Core Insurance Business Processes for BPO Services

• New business acquisition
• Application registration and scrutiny
• Data verification and history
• Quote generation
• Approval and binding
• Accounting functions
• Invoicing
• Premium receipt and returns
• Claims disbursement
• Banking/Bank reconciliation
• Commission management
• Policy management
• Document issuance
• Change request registration
• Endorsement issuance
• Mid-year cancellation
• Renewal tracking
• Support functions
• Agency production reports
• Agency commission
• Management reporting
• Statutory reporting
• Actuarial/Analytics
• Customer help desk
• Claims management
• Claim intimation/registration
• Policy verification
• Claim documentation
• Claim assessment
• Approval and disbursement
• Others
• Reinsurance treaty administration
• Vendor management
• Customer support
• Imaging/Indexing
• Mailroom solutions
• Portfolio analysis
• Profitability analysis for portfolio underwritten by
• Line of business
• Product category
• Geography
• Demographics - Risk analytics and statistical modeling for loss estimation
• Reserve adequacy
• Claims analytics to determine adequacy of
• Loss reserves
• Unexpired risk reserves
• Product management
• Use portfolio data for analytics on
• Marketing mix for Lines of Business
• Product mix decisions
• Product pricing decisions
• Catastrophe exposure
• Analytics - to determine catastrophe exposure in terms of probable maximum losses
• Plan - reinsurance for risk exposures and related limits
• Business analytics
• Benchmarking studies against industry peers
• Root-cause analysis for metric improvement
• Robust Business Continuity Plan (BCP) and Disaster Recovery (DR) practices
• Tested BCP and DR plans in place to ensure continuity of services
• Streamlined Quality and Risk Mitigation
• Highly streamlined Quality and Risk mitigation strategies embedded in the
  engagement, beginning from the start of the Solutions
• Planning and Design phase
• Proven Transition Methodology:
• Focused transition methodology which enables rapid, efficient and predictable
  migration to steady state