Outsource Insurance Back-office Services

Efficiency in insurance back-office operations is a key requirement for anyone working in the insurance market. From agents to brokers and carriers, everyone needs insurance back-office operation services. Outsource2india has been in the business for over 20 years and caters to the extensive insurance back-office management needs of any business or agency working with insurance.

Whether it's generating a quote summary, or policy management, policy checking and generating a renewal exposure summary, our team of highly-skilled professionals has years of experience in handling back-office tasks for insurance agencies serving different sections of the market including general and life insurance. O2I will make sure all your insurance back-office management services are taken care of with the highest levels of accuracy.

Our Services - Insurance Back-office Operations

O2I handles the extensive requirements of a variety of businesses. Our insurance back-office management services help insurance agencies and carriers save valuable time that is often lost while handling back-office operations so that they can focus on the task at hand, which is increasing business. Our comprehensive business back-office management services include -

We also offer the following specialised services.

• Quote Summary, Proposal & Certificate of Insurance (COI)

  • Providing a detailed summary of coverage details carrier-wise
  • Extracting carrier financial ratings, meeting client proposal requirement and preparation of premium and commission summary table for all quotes
  • Quote comparison by preparing structured spreadsheets
  • Populating and updating required information in standard proposal template
  • Finalizing proposals and delivering printable/presentable formats
  • Receiving, process and issuance of insurance certificates
  • Quicker process request follow-ups and management of third party communication
  • Contact verification for compliance and follow-ups on non-compliant matters
  • Renewal requests and compliance reporting
  • Issue of revised certificate on renewal

• Document Indexing & Filing

  • Document segregation based on the usage
  • Easy retrieval of documents by labeling them as per the prescribed naming conventions and index
  • Preparation of document summary for policies
  • Making sure documents can be easily tracked and edited as required in future

• Loss Run Processing

  • Sending Loss Run requests to previous insurers for reports
  • Analysis of Loss Run data for insurance renewals and preparation of claims report
  • Sending reports pertaining to claims and notifying the underwriters if loss run is not available

• Policy Checking

  • Reviewing policy documents for complete and genuine information
  • In case of renewals, making sure the policy matches the proposal or previous term policy
  • Variance recording based on detailed review findings
  • Revision of policy document based on variance reported to carriers and the entire insurance commission management
  • Delivery of final policy document without and reported variances

• Endorsements

  • Increasing the coverage of an insurance policy
  • Deleting or limiting the coverage of a policy
  • Addition or deletion of title or location on a policy
  • Mid-term additions
  • Premiums adjustments resulting out of insurance endorsements

• Billing & Accounts Receivable

  • Accurate and timely delivery of requirements
  • Timely collection of payments through reminders and follow ups
  • Receiving and recording payments
  • Checking if premium installment has been set up as per customer's preference
  • Reconciliation of accounts receivable and reporting
  • Archive maintenance as per requirements

• Renewal Exposure Summary

  • Reduction in overall costs
  • Improving efficiency of operations
  • Quick turnarounds
  • 24/7 availability
  • Improved quality

Insurance Software we use

Why Outsource Insurance Back-office Operations to O2I?

In addition to providing quick turnarounds and affordable services, there are a number or reasons to choose the professionals at Outsource2india for your insurance back-office requirements -

• Dedicated team that works 40 hours a week
• Mutually agreed upon shift time
• Back-up team in case absence of members currently working on the project
• Dedicated team leaders and project managers for timely completion of projects
• Experience in agency management systems such as Hacksoft, Vertafore, Agency Matrix, Insurance, Nexsure, AMS 360, Salesforce, and Bill.com for financial and accounting clients

Outsource Insurance Back-office Operations Services to O2I

When it comes to insurance businesses, it is essential to have a robust system and quality back-office management services in place. Our aim to exceed average quality standards at competitive prices helps us stay ahead of our competitors.

O2I has 20 years of experience, and has the infrastructure and tools required to handle complete insurance back-office operations along with insurance cancellation at affordable rates.

Get in touch with our friendly staff to outsource insurance renewal exposure services.