Outsourced Insurance Sales Support | Underwriting | Claims Processing | Policy Administration

The Insurance industry, which includes P&C and life insurance companies, reinsurance companies, MGAs, agents and brokers, has recently experienced some sweeping changes in a short period of time. While many of the products in the industry have emanated as a result of events, catastrophes, and evolving business and personal financial needs, this industry can no longer tolerate operating in hindsight. It must be prepared to weather the onslaught of litigation and regulation, such as HIPAA, the Patriot Act, and Gramm-Leach-Bliley, that has resulted from such industry debacles as misconduct over broker compensation, improper reinsurance accounting practices, and insolvency.

Our insurance outsourcing solutions enable insurance and reinsurance companies, agents, and brokers to foster a business-driven, customer-centric, knowledge-sharing culture that facilitates information flow throughout the insurance value chain in a compliant manner. Our insurance outsourcing solutions have been prepared to reflect the need to reduce risk, avoid regulatory action, and increase revenue. They also enable insurance entities to respond quickly and develop solutions that address new risks, changing demographics, new opportunities, and global competition.

InsuranceSquad360 provides its clients with experienced Insurance processing, Insurance underwriting and Insurance backoffice outsourcing services to execute any or all phases of Sales Support, Processing, Underwriting, Claims Processing,Policy Administration and Agency management.

We seamlessly integrate with your insurance carrier or agency operation and our staff is 100% insurance Industry focused. We focus on "behind the scenes" processing and activities which leaves your staff free to work directly with your customers.

InsuranceSquad360 offers customized Insurance process outsourcing services to meet Insurance industry needs. Our Insurance outsourcing services spans across over 60 different processes in Insurance lifecycle. Our Insurance Processors allow our clients to focus on their core competencies by leveraging our Insurance processing experience and resources.

While the volatility and softening demand present a challenge for many insurers, for high performing companies they offer a great opportunity to pull away from the competition-to optimize their operating model, significantly reduce their costs, and increase their market share through meaningful differentiation.

Leading insurers are gaining these capabilities by transforming their business. One of the ways in which many of them are improving their operational environment is through business process outsourcing. This allows them to optimize, standardize and automate their processes, achieve savings through strategic sourcing, and increase their effectiveness by freeing their executives to focus on more strategic, value-added areas of the business.

Insurers that have rationalized their processing platforms achieved savings of 19% in operational costs and 25% in IT application and infrastructure costs. They also increased speed to market by 35%. Those that used BPO to consolidate their platforms reported benefits that were, on average, 17 percentage points greater than those that didn't.

The highly cyclical Insurance industry requires flexible processes that can help cut costs and streamline operations. As per the Global Insurance Outsourcing report, India is one of the most preferred destinations for insurance outsourcing. Around 63 percent of India's outsourcing revenue is from the US with major insurance companies moving their work offshore.

• Outsourcing helps insurance companies launch new products
• Ability to manage fluctuating volumes
• Enables Cheaper, Better & Faster outcomes
• Flexible costs which can be altered in response to changing market conditions
• Outsourcing can help check insurance claims fraud