BPO for Insurance Companies is in Trend from past 10 years. This Cogneesol PDF Specifies How Insurance BPO Services are Playing an Important Role in Insurance Business Industry and What services can be Outsourced by Insurance Companies in order to avail maximum Profits.
2. CONTENTS
TABLEOF
This Cogneesol document
covers a complete guide on
Insurance BPO Trends and
Service requirements over
the world.
Cogneesol is one among the
leading Insurance process
outsourcing companies.
INTRODUCTION
2017 TRENDS
BPO SERVICES
ABOUT COGNEESOL
SERVICE LOCATIONS
3
4
5-19
20
21
3. INTRODUCTION
- COGNEESOL
According to Wikipedia, An
independent insurance
consultant advises insurers on a
fee-for-service retainer, similar
to an attorney, and thus offers
completely independent advice,
free of the financial conflict of
interest of brokers or agents.
Insurance BPO: A
Way towards
Successful
Insurance Business
Insurance BPO, Insurance Business Process Outsourcing is nothing but is an
opportunity; an insurer looks forward to enhance their business procedures in
order to triumph maximum business growth. A Huge amount of business
organizations embrace Insurance BPO and have ended up with a significant
progress over their respective Insurance Industry.
INSURANCE BUSINESS PROCESS
OUTSOURCING (BPO)
Since 2003, Insurance BPO is in Trend as it’s
the coolest approach available for an
insurance company to get liberated of loaded
non-fundamental jobs and to achieve
business success without any additional
exertions.
SERVICES & SOLUTIONS:
- Insurance Agency Management
- Commission Management
- Policy Administration
- Claims Management
- New Business/Underwriting
Cogneesol
03/22
4. AN INTRODUCTION TO INSURANCE BPO COGNEESOL
INSURANCE
BPO
TRENDS
2003 to 2016
The BPO in Insurance industry is rising fast in
response to the rapid growth in technology,
emerging new businesses and increasing demand.
Big data & Analytics in Insurance BPO Companies
impose the substantial growth by introducing a
convenient approach to database with historical &
factual data that offers leverage to the insurers for
superlative customer assistance.
4.1 M
total revenue
51%
sales increase
15
30
45
60
2009 2010 2011 2012 2013 2014 2015 2016
0
- Increased Use of Internet
- Big Data to Improve Claim
Processing
- Non-Traditional Firms in Industry
- Focus on Customer Adherence
Apps
- Emergence of Peer-to-Peer
Insurance
- Use of Aerial & Digital Imagery
- Demand of Cyber Insurance
- Back-Office Insurance
Outsource
WWW.COGNEESOL.COM
INCREASED INSURANCE TRENDS
04/22
5. - C O G N E E S O L
INSURANCE BPO
SERVICES
I N S U R A N C E P O L I C Y M A N A G E M E N T
The Right Insurance Policy Administration Services can cut
your Costs up to 70% and Enhance Productivity.
The Demand of Claims Processing is Increasing day-by-day
in terms to Manage High Volume of Claims Requests.
I N S U R A N C E C L A I M S M A N A G E M E N T
Favored in order to minimize the operational expenses and
implement insurance business in a better way.
I N S U R A N C E C O M M I S S I O N M A N A G E M E N T
New Product Development, New Business, Underwriting,
New Policies, Calculating Risk etc.
N E W B U S I N E S S S E R V I C E S
Insurers require Experienced Data Entry Experts for
Insurance Data Entry Jobs, forms processing etc.
I N S U R A N C E D A T A E N T R Y
I N S U R A N C E A C C O U N T I N G S E R V I C E S
Balance Sheet & Cash Flow Management of Insurance
Companies keep them on a Right Track of Success.
I N S U R A N C E L E G A L S E R V I C E S
It's Important for an Insurance Business to consult
Professional Legal team in order to manage their case
effectively.
05/22
7. Outsource Insurance Policy Administration is an important part of any insurance Enterprise. It
takes a lot of time and money to build, manage and edition of policies. Subsequently, a number
of adjustments have to be made to their insurance policies. This shelters Receiving Infinite
number of adjustment requests, updating and finalizing policies, issuance of insurance
certificates.
A D D V A L U E T O B U S I N E S S
Management of Workforce
Enhanced Job Acceleration
Development of New Skillset
Flexible & Scalable Apps
Utilization of Global Experience
Effective Decision Support System
Easily Configurable Policy
Management System
Business organizations often follow the leading insurance process outsourcing
companies direct from Google Search Engine, Twitter, LinkedIn and other
channels.
INSURANCE POLICY
MANAGEMENT
07/22
Policy Administration Services
9. In addition to the competitive environment, insurers are being challenged by more severe
acquiescence with cumulative client's prospects, fluctuating government policies, competition &
the rapidly increased rate of frauds. Large sized insurance organizations do have operational
squads to successfully reconcile and manage insurance claims having thousands of daily
requests. But, being a small or medium sized insurance company, they often outsource their
claims process to the insurance BPOs to avail benefits.
A D D V A L U E T O B U S I N E S S
Legacy application modernization
Frauds Detection and Handling
Complex Working System Supports
Disbursement & Reimbursements
Imaging of claim documents
Adjudication of Insurance Claims
Achieve procedural accuracy of
99.3%
In today's Era, Insurance Industry has managed outsourcing their claims
management and processing tasks to Insurance BPOs in order to achieve their
business Productivity.
Insurance Claims
Management
9/22
Claims Management Services
11. In this ever changing regulatory industry environment, it’s been important for insurance
companies to manage their data records properly without any errors and data loss. Thus,
business owners need to spend a lot of time and money for the complete management of their
commission balances, trade detail, CSA payments, Payroll Management and balance reports. It
is significant for an insurance agency to have an active process in terms to manage the
commission system and track the annual triumphs.
A D D V A L U E T O B U S I N E S S
Revenue Enforcement & Discount
Policies
Scenario analysis & simulations
Full Maintenance of Applications
Handling Invoices, Fees &
Commissions
Timely and Accurate Reporting
Commission Systems Enhancement
For New insurance businesses in today's world, there is a lot to think and to work
on in order to manage themselves survive in this competitive insurance industry.
Starting with Business plan, acquiring a good location, hiring a team of experts,
consulting CPAs and Lawyers, managing budget and a lot of other things a
business owner has to keep track of. This makes the process too complex to
manage by an individual.
INSURANCE COMMISSION
MANAGEMENT
Commission Management Services
11/22
12. NEW
BUSINESS
SERVICES
12/22
Invoice Data Entry
Insurance Certificates
Document Uploading
Policy Checking Services
Accord Information Data
Client Receipts
Insurance Policy Check
Requirement Gathering
Policy Issuance
Record Perils
13. For New insurance businesses in today's world, there is a lot to think and to work on in order to
manage themselves survive in this competitive insurance industry. Starting with Business plan,
acquiring a good location, hiring a team of experts, consulting CPAs and Lawyers, managing
budget and a lot of other things a business owner has to keep track of. This makes the process
too complex to manage by an individual.
This is recommended to the new insurance agencies prefer to hire Insurance BPOs for their
secondary jobs like the non-core activities and make their business move on a right track.
A D D V A L U E T O B U S I N E S S
Quotes Summary & Proposals
Full Reporting for Insurance
Policies
Proposals Generation & Formatting
Data Entry Services for
Applications
Accounts & Cash Flows
Management
NEW BUSINESS
SERVICES
13/22
14. INSURANCE
CLAIMS DATA
ENTRY
14/22
Data Entry for Health
Insurance
For General Insurance
For Life Insurance
Mortgage Claims Data
Entry & Management
Claims Adjuster Data
Entry & Handling
Data Entry for Claims
Settlement
15. In Today’s world, Insurance Business organizations get thousands of claims queries on a daily
basis. Some of them are genuine and others are forged due to any reasons. Thus, Insurance
Companies have to uphold a separate team of a few experts who can easily notice the frauds
and manage each of the queries and process them step by step. This process sooner or later
requires a team of data entry experts who are responsible to conserve the stack of requests in
the catalogue of records. They have to manage all entries by updating of claims status, location,
customer identity and other important points.
A D D V A L U E T O B U S I N E S S
Online & Offline Data Entry
Medical Claims Data Management
Data Capturing & Transcriptions
Data Conversion Process
Image, PPT, PDF Data Entry
Accounting Data Entry for
Insurance Businesses
INSURANCE CLAIMS
DATA ENTRY
15/22
17. Being an Insurance agency owner, one has to put all his/her exertions on cultivating their
business competence and making their staff on behalf of the best insurance services to their
clients. But they have to face diverse challenges excluding their core business activities such as
handling accounting books, data management, legal etc. Managing accounts is the crucial one
that requires a lot of time and money. Companies have to hire specialists or any outsourcing
firm in order to accomplish their accounts without any bugs.
A D D V A L U E T O B U S I N E S S
Allocate a Proper Budget
Maintenance of Cash Flows
Accounts Payables & Receivables
Bookkeeping & Payroll Process
Proper Accounts Handling using
Accounting Software
Tax Preparation & Reporting
Bank Reconciliation
INSURANCE ACCOUNTING
SERVICES
17/22
19. Every business firm at its initial stage necessitates an Insurance legal support, who can handle
all the legal activities of an insurance business. The lawyers and law firm also find it difficult to
manage these things at one time, because this unable them to focus more on core activities at
which they are the best. Instead of hiring professionals for every now and then, they use to
outsource the legal services, to a trustworthy company, wherein all of their legal documents and
processes will be highly confidential and secure. Outsourcing Insurance Legal Services also
helps them to reduce the costs.
A D D V A L U E T O B U S I N E S S
Legal Research and Writing
Legal Contracts Review &
Management
Document Review & Management
Paralegal Services
Legal Summarization, e-discovery
INSURANCE LEGAL
SERVICES
19/22
20. ABOUT
COGNEESOL
- Business Process Outsourcing Company Located in US
Cogneesol is one of the leading Outsourcing Business Processes Company;
we have accomplished a journey of 7 years with countless achievements.
We have served in numerous of customers globally, with our unbeaten
services. We have a team of experts, which are brought under one roof to
manage all the non-core activities of our client. We believe that every
business should master their strengths and outsource their weakness.
We have determined ourselves as a helping hand to the clients, by relieving
them from the workload and initiating them to focus more on the core
activities of their business.
20/22
21. SERVICE
LOCATIONS
- C O G N E E S O L
UNITED
STATES
3 0 W A L L S T R E E T ,
8 T H F L O O R
New York,
NY 10005-2205
INDIA S C F 6 1 - 6 2 , P H A S E 7 ,
I N D U S T R I A L A R E A
S.A.S Nagar, Punjab,
India 160055
P H : 0 1 7 2 4 2 3 2 1 0 0
P H : 1 6 4 6 6 8 8 2 8 2 1
21/22
22. REGISTER NOW &
AVAIL
INSURANCE BPO SERVICES AT COGNEESOL
14 DAY
FREE TRIAL
You just need to Sign up at our
Website.
www.cogneesol.com