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Common Questions Asked by Our Clients While Outsourcing Insurance Back Office

Last updated: 19 Jul, 2021 By | 6 Minutes Read

Outsourcing is no less than a strategy to adopt an innovative business model that suits best for businesses dedicated to thrive and achieve sustainable long-term success. It has its own unique value for insurers as it has become prominent in the insurance industry.

However, it is usually not easy to find a reliable and reputed provider of insurance outsourcing services. Before you choose an outsourcing partner for your insurance company, you generally have multiple questions in mind for which you expect answers that resolve your queries. Therefore, to understand the insurance BPO services in more detail, let’s go further and read answers to the most common questions asked by our clients and companies that outsource back-office operations to us.

Common Questions Usually Asked Before Outsourcing

1. What are the insurance back-office services Cogneesol offers?

We offer a wide range of back-office outsourcing services mainly comprising of: Policy Management(Policy checking, issuance, loss runs processing, policy renewals, endorsement), commissions management, insurance reporting, claims management, insurance accounting, Insurance Agency Management.

2. How can outsourcing insurance back-office services help cut operational costs?

As the non-core activities of your insurance business are time-consuming and occupy your valuable resources, you will be able to save on the operating costs by outsourcing some or all back-office functions to Cogneesol.

3. For how long are you in the outsourcing business?

We have experience of 11+ years in the business process outsourcing field and have successfully satisfied thousands of clients across the world.

4. What are Cogneesol’s key differentiators?

Digital Masters – we utilize the latest technologies that are trending in the industry that help us enhance our clients’ experience with us.

Innovation – we believe innovation is something that keeps us moving. We keep ourselves updated about all the trends emerging in the industry and continuously work on developing our strategies to handle projects, satisfy clients, and provide them with a competitive advantage over competitors.

Quality Assurance – We have a team of auditors that regularly keep a check on the work we do for our clients, assuring quality work is delivered.

5. What is your team’s code of ethics?

We ensure complete operational transparency and promise to keep your confidential information safe and secure at all times. At Cogneesol, we also follow solid data protection policies under which, if we find an employee not complying with the policies, we take strict legal action against them.

6. What are the phases that my outsourced project will go through?

When you decide to outsource your insurance back-office functions to us, your project will go further through the following phases:>

Free Trial: Our limited-period free trial will help you assess our expertise & skills and understand if your business is getting desired outcomes or not. Once the trial period ends, you can choose whether to continue working with us or not.

Project Management: During the entire course of the outsourced project, we will regularly provide you with multiple reports explaining our work done for you. At Cogneesol, we have dedicated and experienced project managers that lead the team of our experts. We will allow you to contact the manager handling your project to get updates on the same.

Review & Feedback: As you will closely monitor our performance and the progress of your project, we will expect you to give us feedback whenever required.

7. What are the metrics you focus on while hiring employees for insurance processes?

We give the candidates multiple exams to clear before we hire them. For us, being excellent in academics is not enough; we examine their skills and ability to solve problems, how they respond in different situations, for which we follow multiple approaches. We are delighted to say that our insurance experts are qualified, certified, and highly experienced.

8. Could one employee handle multiple functions?

We usually hire employees for specific requirements, but we also have employees that are trained to handle multiple insurance back-office functions efficiently.

9. What is your average turnaround time for project completion?

As per the requirements of your project, we build the most effective strategy with a team that ensures the highest level of accuracy & quality is delivered within the fastest turnaround time.

10. Do you use appropriate technology?

Yes, we have the latest and best-in-industry IT infrastructure, ensuring your work will be done smoothly within the deadline with complete precision. We also have expertise in utilizing all insurance software trending in the industry.

11. Will I be able to communicate with someone relevant at Cogneesol daily?

Yes, you will be able to communicate with our client services manager and an operations manager according to your preference and requirements.

12. How will I get to know that your team is working or not?

We will provide you with daily/weekly/monthly work reports, performance evaluation reports, etc., to help you rest assured knowing our team is working hard to help your business grow and expand. Additionally, you may also ask for access to remote monitoring panel on special requests.

13. Which types of clients do you majorly work with?

We have been working for a variety of insurance businesses such as car/home/business insurance and business lines, including general liability, professional/personal liability, workers compensation, liquor liability, inland marine, MGA’s, wholesalers, carriers, etc.

14. Where are you located?

To proficiently fulfill our clients’ outsourcing requirements, we have several teams working from different offices spread over six countries – Canada, UK, Australia, Italy, India, with headquarter in the New York, USA.

15. Will I have to train your employees?

Our insurance professionals are highly knowledgeable, trained, and experienced, and thus, you might only need to get them prepared for your unique processes, workflows, management systems, etc. Training our insurance assistants might take three to five business days, which is equivalent to the time it usually takes to train a new employee with years of experience.

16. Will I have to supervise your assistants?

Just as you supervise your in-house employees, you will need to supervise our assistants minimally. Since delivering work with unmatched quality is our top priority, we have a team of supervisors that ensure your work gets done with precision. Also, we will be in regular contact with you, which will help us get your feedback, according to which we will put our best efforts to meet your expectations. We ensure quick resolution for any error or mistake.

17. What is the customer journey with you?

Our clients and we first get connected to discuss what we can do for them. Then, our experts thoroughly review the requirements of our clients, according to which we define the scope of work, the project deadline, budget, etc.

Then, before assigning the project to a team, we get a non-disclosure agreement signed by them to ensure the total security of our clients’ confidential information. Now the project goes further with execution under the supervision of process managers. And within the defined deadline, we deliver the project to clients and ask for feedback according to which we proceed further.

18. How can you support us for 24 hours?

Insurance experts at Cogneesol work round-the-clock, five days a week. We work according to a three-shift schedule – day, mid, and night shift, ensuring your projects are completed within the predefined deadline, and real-time reports are delivered accurately.

19. Do you offer a free trial?

Yes, we do offer a free trial to all insurers, insurance agencies, and companies that gain interest in working with us. However, the free trial is subject to availability and is limited to a specific period, for example, 7-14 days.

Conclusion

As you might already know that outsourcing is considered to be a helpful business solution that brings multiple advantages, cost-effectively. So, before you choose an insurance bpo service provider, you might need to conduct thorough research.

You first require determining your outsourcing needs, the level of operational control you want, and the right company to work with for long. All these factors will help you make a wise decision for your insurance business.

At Cogneesol, our ultimate goal is to help our clients cut costs and enhance productivity. Outsourcing to Cogneesol enables you to reduce the burdening workload, save time & resources that you can redeploy to other essential business operations. This way, you can focus more on your core insurance business and take it to the new heights of growth and success.

If you are going through a tough time due to a deficiency of resources, loads of work, less time to focus on business operations, then get in touch with one of our insurance business consultants and take proper guidance to overcome these challenges. Call us today at +1 646 688 2821 or email at info@cogneesol.com.

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