Outsourcing & Insourcing: A Healthier Mixture for Insurance Claims Management

Every business industry is under tremendous pressure whether to handle the tasks in-house or outsource or go for a hybrid approach. Today with the changing market trends, this move has become turmoil for businesses and the insurance sector is not excluded from this phenomenon. However, the answer is not simply black or white! If we consider the claims management process – a tedious and labor-intensive task, it blurs the lines between insourcing and outsourcing. In general, there is no need…

Practices to Improve Client Retention in Your Insurance Agency

The insurance sector faces numerous challenges when it comes to client satisfaction. Why? Insurance agency has a number of claims to process, policies to sell, and put in maximum efforts to acquire new clients.  But are you aware of the statistics that insurers spend five times more on acquiring new clients as compared to retaining customers? Well, that’s true! So why not focus on an easy and cost-effective way to enhance your overall profitability. To truly excel in this dynamic…

Insurance Back Office Process & Latest Trends in Insurance Industry

Technology has brought a revolutionary change among the different business industries and one of the most affected industry is the Insurance sector. With an advancement in technology, insurance industry has left behind the obsolete way of working and are innovating their processes with the help of latest trend arising in the market at global level. The goal of reducing the operational costs, improving business processes and streamlining the back office operations is turning into reality. The insurance sector is growing at…

Why Insurance Company Should Streamline Insurance Commission Management?

Anyone working in the insurance industry knows how much of an impact commissions have for proper function of a company. They are especially impactful for agents that heavily rely on commissions in exchange for their services. Managing commissions, however, i.e. tracking them, ensuring they’re paid timely and to the appropriate people for respective jobs, can be tricky even for a small scale insurance company and you can be sure it’s very tricky for medium scale or large scale insurance companies….

Insurance Back-Office Services – A Key Drive for a Sustainable Business

In the modern business environment, in every industry, there is cut throat competition among the business enterprises. The insurance industry is not an exception in this regard. The markets dynamics have compelled the insurance business managements to look for new ways like Insurance Back-Office Services to reduce their overhead expenditure, maximize their business profitability and making their business operations more effective.  They are also trying to enhance their business processes by exploring customer intelligence and good judgments regarding their requirements….

Tips for Insurance Firms to Improve Claims Management Process

Seeking to improve the processes that go behind insurance claim, through an elaborate effort, is what you should be going for if you’re running an insurance claim business. Not only will run your business more efficiently, but you will also reap the benefits of favorable financial changes and improved customer relationships. Each claim has a different process attached to it; however, certain facets can be done in a particular method that is standard. The bar for this standard can be…

Tips for Successful Insurance Process Outsourcing

Outsourcing is often conceived negatively by the insurance organizations, who link it with downsizing. But for small scale or medium sized insurance enterprises, it offers cost-effective growth options. Insurance business process outsourcing helps in giving priority to the more important tasks of the insurance organization. It also helps in saving the costs incurred on infrastructure and manpower. It offers unique advantages like quick turnaround time. But ensuring the success of insurance business is not a simple process. By following these…

Why Your Insurance Business Needs Policy Management?

Policy management is an important function in any insurance enterprise. It involves various important processes like policy renewal services, filings with the state government websites, order loss runs, coordinating with finance companies on premium finance agreements, policy issuance services, insurance endorsements, policy management services, policy cancellation and reinstatements services, management of resources, licensing etc. Without the completion of these processes in a professional manner, an insurance business cannot progress. There are basically two ways of handling the insurance policy management…

How Insurance Back Office Outsourcing can become a financially beneficial option for your business?

In the contemporary business scenario, there is cut throat competition among numerous commercial enterprises.Every business enterprise is looking for new ingenious ideas to optimize its business potential.The insurance sector is not an exception in this regard.The entrepreneurs and managers in the insurance industry are channelizing their energies towards achieving these goals.Great emphasis is being laid on minimizing expenditure on non-productive activities.In the insurance arena, the fundamental activities are inventing new schemes, launching new competitive products and making plans for capturing…

Importance of Outsourcing Insurance Claims processing

The insurance industry like all other service oriented sectors depends a lot on customer service and credibility for business growth and development. An iota of deviation can have disastrous consequences for the company. A person who insures his life does so on good faith and understanding that premium paid over time is in very safe hands and that any claims made by him if he is alive or nominees if otherwise will be expeditiously settled without any problems. For insurance…