Just take a follow-up with these pros and cons before opting insurance back-office services from the business outsourcing companies. - Empowered by - Cogneesol.com

1. PROS
CONS
Pros & Cons of Outsourcing
- Insurance Back-Office

2. What are Insurance Back-Office Services?
Insurance Back Office services are the practices of using
outsourcing/offshore companies to handle the major aspects of
managing an insurance company in order to reduce expenditure on
time or cost and maximize productivity of the business… Most of
the Insurance companies prefer back-office service providers due to:
To cut out their expenses
To amplify their market share
Cons
Pros

3. Insurance Back-Office Services Include
New Business Servicing
Policy Management
Commission Management
Imaging/ Indexing
Claims Administration
Reporting
Accounting/ Bookkeeping
Legal Services
Cons
Pros

4. Insurance Back-Office Services
Pros & Cons
Cons
Pros

5. The PROS

6. COST SAVINGS
One of the major advantage of
outsourcing insurance services is, cost
saving.
It takes more time, money and efforts to
train & retain your own data research
team and hiring each and every resource
according to different expectations of
clients.
Pros

7. FOCUS ON
CORE BUSINESS & CUSTOMERS
Just because of hiring business outsourcing company for your
firm’s overhead insurance workloads, it makes you possible to
easily handle your customers properly and also help you to
concentrate on your core business requirements and sort them
out…
Pros

8. ENHANCED JOB ACCELERATION
Insurance back-office companies are full of experienced
manpower that do the best for your business and due to a lot
of competition in market, they offer the best possible results
in the market resulting the increased work performance…
Pros

9. REDUCE TIME TO MARKET
On the other hand if the business
requirements are clarified and has
been done with an appropriate
manner, there is the least demand
of a business to spend time and
money on its promotion and
marketing…
Marketing is the most important step for an entrepreneur to
enhance it’s business.
Pros

10. REDUCED OVERHEAD CHARGES
Overhead Costs
This is totally clear that, opting for an insurance outsourcing
company will save your overhead costs of extra stationary,
hiring expert people, efforts and more place to work…
Pros

11. INCREASED PRODUCTIVITY
Due to involvement of highly expert people at outsourcing
firms, its not possible for insurance firms to have innovation
among their results and to have fully optimized results, so
increased productivity…
Pros

12. MANAGING THE WORKFORCE
Outsource insurance service providers who are offering back-
office services over the world are known for their novelty & they
offer dedicated resources direct to client. This makes insurance
firms to assign tasks & create customized results…
Pros

13. DEVELOP NEW
COMPETENCIES & SKILLSET
Opting for an insurance outsourcing company makes possible for
an insurance firm to enhance business, exploit leads, empowering
skillset & help firm to enter into a new competency market...
Pros

14. The CONS

15. DATA & SECURITY RISKS
So, you need to make sure, the
outsourcing firm is government
recognized & TRUSTWORTHY so,
there’ll be no chance of data loss
or theft.
When you are outsourcing your insurance services or any other
back-office service, your data will always on risk if you are not sure
about your outsourcing provider…
Cons

16. POOR KNOWLEDGE OR SERVICE
A firm, when having lack of knowledge on a particular concept or
service but need an outsourcing firm to work for them, they can
get easily conned by the outsourcing firm. Also, because of
misjudged theories, there arises problem in execution of service…
Cons

17. LEVEL OF OUTSOURCING FIRM
This is the most common issue faced by firms when searching for
a insurance back-office companies. This covers the difference in
level of companies i.e. the level of work (Quality Assurance),
what you require and the level of work what company performs
usually..
Cons

18. CULTURAL DIFFERENCE
Why he want to
hold my hand?
Why she is bowing
in front of me?
Cons
One of the major problem
comes over two different
companies with different
cultural background..
Due to this cultural
difference, both firms can
take other’s view point in a
wrong way resulting errors…

19. THREATS OF CONFIDENTIALITY
Cons
When a company is outsourcing any of it’s insurance service, they
have to mark complete transparency with the back-office firm so
to minimize errors. Thus, they may also have to disclose data that
is confidential…

20. LOSS OF MANAGEMENT CONTROL
Cons
The company owner will
not have their control over
management of another
firm, i.e. how the
complete procedures are
going on…
When a company is opting for an outsourcing firm for its services, it will
only have the final output...

21. CONFORMANCE TO GOVERNMENT
REGULATIONS & POLICIES
Cons
Due to different government policies and legislations over different
countries, the companies found complications for their outsourcing
procedure…
The back-office insurance
firms do mistakes due to lack
of knowledge about their
current legislations, laws and
policies…

22. CONCLUSION

23. Pros
Cons
This can be concluded that hiring back-office
companies for your outsourcing services is beneficial
and can save a lot of time and costs, but you must first
discover whether the outsourcing firm is reliable or
not..
So, you first find out the background of the firm, it’s
quality status then feel free to hire them for your
outsourcing insurance services…
CONCLUSION

24. Cogneesol Pvt. Ltd., A world-class outsourcing company offers all
kinds of outsourcing services to the insurance industry/insurance
providers across the globe. Under Insurance Services, it can easily
offer the services with:
Claims Processing
New business Services
Policy Management
Commissions Management
Reporting Services
Customized insurance services
Its a B2B outsourcing company worked with numerous industries at
quite economical rates.
Cogneesol also offer a benefit of FREE TRIAL to everyone
interested in its services, with no obligations.
ABOUT COGNEESOL

25. EMPOWERED BY
Cogneesol Pvt. Ltd.
https://www.cogneesol.com/
(-- Business Outsourcing Company)
CANADA: +1 905 487 8562
AUSTRALIA: +61 424 066 224
UK: +44 203 371 7486
USA: +1 646 688 2821
Pros
Cons

26. THANK YOU