Insurance Service Operations India

Improvisation of business performance

AdWISE ASSURE Insurance Service Operations exercise works with insurance executives to alter disjointed operations into an integrated sales and service delivery system that will support an insurer’s capability to identify, write, and retain profitable customer relationships.

At AdWise ASSURE, we incorporate professionals who have led some of the world’s top insurance carriers, brokers, agencies, and reinsurance companies in the past.

Insurance Service Operations services

  • Streamlining legacy processes and supporting technologies — Finding out ways to help improvise on customer service, employee morale, and cost efficiencies by upgrading policy administration and other systems, reforming processes, and creating an efficient customer experience across product lines and distribution channels throughout the customer journey.
  • Operating model enrichment — Assessing process, technology and performance management against other insurers along with the company’s own strategy and objective to help transform its operating model. Also including shifting of fixed costs to variable, shedding non-differentiating processes and technology, and mounting focus on growth, distribution, and product innovation goals.
  • Benchmar Performance — evaluating the carrier performance against any industry leaders to recognize areas for potentially improving operations and customer service quality whilst managing costs.
  • Strategic underwriting — helping insurers create a base of profitable customer relationships by implementing more effective risk selection processes and sensible underwriting decisions that help with balancing of risk and price. AdWISE ASSURE also help carriers grow the business by identifying possibly profitable and high-risk customer segments using prognostic tools and diagnostic models.
  • Improves Inforce management — controlling data and analytic tools and techniques to maintain cross-sell and up-sell programs, help improvise retention, and enhances risk selection capability.
  • Claims cost containment — Streamlining and mechanizing claims administration, inventing ways to anticipate and predict potential claim losses/risk, pretty enhancing processes for managing third-party suppliers, crafting processes to help improve litigation results, and using advanced fraud detection processes to help alleviate losses.
  • Enterprise cost management — developing sustainable, cost-effective approaches to managing resources

Insurance Service Operations bottom-line benefits

  • Improve profitability
  • Reduce operating expenses by up to 20 percent
  • Increase process standardization and compliance
  • Improve system reliability and accuracy
  • Lower underwriting loss ratios by up to 7 points in an 18- to 24-month time frame
  • Reduce claims costs through improved claims management
  • Improve system reliability and accuracy
  • Enhance the customer experience (for both policyholders and distribution partners)
  • Increase ability to adapt to changing customer demands
  • the company’s strategic goals, as well as striving to refine processes, simplify the organization, rationalize infrastructure, and improve spend management.
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