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Outsource Property and Casualty Insurance Support

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

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

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.

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.