Insurance Policy Renewal Services
Insurance policy renewal is one of the most critical aspects of an insurance business. In pursuit of retaining the clients and expanding the customer base, it is essential for all insurance businesses to become strategic and proactive regarding renewals. A competent and experienced policy renewal processing team is the key to attaining operational excellence and maximizing profits. Cogneesol has a specialized team to provide a complete range of insurance policy renewal services.
As you outsource insurance renewal processing tasks to Cogneesol, your underwriters would have an ample amount of time to pay attention to other crucial functions. We extract all the loss run reports, determine if any adjustments are required, and provide you with all the required information before investing out the revised policy premium to the customer. This will help you to save time, efforts, and ensure smooth overall functioning.
Our Policy Renewal Services
- Tracking insurance renewals in advance
- Sending out regular reminders to policyholders
- Taking requests for renewals from customers
- Evaluating all possibilities of risk in renewing a policy
- Creating detailed exposure summaries
- Making adjustments or alternations to the policies
- Communicating with insurance carriers regarding renewals
- Making sure the modifications (if any) are considered for revising the premium
Our Key Differentiators
We're Insurance People
Our team comprises of qualified, skilled, and competent people who can take care of your end-to-end policy renewal processing requirements.
Our team specializes in providing policy renewal support on carriers' existing platforms. We have experience in working on latest software.
Flexible Pricing Model
Avoid fixed costs and ramp up or down effortlessly. Deploy your capital and focus where it makes the most sense.
Faster Turnaround Time
We ensure that all the renewals are done timely, and guarantee you a minimum of 30% faster turnaround time with 24/5 operations.
Increased Cost Savings
Outsourcing can help you save up to 40-60% of your operating costs, which you can utilize on devising strategies for scalability and growth.
Enhanced Data Security
We clearly understand that security, privacy, authentication, & credibility are a top priority for all insurance agencies, brokers, wholesalers & carriers.
We employ several stringent in-house quality control checks to make sure that the work delivered is accurate and at par with your expectations.
Who We Serve
Car / Business Auto
Property & Casualty
D&O (Director & Office)
Professional / Personal Liability
Sexual abuse Liability
Our Policy Renewal Process
We help our clients navigate from where they are to where they aspire to be through our always-on learning agenda in the form of client stories and blogs highlighting latest industry trends.
Insurers’ Priorities to Overcome ‘New-World’ ChallengesRead More
A US-Based Insurance Company Case Study about Claims ManagementRead More
Role of BPO in the Insurance Industry: Experts OpinionRead More
A US-Based Insurer Case Study about Policy AdministrationRead More
All Case StudiesRead More
Insurance BPO: The New Imperative for Insurance CompaniesRead More
It is always a pleasure to learn that the work we do has positively impacted our clients and that they are happy to share their experiences.
Policy renewal services by Cogneesol is thorough and has made a huge impact to our business. They proactively reach out to customers for renewals, minimize their waiting time, handhold them for renewal requirements. This going out of the way has created a battery of happy customers over the years, contributing significantly to our overall growth.
Cogneesol’s overall policy renewal services are based on very sound principles and procedures. They do a systematic and detailed evaluation of risks involved in a renewal, make necessary adjustments to the agreement on the basis of the risk evaluation and deduce premium accordingly. With their help, we have been able to reduce our renewal risks considerably.
The team stepped in during our software migration to ensure every record was correctly accounted for. The team assigned to us were experts not only on insurance regulations and guidelines but were also adept at insurance software application. Consequently, we had expert guidance at all times during our systems migration. They made it seamless for us!