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Shape a High Value Insurance Business by Outsourcing Insurance BackOffice Services

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A Sildeshare presentation covering a huge information on insurance backoffice services to improve the work efficiency of your insurance business. Also find out the Key Challenges and Drivers of insurance backoffice; to earn more business benefits.

Publié dans : Business
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Shape a High Value Insurance Business by Outsourcing Insurance BackOffice Services

  1. 1. Shape A High Value Insurance Business By Outsourcing Insurance BackOffice Services C O G N E E S O L
  2. 2. Insurance & Its Challenges: According to Investopedia, Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. I N S U R A N C E Both traditional and commonly accepted business models are now being challenged. In this context, insurers consistently face operational challenges, including improving expense ratios while ensuring that their pricing remains competitive. C H A L L E N G E S
  3. 3. The various challenges facing the Insurance BPO industry: Challenges You May Be Facing Multinational companies setting up their own captive centers The big global customers are showing an increasing preference for the large and global technology service providers for sourcing their IT needs, having strong BPO division. Cost saving is not only the reason for outsourcing. Companies are looking beyond the cost factor such as value added services.
  4. 4. Selecting Insurance Plans Using Needs Analysis Property- It includes equipment, real estate and other assets. Business Volume- The amount of accounts receivable and the average cash flow of the business. Salaries- How much you pay yourself and however many employees the company has. Overhead- The cost of running the business including rent, utilities and other miscellaneous expenses. Future Trends and the Local Economy- How future trends and the state of the local economy will affect the business in the future.
  5. 5. Some of Key Drivers of Insurance BackOffice There are some key drivers of insurance offshoring include: COST SAVING FOCUS ON CORE PROCESSES SPEED TO MARKET TECHNOLOGY RISK BETTER QUALITY THROUGH SPECIALIZED SERVICES DEREGULATION OF INSURANCE MARKETS AVAILABILITY OF CREDIBLE SERVICES PROVIDERS MINIMIZING THE RISK THROUGH MULTIPLE DELIVERY LOCATIONS https://www.cogneesol.com/insurance-services
  6. 6. Aspects of BPO that are Helping Insurance Companies Boost their Performance and Productivity Role of Call Center Services Role of Data Processing Services Role of Data Mining Services Role of IT Services Role of Underwriting Services Role of Finanace and Accounting Services
  7. 7. Role of Call Center Services A dependable call center outsourcing service provider that offers best-in- class inbound and outbound solutions can help insurance companies meet regulatory requirements, enter new markets by proving superior services and maintain customer loyalty.
  8. 8. Role Of Data Processing Services The various data processing services that insurance companies could benefit from include accurate data entry tasks from paperwork that is received from the customers, data entry from business transactions such as sales of insurance policies, receipts and bills.
  9. 9. Role Of Data Mining Services Outsourcing data mining allows insurance companies to identify risk factors that can predict profits, losses and claims apart from providing customer level analysis, sales and marketing analysis, financial analysis, estimating outstanding claims provision and predicting fraudulent claims.
  10. 10. Role of IT Services in Insurance Using state of the art technology can help insurance agents to quickly respond to customer’s needs and provide accurate information to customers concerning insurance issues.
  11. 11. Role of Underwriting Services The process of underwriting allows insurance companies to determine how much premium should be charged for a particular policy. Insurance underwriters, as they are called, thoroughly evaluate insurance proposals to determine its feasibility and the amount of risk involved.
  12. 12. Roles of Finanace and Accounting Services To design, transform & run finance, billing and accounting associated functions to improve cash flow and increase customer satisfaction by bringing about improvements in the end-to-end processes that integrates and streamlines enterprise wide billing and collections, reconciliation and application.
  13. 13. Insurance Back-office Services Includes: New Business Services Insurance Accounting Insurance Agency Management Insurance Policy Management Insurance Commission Management Insurance Reporting Insurance Claims Data entry Insurance Claims Management Insurance Legal Services
  14. 14. NEW BUSINESS INSURANCE SUPPORT SERVICES
  15. 15. INSURANCE ACCOUNTING SERVICES
  16. 16. INSURANCE AGENCY MANAGEMENT SERVICES https://www.cogneesol.com/insurance-agency-management
  17. 17. INSURANCE POLICY MANAGEMENT SERVICES https://www.cogneesol.com/policy-management-services
  18. 18. INSURANCE COMMISSION MANAGEMENT SERVICES https://www.cogneesol.com/commissions-management-services
  19. 19. INSURANCE CLAIMS MANAGEMENT SERVICES https://www.cogneesol.com/claims-management-services
  20. 20. INSURANCE REPORTING SERVICES
  21. 21. INSURANCE CLAIMS DATA ENTRY SERVICES
  22. 22. INSURANCE LEGAL SERVICES
  23. 23. INSURANCE BACK-OFFICE SERVICE PROVIDER Free Trial! COGNEESOL 14 Day
  24. 24. Info@cogneesol.com +1-(646)-688-2821 www.cogneesol.com
  25. 25. THANK YOU! 30 Wall Street, 8th Floor New York, NY 10005- 2205

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