A Sildeshare presentation covering a huge information on insurance backoffice services to improve the work efficiency of your insurance business. Also find out the Key Challenges and Drivers of insurance backoffice; to earn more business benefits.

1. Shape A High Value
Insurance Business By
Outsourcing
Insurance BackOffice Services
C O G N E E S O L

2. Insurance & Its Challenges:
According to Investopedia,
Insurance is a contract, represented
by a policy, in which an individual or
entity receives financial protection
or reimbursement against losses
from an insurance company.
I N S U R A N C E
Both traditional and commonly
accepted business models are
now being challenged. In this
context, insurers consistently
face operational challenges,
including improving expense
ratios while ensuring that their
pricing remains competitive.
C H A L L E N G E S

3. The various challenges
facing the Insurance BPO
industry:
Challenges You May Be Facing
Multinational companies setting up their own captive centers
The big global customers are showing an increasing preference for
the large and global technology service providers for sourcing their
IT needs, having strong BPO division.
Cost saving is not only the reason for outsourcing. Companies are
looking beyond the cost factor such as value added services.

4. Selecting Insurance Plans Using Needs Analysis
Property- It includes equipment, real estate and other assets.
Business Volume- The amount of accounts receivable and the average
cash flow of the business.
Salaries- How much you pay yourself and however many employees the
company has.
Overhead- The cost of running the business including rent, utilities and
other miscellaneous expenses.
Future Trends and the Local Economy- How future trends and the state
of the local economy will affect the business in the future.

5. Some of Key
Drivers of
Insurance
BackOffice
There are some key drivers of insurance
offshoring include:
COST SAVING
FOCUS ON CORE
PROCESSES
SPEED TO MARKET
TECHNOLOGY RISK
BETTER QUALITY
THROUGH SPECIALIZED
SERVICES
DEREGULATION OF
INSURANCE MARKETS
AVAILABILITY OF
CREDIBLE SERVICES
PROVIDERS
MINIMIZING THE RISK
THROUGH MULTIPLE
DELIVERY LOCATIONS
https://www.cogneesol.com/insurance-services

6. Aspects of
BPO that are
Helping
Insurance
Companies
Boost their
Performance
and
Productivity
Role of Call Center
Services
Role of Data Processing
Services
Role of Data Mining
Services
Role of IT Services
Role of Underwriting
Services
Role of Finanace and
Accounting Services

7. Role of Call
Center
Services
A dependable call center outsourcing
service provider that offers best-in-
class inbound and outbound solutions
can help insurance companies meet
regulatory requirements, enter new
markets by proving superior services
and maintain customer loyalty.

8. Role Of Data
Processing
Services
The various data processing services
that insurance companies could benefit
from include accurate data entry tasks
from paperwork that is received from
the customers, data entry from business
transactions such as sales of insurance
policies, receipts and bills.

9. Role Of
Data
Mining
Services
Outsourcing data mining allows
insurance companies to identify risk
factors that can predict profits, losses
and claims apart from providing
customer level analysis, sales and
marketing analysis, financial analysis,
estimating outstanding claims provision
and predicting fraudulent claims.

10. Role of IT
Services in
Insurance
Using state of the art technology can
help insurance agents to quickly
respond to customer’s needs and
provide accurate information to
customers concerning insurance
issues.

11. Role of
Underwriting
Services
The process of underwriting allows
insurance companies to determine how
much premium should be charged for a
particular policy. Insurance
underwriters, as they are called,
thoroughly evaluate insurance
proposals to determine its feasibility
and the amount of risk involved.

12. Roles of
Finanace
and
Accounting
Services
To design, transform & run finance,
billing and accounting associated
functions to improve cash flow and
increase customer satisfaction by
bringing about improvements in the
end-to-end processes that integrates
and streamlines enterprise wide billing
and collections, reconciliation and
application.

13. Insurance Back-office
Services Includes:
New Business Services
Insurance Accounting
Insurance Agency
Management
Insurance Policy
Management
Insurance Commission
Management
Insurance Reporting
Insurance Claims Data
entry
Insurance Claims
Management
Insurance Legal Services

14. NEW BUSINESS INSURANCE
SUPPORT SERVICES

15. INSURANCE ACCOUNTING
SERVICES

16. INSURANCE AGENCY
MANAGEMENT SERVICES
https://www.cogneesol.com/insurance-agency-management

17. INSURANCE POLICY MANAGEMENT
SERVICES
https://www.cogneesol.com/policy-management-services

18. INSURANCE COMMISSION
MANAGEMENT SERVICES
https://www.cogneesol.com/commissions-management-services

19. INSURANCE CLAIMS MANAGEMENT
SERVICES
https://www.cogneesol.com/claims-management-services

20. INSURANCE REPORTING SERVICES

21. INSURANCE CLAIMS DATA ENTRY
SERVICES

22. INSURANCE LEGAL SERVICES

23. INSURANCE BACK-OFFICE
SERVICE PROVIDER
Free Trial!
COGNEESOL
14 Day

24. Info@cogneesol.com +1-(646)-688-2821 www.cogneesol.com

25. THANK
YOU!
30 Wall Street,
8th Floor New
York, NY 10005-
2205