Insurance BPO Services - Insurance Company Business Processes

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www.cogneesol.com/insurance-services

3 INTRODUCTION 4 2017 TRENDS 5-19 BPO SERVICES

FO ELBAT

CONTENTS

20 ABOUT COGNEESOL 21 SERVICE LOCATIONS

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.

03/22 Cogneesol

INTRODUCTION 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 BPO: A Way towards Successful Insurance Business - 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 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

AN INTRODUCTION TO INSURANCE BPO

COGNEESOL

04/22

2003 to 2016

INSURANCE BPO TRENDS

4.1 M

total revenue

The BPO in Insurance industry is rising fast in

51%

response to the rapid growth in technology, emerging new businesses and increasing demand.

sales increase

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.

60

45

30

15

0

2009

2010

2011

2012

2013

2014

2015

2016

INCREASED INSURANCE TRENDS - Increased Use of Internet

- Emergence of Peer-to-Peer

- Big Data to Improve Claim

Insurance

Processing

- Use of Aerial & Digital Imagery

- Non-Traditional Firms in Industry

- Demand of Cyber Insurance

- Focus on Customer Adherence

- Back-Office Insurance

Apps

Outsource

WWW.COGNEESOL.COM

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INSURANCE BPO SERVICES - COGNEESOL

INSURANCE POLICY MANAGEMENT The Right Insurance Policy Administration Services can cut your Costs up to 70% and Enhance Productivity.

INSURANCE CLAIMS MANAGEMENT The Demand of Claims Processing is Increasing day-by-day in terms to Manage High Volume of Claims Requests.

INSURANCE COMMISSION MANAGEMENT Favored in order to minimize the operational expenses and implement insurance business in a better way.

NEW BUSINESS SERVICES New Product Development, New Business, Underwriting, New Policies, Calculating Risk etc.

INSURANCE DATA ENTRY Insurers require Experienced Data Entry Experts for Insurance Data Entry Jobs, forms processing etc.

INSURANCE ACCOUNTING SERVICES Balance Sheet & Cash Flow Management of Insurance Companies keep them on a Right Track of Success.

INSURANCE LEGAL SERVICES It's Important for an Insurance Business to consult Professional Legal team in order to manage their case effectively.

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INSURANCE POLICY MANAGEMENT Policy Insurance Endorsements Policy Maintenance & Administration Policy Cancellation & Reinstatement Policy Renewal Loss Runs Filing Services Policy Issuance

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INSURANCE POLICY MANAGEMENT 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.

ADD VALUE TO BUSINESS 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

Policy Administration Services Business organizations often follow the leading insurance process outsourcing companies direct from Google Search Engine, Twitter, LinkedIn and other channels.

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Insurance Claims Management Reconciliations Early Retirement Subrogation Claims Verification Claims Validation FNOL Management File Closure Claims Processing Claims Adjudication Portfolio Management

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Insurance Claims Management 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.

ADD VALUE TO BUSINESS 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%

Claims Management Services 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.

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INSURANCE COMMISSION MANAGEMENT Accounting for Insurance Commissions Commission Data Entry Commission System Enhancement Commission Applications Management Commission Payable Data Records Management

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INSURANCE COMMISSION MANAGEMENT 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.

ADD VALUE TO BUSINESS

Revenue Enforcement & Discount Policies Scenario analysis & simulations Full Maintenance of Applications Handling Invoices, Fees & Commissions Timely and Accurate Reporting Commission Systems Enhancement

Commission Management Services 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.Â

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NEW BUSINESS SERVICES Invoice Data Entry Insurance Certificates Document Uploading Policy Checking Services Accord Information Data Client Receipts Insurance Policy Check Requirement Gathering Policy Issuance Record Perils

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NEW BUSINESS SERVICES 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.

ADD VALUE TO BUSINESS Quotes Summary & Proposals Full Reporting for Insurance Policies Proposals Generation & Formatting

Data Entry Services for Applications Accounts & Cash Flows Management

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INSURANCE CLAIMS DATA ENTRY 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

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INSURANCE CLAIMS DATA ENTRY 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.

ADD VALUE TO BUSINESS 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

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INSURANCE ACCOUNTING SERVICES Insurance Accounts Payables Insurance Accounts Receivables Billing of Premium Balance Invoice Processing Balance Sheets Managements Cash Flow Management

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INSURANCE ACCOUNTING SERVICES 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.

ADD VALUE TO BUSINESS 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

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INSURANCE LEGAL SERVICES Drafting Subrogation Legal Secretarial Work Answers Drafting Insurance Contracts Management Complaints Drafting Insurance Legal Writing Drafting Motions Drafting PD Discoveries Insurance Legal Research

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INSURANCE LEGAL SERVICES 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.Â

ADD VALUE TO BUSINESS Legal Research and Writing Legal Contracts Review & Management Document Review & Management

Paralegal Services Legal Summarization, e-discovery

ABOUT COGNEESOL

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- 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.

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SERVICE LOCATIONS -

UNITED STATES

C O G N E E S O L

30 WALL STREET, 8TH FLOOR New York, NY 10005-2205

PH: 1 646 688 2821

INDIA

SCF 61-62, PHASE 7, INDUSTRIAL AREA S.A.S Nagar, Punjab, India 160055

PH: 0172 423 2100

INSURANCE BPO SERVICES AT COGNEESOL

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