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What does an Insurance Administrator do for Insurance Agency?

Last updated: 25 Feb, 2020 By | 6 Minutes Read

In the modern business scenario, insurance companies have to face a variety of challenges like cut-throat competition and strict government policies. They have also to ensure that their operational costs are minimized. So in such a scenario only insurance agencies that adopt an innovative approach can streamline their business operations and gain an edge over competitors.

In order to minimize operational expenses, outsource insurance agency management is a good option. This strategy can also help in bringing flexibility to the working of the insurance agency. An insurance administrator is a third-party organization that takes care of the insurance back-office functions.

The various insurance agency management services offered by insurance administrators are:

New business services-

These services include receiving accord forms, insurance quote development, uploading the documents, policy issuance, attaining proposals, invoice data entry, maintaining record payment details etc.

Insurance reporting-

This involves preparing reports of active policy, agent commissions, finance etc.

Insurance claims data entry-

These services include data entry related to mortgage claim, life insurance, health insurance, general insurance, claims settlement etc.

Insurance accounting-

These insurance agency administration services include billing of premium balance services, accounts receivable and accounts payable services.

Policy management-

These are important functions undertaken by insurance policy administration i.e. policy renewal services, issuance services, insurance endorsements, maintenance and administration, cancellation and reinstatements etc.

Commissions management-

This includes important functions like data entry, payable commission for producers, systems enhancement and application maintenance, accounting services related to commissions.

Claims management-

This involves claims verification, processing, assessment, adjudication, early retirement, subrogation, withdrawals, reconciliations of claims.

Legal services-

These services include drafting complaints, motions, answers, discoveries, and subrogation.

Advantages of hiring insurance agency administration services:

  • Access to the latest software like Vertafore, Newton, Aspire, Applied, Insurance Pro, etc.
  • Ensures complete data security.
  • Offering the chance to concentrate on core operations and maximize profitability.
  • Quick turnaround time.
  • Adhering to deadlines while maintaining accuracy and quality.
  • Reduced operational costs.

Going through the above-mentioned information can motivate an insurance company management to consider.

Do you often feel that you are too occupied with the back-office management that you lack the time for devising strategies for enhanced profitability?

If yes, consider availing outsourcing insurance management services of Cogneesol. We have the right skills and technology in place to provide you with secure and accurate insurance back-office management. To get more information, contact us at info@cogneesol.com or call us at +16466882821.

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