Insurance can be availed in various forms such as Life insurance, Personal Accident Insurance, Medical or Health Insurance, Vehicle Insurance, Home Insurance and many more. An Insurance claim is a formal request to an insurance company asking for a payment based on terms of the insurance policy. It is the fulfillment by an insurer of its obligation to receive, investigate and act on a claim filed by an insured. It involves multiple administrative and customer service layers that includes review, investigation, adjustment, remittance or denial of claim. When you make a claim on your insurance policy, you are formally notifying the Insurance Company that you have suffered a loss or damage that you believe is covered by the policy and you are requesting action. There are many steps involved in Insurance Claim Processing depending on the insurance company.
Outsourcing the jobs pertaining to Insurance is a common business practice. Many insurance companies prefer engaging offshore companies to handle key aspects of managing an insurance company in order to lower operational costs and improve efficiency. Moreover the Insurance Industry is facing stiff competition in improving their business efficiency due to competition, market uncertainties, increased stringency in regulation and other factors. The best way out for this is outsourcing key non-core processes. Insurance claim processing is one of the major functions that are being outsourced. Outsourcing these processes will provide high quality claim processing services that allow multiple claims to be handled quickly and efficiently in minimal time. Various types of claims will be included in this like medical, health etc. There are other wide range of services that can be better managed through outsourcing which include customer service, technical support, financial audits, policy administration and billing. While insurance claim field officers work with consumers in local regions, all the back office work can be outsourced to firms in other localities or countries.
Insurance Outsourcing has gained great credibility in the last few years as it has the ability to serve the customers better and these same customers will return for further services. In addition insurance outsourcing will improve the performance of field agents who have better access to support and products needed to respond to request and manage insurance claims, for the benefit of consumers. With the advent of Internet and latest technology outsourcing insurance services can be done globally. An Offshore Insurance Company can play a lead role where consumer calls can be rerouted to these companies and around the clock service will be available regarding insurance claims and questions. Financial transactions can be processed with lightning speed across a network of outsourced financial services companies like this.
Insurance outsourcing or Service providers involves growth of the company rather than downsizing its employees. They outsource to innovate faster and with less cost in order to grow large, gain market share and hire more and different specialists, keeping control of the systems by connecting the offshore company remotely to your system. So all the information lies in the system and can be monitored. Communication with your Insurance Claim Service Provider is critical for the success of your company. Besides financial gains, there also may be intangible yet significant benefits to outsourcing, such as the greater ease of adding capacity to your operation by documenting workflows, and by placing the burden for hiring, management and quality control on the service provider.