Outsource Life Insurance Support Services

According to Swiss Re, world insurance premiums (property/casualty and life/health) totaled $3.4 trillion in 2005. A report entitled: Global Insurance Outsourcing The India Perspective: Overview, Trends, Insights and Key Vendor Profiles revealed that post September 11, "resulted in shrinking margins, higher claims disbursement and increasing competition for the sector. Insurance companies are now forced to look at life insurance outsourcing/off shoring to improve efficiencies and channelize resources towards the core functions of product development and innovation. Several niche providers with relevant domain expertise are emerging, encouraging insurance companies to outsource more."

Life Insurance Support Services

1. Fresh Business Acquisition

New application enrollment
New Application Inspection
Case assignment
Health assessment screening
Recent case adjudication and task management

2. Administration

Remittances including online processing
Riders and special benefits
Premium lapses, renewals and reinstatements
Surrender of policy processing
Nomination services
W2/Section 35 reports

3. Customer Support Services

Under this are various services such as lock in period processing, conversion options, interest and profit calculations, tax schedules and scheduled loan repayment quote. These are provided in the form of the following.

Policyholder customer service
Policyholder technical help desk
Adverse Event Information (AE)
Product Quality Complaint Information

4. Billing Services

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

5. Claims Processing

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

6. Marketing And Reference Data Informatics

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

7. Claims Servicing

Data Entry
Database Design
Query Resolution
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 including SOX and HIPAA

Areas of Concern in Life Insurance Industry

Growing Claims
Increasing litigation
Rising agent attrition
Escalating non-traditional competition such as brokerages and banks

In such a scenario remedial measures must be taken by insurance companies especially those dealing with life insurance. Thus most life insurance companies are looking at reducing administrative and labor costs through automation and outsourcing.

Life Insurance functions that can be offshored effectively

Initially life insurance companies started outsourcing BPO work such as simple data entry work and were followed by claims processing, outbound sales, billing and settlement, and policy fulfillment. As time goes by and confidence grows we will see a significant increase in off shoring of end-to-end customer support functions, underwriting and even actuarial support services.

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 life insurance vertical has switched from just back office support work to rectification and strengthening of critical business processes.

It is to this segment of life insurance back office support that Outsource2india provides proficiency bringing to you a host of comprehensive solutions that will fit your life insurance offshoring requirements.

Why Outsource Life Insurance Back-office Support to O2I?

We are a company who understands the dynamics of life insurance outsourcing and have vast amount of expertise garnered over 20 years now. Our highly skilled professionals have an expansive amount of industry rich experience that enables them to meet the international standards of the insurance industry. Our technological competence enables the integration of electronic document generation, processing and communication. We are equipped with state of the art infrastructure and advanced technology including sufficient bandwidth, which is compatible with the requirements of life insurance outsourcing.

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