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Insurance Accounting and Billing Services

Outsource Insurance Accounting and Billing Services

The insurance billing and accounting services from O2I is a cut above the rest because we can improve your cashflow without losing track of payments.

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.

Outsource2india can take your business model to new heights and improve cash-flow without letting you run into bad debts. We help insurance brokers to effortlessly handle financial functions as we take care of insurance accounting and billing services so that error-free and cohesive invoices can be submitted to insurance carriers. Additionally, we send payment reminders to your insurance company, receive payments for the invoice, and catalog AR invoices for reporting account functions.

Insurance Accounting and Billing Services that We Offer

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. As part of the insurance accounting, we offer the following solutions -

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

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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 Tradeshift Sage CheckMark MultiLedger Invoicera

Insurance Accounting and Billing Process We Follow

Being in the industry for over 25 years, we at Outsource2india offer highly efficient and cost-effective insurance back office support for businesses worldwide. So, our efforts are focused on maintaining transparency in every step of the insurance accounting. When you outsource insurance accounting services, we carry out the service as follows -

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

Other Service You Can Benefit From

Why Choose O2I for Insurance Accounting and Billing Services?

Having a 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. Here are other reasons why are the top choice when it comes to insurance accounting and billing solution -

  • Certified Provider of Insurance Accounting and Billing Services

    Outsource2india has an unrivaled reputation in insurance accounting solution so much so that we are ISO 9001:2015 certified for delivering quality work that serves as a benchmark to other providers.

  • Data Security

    We are an ISO/IEC 27001:2022 certified company that takes responsible measures to secure confidential insurance and personal data belonging to your clients. Our dedicated approach to address existing and emerging threats in the digitalized world has brought us the identity that is inimitable.

  • High Accuracy and Quality Service

    Accuracy and quality are pinnacles of our insurance back office support services. We evaluate our progress by taking feedbacks from every client we serve. The inputs from the people we serve have given us an opinion that we are successful in keeping up with the need for accuracy in insurance accounting.

  • Short Turnaround Time

    The speed at which we help customers find what they want is considered as the industry's best. When you join hands with us you will spend less time negotiating and more time focusing on other important aspects of the business.

  • Scalability

    Scaling is so much easier with O2I's insurance accounting solution because we craft the solution for insurance agencies with a deep passion so that they can take advantage of our services for collecting more revenue and to improve the revenue stream.

  • Pocket-friendly Pricing

    You need not have deep pockets to avail insurance accounting and billing services. This is because we have designed our services to give agents like you the complete control to choose what is ideal for your business. By selecting a portion of our service, you can save cost not only at the time of outsourcing but also in the long run.

  • Single Point Contact

    Along with insurance accounting services, we also provide a dedicated representative who will handle your queries, provide training and support in every possible way. The contact person will be informed about the process, progress, and challenges. This will save you from the unending wait to reach concerned persons.

  • Experienced Team of Insurance Accountants and Billing Professionals

    Our insurance billing team consist of professionals with 10+ years of experience and exposure to various projects in the insurance sector. When you outsource insurance accounting and billing services you can be certain that your requirements are handled by people with the highest skill.

  • Modern Infrastructure

    We have the most reliable and latest infrastructure, be it technology, physical, or security. Our infrastructure can be counted upon to handle not just services but also the support to keep you involved in every step we take.

  • Insurance Accounting and Billing Software

    The reason why we are a leading provider of insurance accounting is that we have adopted a range of project managed suites and software to speed up the insurance accounting process in a reliable way without impacting the quality, confidentiality, or security of the project. Our accounting professionals are experts in the following software -

    • M.Y.O.B
    • CheckMark MultiLedger
    • Intuit QuickBooks
    • Sage

    The software listed above can also be integrated with other top financial systems such as-

    • Oracle
    • PeopleSoft
    • SAP
    • Lawson
    • JD Edwards
  • Secure File Sharing

    We facilitate sending and receiving of data in a secure way thanks to FTP and VPN. With these systems, you are free from risks that can otherwise compromise the data security.

  • Round-the-clock Availability

    Our global contact centers stay operational 24/7/365 basis to help you gain insights, and get queries clarified by our experts. We can be contacted via phone, email, and web chat for a quick response.

Client Success Story

O2I Provided Policy Checking Services for New York Insurance Company

O2I Provided Insurance Policy Checking Services for NY-based Insurance Service Provider

O2I's expertise in back-end process upped the operational profit by 22% for a New York risk insurance agency.

Read more
O2I Provided Insurance Back-office Solutions to Health Insurance Company

O2I Provided Complete Insurance Back-office Solutions for Renowned Health Insurance Company

O2I optimized the back-office operations for a national healthcare insurance provider. Our solution helped them to quickly evolve.

Read more

Outsource Insurance Accounting and Billing Services to Outsource2india - Leader in Mortgage Service

Over the past 25 years, we have successfully delivered tangible results to numerous global insurance agencies with an unmatched level of resourcefulness and certainty. At Outsource2india, we provide a gamut of insurance back office support that will help you further your business and revenue stream. With a team of high-caliber professionals, we take care of the most challenging tasks with care and skill. We have served over 250 clients globally and have earned their appreciation for meeting their expectation. O2I is a company that relies on sophisticated technology to accomplish tasks that require brutal accuracy. As part of insurance services we also provide policy checking, quote summary & proposal, loss run processing, and more.

Connect with us to let us customize insurance account and billing services for your needs and budget size.

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