Thursday, 30 March 2017

2017-18 BPO Trends in Insurance Industry: Youtube Video


Check out this Youtube Video Presentation that covers a lot of the information on the Latest Insurance BPO Industry Trends that plays an Important Role in Insurance Industry in terms of Business Profits as well as for the User Perspective.




Monday, 13 March 2017

Why Outsourcing is So Important For Better Insurance Agency Management?

In the contemporary business scenario, the insurance agencies are facing cut throat competition from each other.  In order to survive in the highly competitive environment, the higher insurance agency management needs to formulate ingenious ideas. The insurance entrepreneurs are trying their best to ensure that every possible effort is made to lay greater emphasis on the core functions in order to enhance the business efficiency.


Outsource insurance agency management has emerged as a strong option for the insurance firms. In the insurance business, there are a variety of the back office services like:

• New business servicing
• Policy management
• Commissions management
• Claims administration
• Reporting
• Insurance claims data entry

All these tasks can be easily outsourced to third party firms. 

The various advantages of hiring outsourced insurance agency management services are:

• Opportunity to focus on core functions- Outsourcing enables insurance firms to concentrate on the core functions and enhance their business productivity. All the time and energy that is wasted on non-core functions can be diverted towards the main policies for better efficiency.  

• Reduced expenditure-  The outsourcing firms are generally based in developing nations like India, China, Philippines etc., Due to this factor the remuneration charged is much less than the costs of hiring local talent in nations like US, UK etc. So a lot of funds can be saved in this manner and diverted towards core activities.

• Access to highly accomplished staff and software- Latest insurance software like Vertafore, Nexture, Insurance Pro have emerged in recent times, which have made completion of insurance back office tasks extremely simple and less time consuming. But many insurance firms are reluctant to invest in these softwares. Hiring outsourcing services not only offers access to latest software but also to proficient staff.  

• Useful in dealing with seasonal requirements- In the insurance world there are certain activities which are performed during a particular season. Hiring in-house staff for these functions can prove to be troublesome. Using insurance agency outsourcing services for such tasks is a better option. 

• Quick turnaround time- In the insurance world, time is an important factor. Delay in completion of tasks can lead to losses for an insurance firm. Due to the difference in the time zones of nations like US and India, the tasks assigned in the evening could be completed by the by the commencement of next day's working hours in US.     

Cognessol is well known for offering excellent insurance agency management services to global insurance agencies at affordable costs. 

Over the past 9 years, Cognessol has earned great acclaim from its clients in the insurance industry. They have access to the latest technology and accomplished staff. For further information, contact us at info@cogneesol.com or call us at.

USA: +1 646 688 2821
UK: +44 203 371 7486
Canada: +1 905 487 8562
Australia: +61 286 078 983
Italy: +39 327 285 4546

Wednesday, 15 February 2017

Top Trends for Law Firm Accounting in 2017

It’s absolutely no secret that law firms these days need a lot more data, research as well as strategic insight from their finance departments than in the past. As we have moved into the new year, CEOs along with other business chiefs are going to ask less in regards to what has occurred and more regarding where exactly the business is moving towards and, and even more essentially, what’s required to help it achieve its goals. This would put CFOs as well as other law office accounting experts in the hot seat. With a lot of legal firms working with the slimmest of margins of economic error and having to do a lot more with less; technological solutions take on even higher importance.

 I foresee that the following technology trends will facilitate in driving the profits of law firms in 2017 and beyond.




Analytics would provide for the requirement for knowledge:

Several law offices will carry on their drive for increased access to crucial finance and operational observations in order to determine problems, establish opportunities thereby making better decisions. This requirement, together with the emphasis on big data, is going to push more and more law firm accounting and finance professionals to make sure that they have got the appropriate technologies and procedures set up to pull-out intelligence from crucial data . We anticipate seeing them, for instance, maximizing the analytics attributes of cloud-based ERP models to retrieve essential information through these systems, and share customized reports to shareholders depending on their particular needs.

The demand for cloud apps is going to steer better integration:

Although small and medium-sized legal firms have been savoring the attributes of best-in-class cloud software program to manage all facets of their business, the range of distinct apps is starting to become unwieldy in lots of firms. To deal with this concern, the coming year a lot of firms are going to walk away from a legacy-style, pre-integrated collection from an individual vendor and rather incorporate applications of their preference in their unique best-in-class suites. This strategy will not just consolidate processes across capabilities and streamline data for improved reporting and analysis; however it will even enable every single law firm to make use of any kind of solution that best fulfills its requirements.

Artificial Intelligence will allow accounting execs to concentrate on more critical tasks:

Artificial intelligence will consistently become much more widespread as a result of lowering costs and better availability by means of software-as-a-service (SaaS) systems. In 2017, expect to have law firms to progressively depend on AI-infused applications to carry out manual financial tasks — like determining conformity to policies —freeing up precious time for law office accounting experts to concentrate on more strategic, beneficial functions.

Outsourcing:

One of the most important trends in accounting for law firms is accounts outsourcing services. Outsourcing accounting most significantly allows law offices to pay attention to their fundamental business as opposed to establishing an accounting division. Outsourcing law firm bookkeeping can assist firms in minimizing costs and also reducing chances of fraudulence and provide access to the expertise of committed specialists in the field. Know more regarding the benefits of outsourcing law office accounting services:
  •       Accessibility to a team of specialists in accounting and bookkeeping
  •          Collaborative accounting carries a lot of benefits
  •          Scalability of law firm
  •          Accessibility to best systems
  •        Plenty of time to concentrate on development and expansion of business
  •         Taking care of your cash flow
  •          Full control over company accounts

Cogneesol has over 9 years of experience and focuses on offering competent accounting services for any of your specific requirements. Regardless of whether you require fundamental law firm bookkeeping services or perhaps financial reporting and accounting services, our determined team can handle all your requirements to help you get more time to concentrate on your business.


 Call us at +1 6466882821 or you can also email us at info@cogneesol.com

Friday, 3 February 2017

When Do Outsourcing Accounts Receivables Make Sense?

Accounts receivables services are among the most important functions of a business. They help in ensuring proper cash flow by ensuring that the payments from debtors are not delayed. This helps in ensuring that all the business functions are carried out in a professional manner. But despite its importance, this function gets ignored due to the primary functions like production, customer management, marketing etc.



In business organizations having limited staff and funds, outsourcing accounts receivable services makes sense, due to the following reasons:

Cost effectiveness- The costs of hiring outsource accounts receivable services based in developing nations is much less than hiring local talent in developed nations like UK, US etc. So by hiring the services of a third party accounts receivable service provider, a business firm can save a lot of funds and enhance their profits. Moreover, it also eliminates the need to spend on infrastructure.

Helpful in getting access to accounts receivable softwareThe accounts receivable outsourcing specialists are capable of easily dealing with the most complex cases in regard to software such as Quickbooks, Netsuite, Awaza, FastFund Accounting, PaidYET etc. These companies have access to highly competent staff that is capable of fulfilling all the requirements while maintaining the desired quality standards and the stipulated deadlines.


Up-to-date knowledge- The outsourcing staff remains in touch with the latest developments in the field of accounting. They are fully proficient in performing their duties. Talent acquisition is a difficult process. By using the outsourcing services access to high-quality staff can be attained without actually hiring them.

Access to a variety of services- The outsourcing firms offer a variety of accounts receivable services like invoice management, cash processing etc, for the benefit of the business firms. All the areas related to accounts receivables are covered by them.

Improved Usage of Staff Time- By using the outsourcing option, the staff of the business firm can be engaged on more important activities. In cases of extreme work pressure, these services can prove to be extremely useful.

Useful in cases of urgent requirement- There is a 10-12 hour difference in the time zones of India and nations like the US, Canada etc. So in cases of urgent requirement of work, business firms based in US or Canada can assign work to Indian firms in the evening and get the results by the early morning hours next day.

Outsourcing AR is right for a business whose owners are innovative by nature, believe in using the latest technology,  are looking for new methods of cost cutting. These services can be used by startups, accountants, accounting firms, CPAs etc, for reducing their work pressure and cost cutting.

Cogneesol is among the leading accounting outsourcing services providers in the world. These services are aimed at helping the business firms in boosting their productivity by concentrating on their strengths. They have access to high quality, well trained and experienced staff and latest software for performing these functions. They have earned favorable reviews from clients for their quality service and customer support. Cogneesol has created a special niche for themselves in the world of accounting services outsourcing. To get more information, contact us at info@cogneesol.com or call us at +16466882821.