

 

Make use of latest technology- Technology has brought a dynamic change among the businesses nowadays, and understanding the challenges involved in the insurance sector, it has become necessary for the carriers to adopt new technologies that are available in the market. With the help of software, you can easily process the time consuming tasks without any hassle that will gradually help you in focusing on your core activities. There are many software available to process various back office tasks such as Vertaforce, Nexsure, Aspire, Insurance Pro, Hawksoft, Agency Software etc. and by investing in these software you can make your policy management process more efficient and simple.

 

Outsourcing- Nowadays most of the companies prefer to outsource their Insurance Back Office tasks to a reliable outsourcing firm. This has become a cost effective solution amongst insurance industry as your partner will work precisely on your requirements and provide you accurate results. So instead of hiring an in-house team to manage all the back office tasks and paying them salaries it is a smart decision to outsource as it not only saves time and gets the work done in an efficient manner but saves costs as well. This is why outsourcing tasks to external companies is a growing trend in insurance industry in the present business scenario.

 

Conclusion:

Due to increasing demand of the insurance companies it has become necessary for the industry to fulfill customer expectations and handle their business process with efficiency. This in turn helps the companies to maintain its reputation and gain customer loyalty because it is said that “Customer satisfaction is worthless, Customer loyalty is priceless” and better policy management will help the companies in achieving their ultimate goals.