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Outsource Accounting & Billing Services for Insurance

Accounting & Billing Services for Insurance

Streamlined cash flow is critical for an insurance firm to sustain an efficient business model. This requires precise, cohesive, and timely submission of bills to insurance carriers. Inaccurate invoicing and incompetent accounts receivable methods lead to delinquencies and huge accumulated debts. Outsourcing services of accounting and billing for insurance not only ensures quicker billing and efficient account receivable system but also considerably reduces the handling costs.

Being in the industry for over 18 years, we at Outsource2india offer highly efficient and cost-effective insurance services for businesses worldwide. Our accounting services for Insurance allow our customers belonging to different segments of the market (Person Lines, Business Lines, General Liability or Health Insurance, etc.) to manage crucial finance functions impacting their business ROI. This makes it easy for our clients to deal with critical financial functions impacting the cash flow. By outsourcing, insurance companies can get a hold on their insurance premium accounting, payment collections, and overall expense ratio.

Our Offerings -

Accounting and Billing Services for Insurance

Having vast industry experience, we understand the exact requirements of our insurance clients and assist them accordingly. We provide enterprise-wide services for streamlining account receivables and invoicing to insurance firms across the globe. Our insurance accounting and billing services include -

  1. Invoice Delivery

    We ensure accurate and timely delivery of invoices by keeping a track of all the billing dates of the clients. We also generate premium invoices in various formats including Excel and PDF which is delivered through e-mail to all the policyholders.

  2. Maintaining Accessible Records of Insurance Premiums

    Our insurance accounting professionals maintain an easy-to-access record of insurance premium bookings and various other disparate charges, making it easy to retrieve important documents as and when required.

  3. Payment Follow-Ups

    We ensure regular and timely follow-up of payment collection by sending reminders and our professionals will then receive and record the payments made. This type of efficient accounting for insurance prevents delinquencies and other possible frauds.

  4. Generate Categorized Invoices

    Insurance billing experts at Outsource2india generate invoices and divide them into monthly, quarterly, and annually categorized reports. This provides a comprehensive view of the billing period with a complete overview of tax and commission details associated with every insurance policy.

  5. Generate Accounts Receivable Transaction Statements

    Our back-office experts at Outsource2india document every accounts receivable transaction in the accounting system and provide the policyholders with the periodic statements of the same.

  6. Simplify Cash Application Process

    We simplify the process of cash application by preparing accounts receivable reports, maintaining subsidiary receivables ledgers and directing the cash received to accounts of individual customers.

  7. Maintain a Record of all the Revenue Streams

    We use latest tools to maintain a record of all the revenue streams for the insurance agencies. This simplifies the tracking of accounts receivable and also enables the management to query individual invoices and payments if required.

Accounting & Billing Process We Follow

We have a dedicated and streamlined process in place for providing quality services of accounting for insurance, which is broken down into the following steps -

01
Payment ReminderFollow-up & send reminders for timely payment collection
02
Record PaymentReceive and record all the payments
03
Insurance PremiumCheck whether the premium installment on the insurance policy is set up as per the client's request
04
Accounts ReceivableReport and reconciliation of accounts receivable
05
ArchivesMaintain archives based on the customer's requirements

Software We Leverage

Aimed to provide maximum value for your investment, we use leading-edge software and strictly adhere to industry best practices to generate accurate and dependable results. Besides, we also have policies in place to maintain the confidentiality and privacy of the client's insurance data. Finance and accounting software used by our insurance experts include but not limited to -

Intuit QuickBooks
Billbooks
MYOB
Invoice Studio
Sage
Tradeshift
CheckMark MultiLedger
Invoicera

Our Services Cater to the Following Verticals

Outsource2india has the required expertise to work with clients from different backgrounds and verticals. Some of the verticals we cater to include:

Life Insurance ServicesLife Insurance Services
Annuity Insurance Services Annuity Insurance Services
Property Casualty InsuranceProperty and Casualty Insurance
Motor InsuranceMotor Insurance
Health InsuranceHealth Insurance
Liability InsuranceLiability Insurance

Why Choose Outsource2india for Insurance Accounting & Billing?

Our services of accounting for insurance allow insurance companies to seamlessly manage their crucial finance functions which impact the revenue of their businesses. We ensure that the insurance companies and agencies we work with have adequate control over the process, with consistent follow-ups on outstanding invoices and some detailed reports on the account activity.

Right from streamline reconciliation of accounts receivable to reporting activities, we offer numerous tangible benefits which include -

  • Timely Delivery

    Accurate, dependable, and timely delivery of invoices, including e-mail, print, and other electronic delivery modes

  • Complete Control

    Businesses can gain complete control over insurance accounting and billing processes

  • Affordable Pricing

    We provide cost effective services of accounting for insurance within a quick turnaround time through our multiple delivery centers worldwide

  • Easy Scalability

    Highly flexible and scalable services of accounting for insurance which help clients easily cope up with the increasing workload

  • Trained Team

    We have a team of trained insurance billing experts which can handle any kind of insurance accounting and billing requests

  • Quality Services

    State-of-the-art infrastructure, best practices, and automated processes allow us to provide high-quality services of accounting for insurance

  • Data Security

    Strict confidentiality and privacy policies in place to ensure complete data security

Outsource Insurance Accounting and Billing Services to Us

Over the past 18 years, we have successfully delivered tangible results to numerous global insurance agencies with an unmatched level of resourcefulness and certainty. With an extensive industry experience, we understand the intricacies of the industry and provide a plethora of insurance services. Our services of accounting for insurance are quick and affordable and help businesses to save huge on handling costs and valuable time.

Our highly experienced insurance billing experts provide accurate accounting services and detailed reports on account activity, consistently follow up outstanding invoices, and ensure the client has adequate control over the process. If you are looking for a reliable insurance accounting and billing service provider, then look no further. Contact us now or talk to one of our representatives for outsourcing insurance accounting and billing services.

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Have specific requirements? Email us at: insurance.info@outsource2india.com

INDUSTRY VERTICALS

Our Clients

  • Alcon
    ARI
    Maximus
  • Redwood E-Learning Systems
    Yale School of Management
    Medversant
  • Loomis
    Data Infinity
    Auto MiddleEast
  • Camnet
    DMagazine
    Doctech.net
  • Eraid
    Userlytics
    Financial Planning Association of Australia
  • International Career Institute
    Carole Holding
    Crunch
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