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...
There are many reasons why insurance outsourcing had taken off in a big way in the past decade or so, in fact from the mid-1990s to be precise. It was based on the need of the insurance sector to be competitive, cut costs to stay afloat and to offer schemes and policies that had attractive...
Insurance policy management is a crucial, complex, and extensive process involving creating, updating, and overall administration of insurance policies for customers. Various Policy Management Challenges Policy Creation: Underwriters evaluate an individual’s income, health, property, age, and location to create a policy, considering the risk factors and determining appropriate premiums. Policy Renewal: When a policy expires,...
Before going into the intricacies of outsourcing, know exactly what policy management is. It is actually an administrative plan to predict how a decision or choice will turn out. It enables policymakers to take measures to deal with any eventualities related to it. As far as insurance is concerned, policy management can relate to both...
