Unless there is an appropriate administrative process which involves monitoring and controlling clearly defined business processes, even the best Insurance Agencies will have a difficult time in today’s scenario of falling profit margins and tighter competition.
Agency administration services in the Insurance vertical will enable a multitude of advantages for your company. The vendor must also have a strong presence in the IT industry in order to be able to provide technological up gradation for existing legacy processes. Considerable industry experience in the field of Insurance services will allow knowledge based adoption of newer insurance practices that will provide quicker time-to-market, heightened service levels and integrated business processes.
At Outsource2india, our Agency administration services in the Insurance vertical will enable a plethora of advantages for your company. Our strong presence in the IT industry provides technological upgradation for existing legacy processes.
O2I’s comprehensive Insurance Agency Management package covers the entire customer life cycle. Right from marketing and sales to policy management and accounting, we will coordinate based on based on real-life agency needs and workflows. This will provide your insurance carrier with more efficient agency workflow and superior service experience for their customers.
Notification - Through a variety of Inputs like Fax, e mail, phone, correspondence and then interfaces with customer databases to initiate documentation requirements.
Verification and Validation - interfaces with policy administration systems to verify processing against business policies.
Adjudication - corresponds business rules which are found to be intact with claim and scrutinizes and excludes those claims which are found to be removed from the scope of the business process.
Settlement - the next step as per the above process of adjudication and is associated with an explanation of beneficial conditions that are to be met and pending the final payment, there is an automatic closure of the process.
Insurance Services outsourcing comes with its own concerns, including ensuring the security of the highly sensitive process. Increasing public concern over confidentiality of personal information has been a major reason why companies are still hesitant about outsourcing functions such as insurance services.
Issues such as authentication and authorization, privacy, integrity, and non-repudiation are the key security and trust elements that are critical to outsourcing. At Outsource2india, we believe security issues to be of paramount concern and have launched a variety of service enhancements ranging from ID Fraud prevention to newer and more streamlined technologies.
Confidentiality and data security is of prime importance at Outsource2india, which is why our employees undergo rigorous evaluation, continuous monitoring and are required to sign confidentiality agreements. Core information is shared only within a limited group of people. In addition to high level systems security, individual workstation activity is constantly screened and monitored for any inappropriate activity.
Moreover, we are bound by contractual and legal validity to our commitment to data security.
At O2I we have the necessary technology, advanced data analytical capability and domain expertise that creates high-levels of measurable business value to customers. We are a company that understands the dynamics of outsourcing and have a vast amount of expertise garnered over 12 years of operations.
We have employed a number of experts in the field of insurance and finance including Ph.D. statisticians, chartered financial planners, MBA’s and life science experts. Technical analysts, software professionals and data entry operators provide required technical assistance.
O2I is equipped with state of the art infrastructure and advanced technology including sufficient bandwidth, which is compatible with the requirements of outsourcing.