Property and Casualty Insurance Outsourcing Services

Competition within the property and casualty insurance space is heating up. By outsourcing IT processes, property and casualty insurers can ensure the smoothest possible technology migration from their legacy systems with out excessive fiscal deficits.

Property and Casualty Insurance Services by Outsource2india

Within the Property and Casualty insurance segment a fair degree of consolidation is occurring. The dominant position of large market leaders, the effects of burgeoning technology and a robust, competitive pricing environment will cause dozens of insurers to exit the personal property and casualty insurance industry over the next few years, according to a new study by Conning Research and Consulting.

However inspite of this, Fitch's year-end 2005 results reveal that, despite steady rate reductions in many insurance segments in the past two years, market conditions remain supportive of underwriting profitability for stronger underwriters in the near term.

As evidenced by January 2006 insurance renewal results, rates have increased dramatically in market segments affected by the 2005 catastrophes, particularly property and casualty reinsurance.

As a result, competition within the property and casualty insurance space is heating up.

Updating legacy systems seems to be unavoidable in the property and casualty insurance segment. However as markets become more competitive, outsourcing seems to be an inevitability. According to a recent study by Celent Communications titled "Raising the Bar on Offshore IT for Insurance," a 30 percent or greater project cost reduction is an attainable figure when outsourcing IT work . In fact the Singapore-based research firm, Fusion Consulting, reports that India's IT and BPO industry exports have grown 33% to reach $23 billion, up from $18 billion last year. And, according to NASSCOM, the Indian IT industry is on course to meet its target of $60 billion by 2010.

The benefits of offshoring property and casualty insurance work include:

• Reduction in the cost of claims management as a result of automated responses to high frequency - low severity claims
• Focal determination of high severity claims management with accurate claims addressals.
• Faster business cycle, reimbursements and turnaround times.
• Better fiscal consistency as a result of variable vendor selection.

In fact Cycle management is the key driver of P&C insurance company investment strategies today, according to a new study by Conning Research and Consulting, Inc.

By outsourcing IT processes insurers can ensure the smoothest possible technology migration from their legacy systems with out excessive fiscal deficits. Variable costs can now be converted to manageable fixed costs which allow shoring up of capital for enterprise growth, product development and expansion of distributorships

Furthermore the internet will play a major role in the expansion of the insurance segment as an ever burgeoning techno savvy population will scour the World Wide Web for insurance products rather than go for the traditional route of contacting an insurance agent. So what signaled the demise of the local stock broker will occur in the field of insurance as more and more people will prefer to evaluate the various insurance brands independent of biased insurance agents.

Vendor selection and deciding which processes to outsource are crucial decisions and are imperative to the long term survival of any undertaking. As a result the following steps serve as a guide to determining which segments of the property and casualty insurance vertical should be outsourced.

• Define the most ideal processes without the technical considerations
• Automate those processes where relevant
• Identify the most efficient process flows
• Manage, evaluate and adapt processes where and when necessary
• Accomplish all of this within your existing technical infrastructure

Overall, what started out as pure back office work has now transcended the BPO-KPO divide, and even core insurance processes are being off shored. Indeed the focus of insurance companies particularly in the property and casualty insurance vertical has switched from just back office support work to rectification and strengthening of critical business processes.

It is to this segment of property and casualty insurance work that Outsource2india provides proficiency. Bringing to you a host of comprehensive solutions that will fit your property and casualty insurance offshoring requirements.

Property and Casualty Insurance Services Provided by by Outsource2india:

1. Personal and Commercial Business Acquisition

• New application enrollment
• New Application Inspection
• Case assignment
• Recent case adjudication and task management
• Signature capture

2. Policy Administration Processing

• Remittances including online processing
• Premium lapses, renewals and reinstatements
• Surrender of policy processing
• DMV Error corrections
• Premium audits
• FSR
• Loss billing & accounting.

3. Customer and Commercial Support Services

• Policy product information and Quotation
• Conversion options
• Scheduled loan repayment quote.
• Policy technical help desk
• Product Quality Complaint Information

4. Billing Services

• Print and mail bills
• Payment processing
• E-Billing application
• Billing dispute resolution

5. Claims Processing

• Case assignment and data entry
• Task management & adjudication
• Payment / settlement confirmation
• Claims status tracking services
• Validation and fraud detection

6. Marketing And Reference Data Informatics

• Marketing Data Analytics
• Consumer and Business Analytics
• Large-scale Reference Data
• Policy acceptance / rejection data
• Statistical Study Design, Programming and Analysis

7. Claims Servicing

• Data Entry
• Database Design
• Query Resolution
• First notice of loss review
• Claims status calls

8. Agency Administration

• Commission processing and customer support.
• Agent technical help desk
• Internal technical help desk

9. Regulatory Coverage - Legal and Regulatory conformity on Insurance laws and access to legal and paralegal services

Outsource2india has the domain expertise and infrastructure for the Insurance Industry's requirements:

We are a company who understands the dynamics of outsourcing and have vast amount of expertise garnered over the last six years.

We have the necessary technical expertise combined with knowledge and industry based experience.

Our technological competence enables the integration of electronic document generation, processing and communication.

We are equipped with the technological competence and the required bandwidth which makes the conjoining of operations a seamless experience.

Contact by Outsource2india to give your business the extra edge, Our Client Engagement Team will get in touch with you within 24 hours .

O2I’s Financial Services

Accounting and Finance Services: Outsource Write-Up, Bookkeeping Services , Accounts Payable, Accounts Receivable, Financial Reporting and Accounts Reconciliation services to O2I for proficient and cost-effective services.

Tax Preparation Services: Outsource Tax Return Processing and Tax Preparation services to O2I and benefit from maximized efficiency and profits. Give your business a competitive edge with our efficient services.

Financial Analysis Services: Outsource Financial Analysis services to O2I for accurate, reliable and competent services delivered within a fast turnaround time. Improve the financial health of your organization with our professional services.

Payroll Processing Services: Outsource Payroll Processing services to O2I to reduce your operational costs by 40-50%. Relieve your organization from mundane administrative tasks. Outsource to O2I and concentrate more on your core business.

Insurance Services: Outsource Life Insurance, Property and Casualty, Annuity Insurance, Insurance Policy Administration, Insurance Agency Management, Insurance Claims Administration and Insurance Data services for increased profits.

Outsourcing to India: Discover Why India is an ideal place to outsource to, Read more on Why Outsourcing has become necessary and find out more on What services can be outsourced to India.