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
