An analysis of the benefits of outsourcing claims management to India raises question – why outsource claims management. You can segregate the whole process into four basic components, which includes:
- Evaluation of claims and deciding on eligibility
- Quick adjudication in case of any glitches
- Claims audit
All in all, it is crucial process for streamlining claims management workflow in your insurance business. Hence, incurring expenses to set up the infrastructure for claims management deviates from the core goal. This is why opting for claims management services has become popular across the insurance landscape.
The next question arises – what is the best offshore destination that will optimize claims management process. Remember, unlike other back-office functions such as data processing or commission management, claims management is a very complex issue. Often it requires sifting through records that are more than decades old. Hence a high degree of professional expertise is required on this front.
Taking all these factors into account, India has emerged as the foremost destination for outsourcing claims management. But why is outsourcing claims management to India such an attractive proposition today?
Benefits of Choosing India for Claims Outsourcing
Skilled Manpower – India is a powerhouse of talent so far as human resources are concerned and are one reason why top multinational companies recruit their key personnel from here. Added to this is the fact that there has been a spurt in technological innovations with the result that outsourcing agencies in the country have been able to consistently update their systems to offer higher operating efficiencies. It has borne fruit in terms of quick evaluation of old data, inspection and quick settlement and adjudication of claims.
Low Operating Costs – This is one of the primary reasons why the prospect of claims management being outsourced to India is so appealing. Low operating costs in India stems from the fact that the whole process is carried out by advanced data processing systems thus saving on time. It not only enhances the reputation of insurance companies as they are seen to quickly settle claims, but the saving in costs as against the same process done elsewhere also gives the insurance companies extra margins to devise competitive new launches.
Quick Turnaround Time – Again, it is one of the advantages that India has to offer. Any work pertaining to claims management is done outside the working hours of the parent company due to the difference in time zones. There is, therefore, a smooth seamless flow of work with resultant faster turnaround time.
All these factors have made India one of the top offshore locations for outsourcing claims management.