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 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