Insurance

Business Process Outsourcing the Perfect Solution for Your Business?

May 17th, 2010.

Business process outsourcing is one of the most popular and the most cost-efficient business solution that you can ever make. By contracting other companies to do a specific business task, you will be taking off extra work involved in your company and focus more on important aspects in running your business.

By outsourcing your company’s business process or some of your company’s business process, your company will be able to utilize its facilities to its maximum potential. Through business process outsourcing you will be able to cut some operational costs and at the same time, let your company focus more on important factors in running your own business..

Outsourcing’s Next Phase Has Begun

April 2010

Business Process Outsourcing has reached a near-term peak, and meaningful expansion from this point forward will result in higher costs and lower-quality delivery. Business leaders worldwide have been saying such things to one another for months now. Today, we are seeing deliberate action to move capacity from India to next-step destinations like the Philippines, China and Vietnam.

- Claims Accounting
  • Reconciliation of claims loss and reserve accounts
  • Tracking and posting of all claims payments to all parties
  • Reporting of accounting to respective dept. heads

LIFE & ANNUITY

NEW BUSINESS
- Application Data Entry

  • Enter in application information and addendums into computer system
  • Indexing if also in imaging system

- Underwriting & Application Management
  • Set up of application requirements – verification of Motor Vehicle Report,     credit, employment and health
  • Application processing
  • Standard underwriting
  • Policy print and issuance

POLICY ADMINISTRATION
- Policy Administration

  • Address change, ownership change
  • Assignments, beneficiary changes
  • Policy owner correspondence, policy statements, reinstatement (all in call     center)
  • Investment allocation changes (per customer fax/phone requests)

- Policy Change
  Change without underwriting – re premium calculation e.g. conversion from   term to whole life, endowment, variable life product, etc.

CLAIMS
- Claims Administration and Payment

• Claim set up
• Claim payment                         « previous page    next page »