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New Business Servicing has become one of the cardinal performance drivers for insurers these days. In today’s times, having a faster and intelligent underwriting process is turning to be essential for survival, as insurance companies look to cut down operational costs, ascertain long term profitability and ameliorate efficiencies across the product life cycle.

Major insurance firms are employing advanced internal and external data to drive more updated and precise decision making. Automation of the new business servicing and underwriting systems is a welcome trend as insurance providers can speedily process fresh applications and evaluate risk, while bringing down the price of policy administration and claims processing.

At Insurance Support World, we strongly suggest a model of straight through processing (STP) to improve the underwriting procedure. STP requires making use of technologies such as document imaging, utilization of business rules engine to set up underwriting rules, workflow management and document management interlaced with one another to automate the operation of underwriting. It not merely assists in quick underwriting procedure but likewise shrinks the price of underwriting.

Latest industry forecasts propose a sluggish but regular growth in underwriting results in addition to net profit in the coming years. To grab the opportunities, brokerages need to think out of the box such as partnering with technology and outsourcing organizations to examine new product lines, study new markets, and pull off their thriving distribution networks.

ISW insurance practice assists brokerages to sequester clean cases and cases which can be automatically consented at basic, favored or revised terms through the Underwriting Rules Engine. It facilitates in achieving speedier processing of proposals and separating out ones that requires manual underwriting decision.

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Services We Provide

Service Number 1

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Service Number 2

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Service Number 3

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Advantages of Our Approach

Significant reduction in organizational costs and time linked with acquiring and process new businesses.
Elimination of human errors and requirement of manually replicating the captured info
Provision of coverage instantaneously at the Point of Sale
Increase in cus tomer acquisition and satisfying them by reducing the turnaround time
Empowerment of underwriters when it comes processing cases at a much faster way
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Testimonials

Insurance Support World, our partner in back-office service for core insurance functions, has been instrumental in bringing significant efficiency into our processes. What started with streamlining data at the input level, and restructuring process flows to cut out non-value-added activities, gradually led to the emergence of revised operating models that are lean and which make efficient use of resources. These have reduced our operating costs significantly giving us better profitability.
Insurance AgencyHouston, Taxes
When we started working with Insurance Support World, our processes were cumbersome and time-taking. This was especially true for our claims management and our commissions management functions. Verifications, allocations, payments took a long time to process resulting in high costs. The ISW team streamlined these, brought in efficiency and flexibility that stabilized and strengthened the processes, and enabled us to focus into new-markets strategies.
P & C Insurance AgencyMiami, FL
We have been working with Insurance Support World for more than two years now. Through this period, they have automated a whole bunch of the processes that were tedious and time-taking, including processing of forms and follow-ups. With the processes getting smarter and more efficient, our customer experience metrices have improved. On the whole, we have been able to carve out a niche for ourselves in the traditional carrier segment.
An Insurance BrokerSan Jose, California
Insurance Support World has helped us redesign our routine back-office processes, making them straightforward and intuitive for policyholders. These have, in turn, resulted in heightened customer delight, giving us a lot more good name in the market. We attribute a large chunk of our business growth in the last two quarters to increased confidence and repeat business of our clients. Team ISW sure have set us on the right path!
An Insurance WholesalerPhoenix, Arizona
We have been able to deliver seamless experience to our customers across multiple channels owing to the sturdy backend support by Insurance Support World. They have given us an edge with respect to documentation management, data management and customer service. And so, despite the problems posed by the pandemic, we have been able to increase our customer base across existing and new states. All on the basis of our strong back-office. Thanks ISW!
An Insurance CarrierNorfolk, Virginia
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Latest Blogs

Build your understanding of the insurance worlds’ trends, technology and disruptions

How Data Analytics is Transforming the Insurance Industry
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How Data Analytics is Transforming the Insurance Industry
According to the Market Research Report published by Fortune Business Insights in April 2023 for the base year 2022, “The global big data analytics market size was valued at $271.83 billion in 2022”. Of this, the Banking and Financial Services and Insurance (BFSI) industry holds 23%, one of the biggest chunk. The report further adds,...
Outsourced Insurance Partner – Core Technology Enabler
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With technology, changing customer expectations, and regulatory changes fast shaping a different future, the insurance industry is on the cusp of significant change. Of these, insurance technology, or insurtech, is making sweeping transformations of insurance operations. From improving customer experiences to enhancing underwriting and risk management, insurtech is disrupting the industry by offering new business...
Avoid Growth Pangs – Outsource to Insurance BPO Services Providers
23 Mar, 2023
Avoid Growth Pangs – Outsource to Insurance BPO Services Providers
Marketplaces are rife with the frenzy caused by disruptions that include COVID-19, the ongoing Russia-Ukraine fallout, and the resulting threats of global recession on one hand, and digital convergence on the other. Most insurers have pivoted well and are growing by widening and diversifying their product offerings to meet the requirements of this ‘new world’....

ISW brings over 15+ years of industry experience and a team of 500+ professionals serving a wide range of clients worldwide, leveraging our insurance niche skills, expertise, and experience for higher operational productivity and process optimization.

ISW acts as a partner in growth by adding value to unleash your limitless potential.

Since 2009, global experience in delivering insurance BPO solutions
Skilled team of experts with proven success in generating process efficiencies
Well-defined workflows to reduce delays and errors
24x7 operations to deliver the time zone advantage
Creating operational efficiencies and growth opportunities within your organization
Cost-effective services in keeping with competitive industry standards
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