The insurance sector faces numerous challenges when it comes to client satisfaction. Why? The 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...
Insurance Process Outsourcing: A contemporary buzzword, outsourcing has been a longstanding practice with roots tracing back over time. It wasn’t until 1989 that outsourcing gained official recognition as a strategic business approach. In the 1990s, amid efforts to enhance financial well-being, businesses conceived the notion of outsourcing non-core tasks, laying the groundwork for Insurance Process...
The focus of any industry in today’s severely competitive business environment is to maximize operational efficiencies. They want to emphasize core activities, and cut out flab that drags down growth and profitability. This is true for the insurance business too. That’s the reason it has actively implemented ways and means that have enabled it to...
The insurance industry is no stranger to change. Back-office processes are pivotal in ensuring efficiency and competitiveness as it adapt to evolving customer demands and technological advancements. The insurance back office includes many critical functions, including policy administration, claims processing, underwriting support, and data management. These processes are the backbone of insurance operations,. Therefore, its...
