Selectsys Outsourcing Solutions can help your enterprise scale up the organization while maintaining the highest quality of customer care; significantly reducing your operational and IT costs; allowing you to focus on the core business of underwriting and marketing.
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Outsourcing Insurance Services
What does it do for you?
Streamline your operations and cut costs by 50%!
Selectsys gives your organization a winning advantage by increasing speed and efficiency in back-office processing, cutting operational costs and turning your operations into a 24/7 shop, all while allowing you to scale up and down as the market dictates. This allows you to turn your fixed costs into variable costs.
As you outsource your insurance business needs, your staff can focus on what matters most, which is building clientele and satisfying their needs in order to generate profitable revenue. Insurance outsourcing services help you save on cost, and focus on core processes of product development, innovation and marketing strategies.
Our state-of-the-art infrastructure and advanced technology including sufficient bandwidth, is compatible to meet insurance outsourcing requirements of any scale. We provide legal grade audit trails for all transactions which lead to increased customer confidence and satisfaction through increased security.
Our highly skilled professionals have extensive industry experience and can meet the international standards of the insurance industry. Our technological competence enables the integration of electronic document generation, processing and communication.
Increase Service Levels
- Manage your Backlogs
- Increase Productivity
- Reduce Turnaround Times
- Reduce Regulatory Risk
- Industry Best Practice
- Process Optimization
- Reduce Processing Costs (50%)
- Turn Fixed Costs to Variable Costs
- Free-up Capacity (Focus on Sales)
Insurance Business Process Outsourcing Services
Complete Service, Start to Finish
Exceptional service is essential to acquiring and maintaining business. Many administrative tasks can be outsourced and enhanced by implementing a team that is devoted to executing with precision. This ensures that you have everything you need to provide the customer service required to grow and retain business.
Renewal & Retention
Retained clientele is key for any profitable business. In the insurance world, this means renewals. We will help you set up a system to approach renewal dates methodically to ensure maximum retention.
We will take care of all endorsements and policy changes. Your clients will have the accuracy they need in regards to policies and you get the added benefit of less E&O exposure.
Successful businesses rely on competent revenue collection. From creating reports to sending past due notices for payments, we make sure that your business collects revenue and reduces the amount of non-collectables.
Handling clients' claims quickly will improve your renewal rates. We will process claims rapidly and accurately.
Quality & Consistency
The first step to achieving accurate processing is having the process clearly documented. We will review your processes with your subject matter experts. Next, we will create step- by-step documentation for training purposes. We can reevaluate processes and look for mistakes and areas of improvement. This will increase efficiency and consistency while reducing your E&O risk.
Services we offer (Sample Processes)
New Business & Underwriting
- Quoting New Business: Reduce the turnaround times (Rate: General Liability, Package, Commercial Auto, BOP, Work Comp and other Property and Casualty Lines of business)
- New Business Submission and Clearance
- MVR Reviews
- Carrier and Online Rating
- Work Comp New Submission Clearance
- Work Comp Mod Retrieval
- Work Comp task Assignment to Underwriting
- Work Comp Issues (Sending Letters to Retailer like no FEIN, no Payroll, or submission prior to 90 days)
- Personal Lines Processing
- Property Rating
- GL Rating
- Package Rating
- Marshall & Swift Risk Meter
- Carrier Online Rating
- Commercial Underwriting Assistant Processing
- We have experience working with over 70 P&C Carriers, all Agency Management Systems and Several Third Party Rating Systems such as NetRate
Insurance Policy Check
Insurance policy administration and policy checking is a tremedous role and responsibility undertaken by insurance carriers. Right from the time an insurance company acquires a new customer, their business will continue to grow over time making the policies grow with them.
Our policy checking services include:
- Reviewing the policy document for completeness and accuracy
- Ensuring the policy matches with the proposal
- In case of renewals, ensure that it policy matches the previous term policies
- Recording any kind of variance based on findings of the review and more
Insurance agencies are always trying to claim loss runs from a prospective client or a new insurance agency. Time plays a very important role in this process of obtaining loss runs. There is a huge risk for agencies to be blocked out by the underwriter if these loss run reports are not obtained by them on time, as it is possible that some other agency might have received them and this can prove to be a huge loss for the current insurance agency.
Our key loss run services include:
- Sending loss run requests to previous insurers and receiving reports
- Pulling out loss run data for policy renewal
- Analyzing loss run and preparing claims report
- Sending claims report to underwriters
- Notifying underwriters if loss run is not available
Quote Summary Services
Creating quotes and proposals is one of the most important yet tasking service for insurance companies. We take that burden off of your shoulders by allowing you to focus on more imprtant tasks such as building your business.
Our services include:
- Summarizing Coverage Details We create a carrier-wise summary of insurance coverage, which includes premiums, liabilities, exclusions, deductibles, and various other important details
- Creating Summary Tables Our team creates a comprehensive premium and commission summary table after carefully examining all the binding quotes that meet the evaluation and proposal requirements of the client
- Spreadsheet Creation Our team is trained to provide detailed and well-structured spreadsheets which allow easy, side-by-side quote comparison of different insurance carriers
- Claims Processing With the lurking threat of market deregulation and natural disaster and terrorism looming large, insurance companies have an immediate need for cost cutting. Outsourcing insurance claims management provides immediate cost reduction.
We assist with:
- Insurance claim setup
- Insurance claim eligibility and estimation
- Claim document imaging
- Full claim adjudication
- Fast tract adjudication
- Claim support and auditing
- Account settlement
Insurance is a very complex industry that requires a high level of accuracy and efficiency when it comes to managing policy renewals, claims, and calculation of premiums. These are also one of the most time-consuming tasks for an insurance company. Our team specializes in providing complete insurance renewal and claims services which complies with the required quality standards and guidelines.
Our Renewals services offer:
Advance Tracking of Renewals: We help you stay ahead of the process when it comes to possible policy changes prior to the renewal date of the customer's insurance policy
Renewal Reminders and Summary Reports: We gather all necessary information and look after sending out automated renewal reminders to generate an accurate insurance renewal exposure summary.
Interaction with Carriers: We often handle acceptance of insurance renewal requests, and have frequent interactions with the carriers to ensure that the renewal requests are handled smoothly.
Policy Administration and Servicing
- Processing Renewals (both in the management system and the carrier)
- Billing: Audits and Endorsements
- Cancellations & Re-instatements
- Policy Issuance on Agency Management Systems and Carrier Systems
- Claims Processing and Many more…
We were raised in the insurance industry, therefore we speak your language. We understand the ins and outs of streamlining and expanding your business.
Global Delivery Model
We have insurers throughout the world that rely on us and our work. We consist of a team of highly skilled professionals and that is why our client base is expanding day-after-day.
Flexible Pricing Models
Our pricing models are flexible in each and every way—from scope, rates to scale. We customize insurance outsourcing solutions to suit your requirements.
Experience constant innovation, the highest-possible productivity, and the ideal customer support when you outsource insurance services.
We respect the security and confidentiality of our clients' crucial data. When you outsource with us, data security would be the least of your worries.
EVERY BUSINESS IS UNIQUE. SEE WHAT WE CAN DO FOR YOURS:
- Exceed your expectations
- Help your team focus on the core of your business
- Customized solutions fitting for your business needs exclusively
- 24/7 assistance
- Promise to deliver results in time period specified
Selectsys Information Security Policies and Procedures
Controls (Technology & Systems)
Selectsys enforces strict data privacy.
Process and technology in place to control information leakage from systems via Internet
External drives disabled and software in place to block download or copy files/ data from the company's system and prevent unauthorized access to systems/ files/ folders.
Control Over Internet/ Cloud
Tipping point security, cloud security, network security in place to prevent any unauthorized access.
Managerial Control Over Outsourced Process Associates
Selectsys owns the outsourcing unit and we have full control on hiring process, background checks, training, process and systems.
Non-Disclosure Agreement with employees and training in place to educate them about the potential risk associated with the data security.
Blocking the Internet access and WIFI's wherever not necessary on the floor.
Preventing employees from extracting sensitive information through any means- paper, USBs, mobile phones or any other recordable devices by adopting stringent policies. Creating a paperless environment and prohibiting people from bringing devices to the office premises.
Disaster Recovery and Business Continuity
Disaster recovery and Business continuity plan in place with redundant offices spread across Hyderabad.
We develop best practices inline with company policies that cater to internal security/ network security protecting company's critical information ensuring compliance with our client's company policies.
We constantly monitor business functions and continuously assess, evaluate, and improve security measures that match industry standards.
See Who is Using Business Process Outsourcing!
Companies of all sizes use Selectsys BPO to help them streamline their operations and reach their business goals.
More Markets, Faster Quotes and Increased Service Levels.
Improve Sales, Focus on Underwriting and Reduce Turnaround times.
Streamline Operations: Increase Speed, Quality and Cut Operational Costs
Pilot : Easy as 1234
1Identify the Process and Subject Matter Expert
2We document the process (We offer onsite or offsite engagements)
3Typically, 1 week to get up to speed with the process
4Increase Speed after Quality Satisfaction
Teaming up with Selectsys for our insurance services has been the best decision ever. They helped us immensely with the preparation of quotes, saving us time and money.
Steve Cota, CIO
Selectsys ensures that we maximize our efficiency at Commissions Management. They have stuck by tight deadlines and ensured we received our results in the agreed time frame.
Hunter Moss, President
Selectsys has allowed me the ability to focus on our core business.
Eric Smith, CUO