A dispassionate analysis of the Indian insurance industry reveals that there are many Indian insurers at the verge of collapse! Please do not ask – I will not tell the names. One of the major reasons for these insurers to be in their present pitiable situation is that they want to do everything!
Please do not mistake fat for muscle. The growth in Insurance sector, if not ably supported, will collapse like a pack of cards. We will be witnessing the pre 1956 insurance industry scenario – a repeat telecast, if we do not tighten our belts. The first step for any Indian insurer is to realise that it cannot perform all the functions. To perform better, we all need help – can Insurance companies be an exception?
The Unprecedented Pressure
With the ever increasing mergers, failures, competitions, consolidations and customer complaints the Indian insurance industry is facing tremendous unprecedented pressure. If an insurance organization is to gain a competitive edge, seriously consider outsourcing insurance services. Outsourcing insurance services can enable an organization to increase its efficiency and growth and also meet all the requirements of valuable customers. The claim administration service providers can help the organization reach greater heights through increased proficiency.
India, a pioneer in providing outsourcing services across a wide range of industries has years of experience and expertise in providing quality insurance policy services, insurance services, annuity insurance services and claim administration services amongst others.
Organizations in the U.S and U.K who have outsourced insurance services have been able to concentrate more on their core business functions while getting access to quality insurance services.
Outsource insurance services and benefit from expert services, organized process, quality control processes, customized services, experienced workforce and domain expertise. Outsourcing Annuity Insurance Services can also help an organization benefit from faster time-to-market and lower operating costs. If looking for professional claim administrative services outsource and get access to reliable insurance services.
End to End Insurance Services
Outsourcing offers varied insurance solutions dealing with health, property, life, annuities, reinsurance and property and casualty amongst others. In case you want a customized insurance service, approach an ever willing partner who will provide tailor-made solutions designed to suit specialised insurance service requirements. The following is a list of insurance services that can be outsourced:
Insurance Claims Services
A wide range of insurance claims services can be outsourced – such as loss runs, imaging, death claims, data analysis, recovery, subrogation, claims estimation, claims assignment, and matured endowments etc. Outsource insurance services and benefit from accurate services.
Insurance Agency management Services
There are experts offering agency management services such as, data exchange, representative finder, proposal generation, licensing, commission accounting, resource management, compensation and commissions amongst others.
Insurance Policy Administration Services
Outsource insurance policy administration services to get access to proficient services such as, billing, inquiry, cash control, correspondence, policy changes, online enrolment, cancellations, new product introductions and case manager tools amongst others.
Insurance Disbursement System Services
Qualified institutions are offering expertise in disbursement systems services such as cash disbursement system, structured settlements and payments amongst others.
General Insurance Services
A host of general insurance services such as policy conversion, imaging, workflow, document management, accounting, suspense, web channel integration, legacy system rationalization, componentization, straight through processing, architecture standardisation and policy conversion amongst others can be outsourced.
Insurance Marketing / Sales Services
Outsource insurance marketing and sales services and get access to data warehousing, data marts, lead tracking systems, sales channel management and sales force automation amongst others.
Other Insurance Services that can be outsourced
- Life Insurance outsourcing solutions
- Offshore annuity insurance services
- Property & causality insurance services
Outsource insurance services and give your organization much needed competitive advantage.
By: Dr. K. Raja Gopal Reddy, Phd, FIII, FCII(UK), FLMI (US), Chartered Insurance Practitioner