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Outsource Annuity Insurance Back-office Services

Life spans in the U.S.A and around the world have been increasing for over a hundred years. It is now common for people who reach retirement age to live 20 years or more in retirement.

As a result sales of annuity insurance reached a record $27.3 billion in 2005, up 19 percent from $23 billion in 2004, according to the Advantage Compendium. Moreover, this is just a drop in the ocean compared to the estimated potential retirement assets that have not been invested into annuity or retirement schemes -assets that Conning Research & Consulting reports were $11 trillion in 2001 itself.

Annuity and Retirement Planning Services

1. Business Acquisition and Installation

  • New application enrollment
  • New Application Inspection
  • Case assignment, preparation and installation
  • Contract Initiation
  • Medical assessment screening
  • Case adjudication and task management
  • Payment Processing and account separation

2. Annuity Administration Services

  • Remittances including online processing
  • Premium lapses, renewals and reinstatements
  • Surrender of policy processing
  • Nomination services
  • Loan management
  • Periodic Fund Statements
  • Transfer and re allocation of fund / fund components

3. Customer Support Services

  • Policy product information and Quotation
  • Conversion options
  • Scheduled loan repayment quote.
  • Policy technical help desk
  • Product Quality Complaint Information
  • Beneficiary services including tax calculations
  • Rollover options

4. Billing Services

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

5. Asset Management

  • Equity and debt management
  • Specific Principal Guarantee Fund management
  • Net asset value calculation and tracking
  • Securitization of portfolio allocations

6. Claims Processing

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

7. 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

8. Claims Servicing

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

9. Agency Administration

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

10. Regulatory Coverage

Legal and Regulatory conformity on Insurance laws and access to legal and paralegal services as well as market regulatory and depositary services

Offshore Annuities and Retirement Planning Services

With a large array of annuity schemes from fixed to variable, from immediate to deferred and from hybrid to pure market oriented, the annuity insurance market is in a current state of flux and expansion. "There is much variation among the design of annuities, all set apart by various business rules and parameters," says Eric Denham, vice president for product development for Columbus, Ohio-based Info-One, a provider of Web-based annuity product solutions.

Just underlining the benefits of an income annuity with a profit and loss scenario will not advance sales of annuities in today’s environment. Therefore, insurers need to develop the technological know-how and also marketing materials, calculation tools, and strong wholesaling support to foster education and promote the use of annuities in a retirement income plan.

It is in this scenario that a technology and knowledge based sales platform will work adequately for distribution of an annuity plan. Many insurance companies realize that they need to reduce their costs through business process optimization. Many companies have re-evaluated their portfolios and distribution channels, while others are undergoing an ever increasing number of mergers and acquisitions to consolidate their place in the global annuity insurance market. Besides, streamlining the processing of annuities is a crucial strategy because a handful of industry observers see a powerful marketing opportunity at hand.

Making strategy more effective through offshore annuity insurance

Successful reformation of business strategies nowadays involves reduced cycle times, increased capacity, performance improvement, process automation and work prioritization. It is no wonder then that most are also looking at reducing administrative and distribution costs and striving for business process optimization through technological automation and outsourcing.

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

It is to this segment of annuities and retirement planning management that Outsource2india provides proficiency. Bringing to you a host of comprehensive solutions that will fit your offshore annuity insurance requirements.

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

We are a company who understands the dynamics of outsourcing and has vast experience of over 17 years in offering annuity products administration and annuity policy administration services to global clients. 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 to make the conjoining of operations a seamless experience.

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

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