All About
INSURANCE AGENCY MANAGEMENT
Software & Services
INTRODUCTION In Today's Era; Due to increasing insurance demand and claims requests, Insurance Industry is becoming harder to manage appropriately by a single team in an Insurance Company. Thus, Being a complex Industry, Insurance entrepreneurs are finding losses while handling their insurance tasks. Thus, Since 2003, The Insurance Agency Owners are preferably opting to Outsource their Insurance Agency management tasks to the insurance backoffice service providers either within their country or over the Asia based outsourcing companies. This helps the insurance business owners to easily manage their core activities and get assured about their miscellaneous insurance agency management activities by the hired Insurance BPO firm. Business Either rely 100% upon the Insurance BPO's and get their final results, or ask them to use specific software to manage their specific tasks. Insurance BPO's can also use different software platforms according to the customer requirements.
SOFTWARE USED IN
Insurance Agency Management Policy Tracking & Reminders Expanded Agency Solutions Modern Technology ITC's Agency Mgmt System Delivers Customized Solutions Specialized to Manage Books An Automated System Learning Curve for New Hires Modernize Business Insurance
VERTAFORE
Insurance Agency Management Software Vertafore Agency Platform goes beyond outdated insurance agency management systems.Â
It mainly focuses on policy tracking and reminder systems. Vertafore offers a wide platform for customer and policy management, to agency licensing, reference materials, and real-time rating, that is designed to make the modern agency more profitable today and in the upcoming years.
NEXSURE
Insurance Agency Management Platform Nexsure is an influential cloud platform for running, growing, and managing your firm’s tasks. Its main system accomplishes the needs of many independent insurance agencies. It has various solutions available to the agency.
ASPIRE
Insurance Agency Management Software
This is an innovative, CRM based agency management system that utilizes modern technologies and methods to increase the productivity of the firm.Â
It has unique features that are as follow1. SMS/text messaging to your clients 2. Mobile device access from your phone or PDA 3. Outlook interface, that syncs with comparative raters. 4. Agent Website Interface 5. AspireCHAT ( built in CHAT feature) 6. Automated Marketing
INSURANCEPRO
Insurance Agency Management Software ITC’s agency management system InsurancePro, is responsible for everything involved in running an insurance agency that includes tracking commissions, updating policy data automatically & reconciling payment transactions.
It helps to decrease the workload & increase the efficiency, hence allows you to focus on the growth of your agency. Features: • ACORD Forms • Quote Management • Commission Reporting • Easy-to-Use Interface • Imaging & Reporting • Follow-Up Reminders
• Letters, Mail Merge & Cloud Storage • Built-in Accounting Features • Email Capabilities • Printing Docs • InsurancePro Support Options
HAWKSOFT
Insurance Agency Management System Hawk Soft is for Commercial & Personal Lines agencies that mainly focuses on a meaningful, long-term relationship with a privately-owned company who can deliver outstanding value in their management system.
The Strongest Points of HawkSoft Agency Management Software are: • RETAIN: The Retention alerts helps to focus on the priority requests. • GROW: Increases Focus on Client's those exists in the Sales Funnel. • MEASURE: Actionable Reporting System.
AGENCYMATRIX
Insurance Agency Management Software Insurance Agency matrix software allows your agency to manage your book of business, your staff & your office from anywhere.
It Offer Different Solutions with the Insurance agency management software that helps the business with business productivity, exceptional mobility & guaranteed burdens elimination.
APPLIED
Insurance Agency Management Software Applied Rater fills information automatically into carriers’ websites that eliminates redundant typing & saves agents quoting time up to 85%.
There are around 10,000 agents in 46 states that uses Applied Rater every day to quote auto and homeowners insurance, create proposals and bind policies, earlier this software was formally SEMCAT Quoting Software.
NEWTON
Insurance Agency Management Software It is a comprehensive Insurance agency management system and has all the capabilities, ACORDS, submissions and integrates with most rating software.
It is a complete insurance accounting, commercial submission system, integrated with outlook mail and calendar.
AGENCY SOFTWARE INC.
Insurance Agency Management Software Agency software INC. modernizes the management of day to day operations of advertising and creative agencies.
It is a powerful, scalable and easy to use for any sized insurance agency. It automates the business, customer services and office management activities for insurance agencies. • Has Proven the Reliability & Effectiveness • Ease-of-use, Excellent Support • Best Technical Support • With over 18,000 Installations Nationwide
Insurance Agency Management MAJOR OUTSOURCED TASKS 1. Insurance Back Office Support 2. Insurance Policy Management Services 3. Insurance Commission Management 4. Insurance Claims Processing Services 5. Insurance Accounting Services 6. Insurance Legal Services
Insurance Back-Office Support The very First agenda of this document is to provide insurance entrepreneurs; an awareness on how they can boost their business profits  up to 50% by just hiring an insurance backoffice service provider to perform their secondary business operations. The Insurance BackOffice Companies are the licenced and certified authorities those can provide the expert business solutions to the insurance companies, agencies and individual agents. What Companies can Outsource? Quotes Preparation, Documents Handling, Client Receipts, Record Payments, Invoice Data Entry, Policy Checking, Record Perils, Proposals Generation, Accounts operations, Claims settlement, Withdrawls, Reconciliations, File Closure, Portfolio Management, Order Loss Runs, Insurance Endorsements, Policy Issuance, Renewals and others.
Insurance Back-Office Support
Insurance Policy Management Services Insurance Policy management is the phenomenon of generating, communicating, & sustaining policies and processes within an association. It can be described in the following steps: 1. Generating/ creating: When a requirement is acknowledged within an organization, a policy is transcribed and goes through an endorsement process. 2. Communication: After creation and authorization, a policy is communicated to staff. This comprises publication of the policy, training and confirmation. 3. Management: Through the life cycle of policy, it is constantly enforced and exemptions are achieved when it is applicable. 4. Maintenance: Policies are reviewed frequently, updated, and achieved when needed.
Insurance Policy Management Services
Insurance Commission Management Commission Managemnent equally depends upon, or fixed by custom or law, fee accumulating to an agent, broker, or vendor for simplifying, initiating or implementing a commercial transaction. An insurance agency is also called as insurance brokerage or independent agency that solicits, writes and predicaments policies through many different insurance companies. In other words, the agency is the place where people associated with the agents to conduct their business. Step-by-Step Process: Compliance office: Regulatory compliance reporting, Best Execution Committee Client Services/ Marketing: Client reporting, competitive positioning promotion of best practices Chief operating officer: Control operational costs, Oversee risk management polies and procedures Research director: Establish research budgets, manage broker relationships Head of dealing: Manage CSAs, achieve best execution, & reduce trading costs
Insurance Commission Management
Insurance Claims Processing Services Insurance claims are a formal demand to an insurance corporation requesting for a payment based on the terms of the insurance policy. The insurance company reviews the claims for its validity and then pays out to the insured demanding party once sanctioned and the process is called insurance claims management. Here are the following steps for an effective claims management: • Take care of your injured employee • Have an injury reporting plan in place • Report claims promptly to employers • Examine and document the accident • Stay involved during the claims process • Get your employee back to work
Insurance Claims Processing Services
Insurance Accounting Services When you’re tied up with insurance accounting administration, you have less time to focus on what matters to your business such as managing assets, selling insurance and expanding your company’s market share. Insurance accounting cover the full range of insurance products & reinsurance agreements, so you can assign internal resources to executing business strategy, not entering credits and debits. Insurance Companies need insurance accounting services for streamlining their complicated insurance tasks such as: • Management of Cash-flow • Bookkeeping • Accounts Payable • Accounts Receivable • Bank Account Reconciliation By implementation of these accounting services in insurance they can improve their performance and also save your precious time.
Insurance Accounting Services
Insurance Legal Services Using the Litigation Support Services of an Outsourcing Company, Insurance agencies can avail the best Legal support at Competitive Prices. Outsourcing firms can handle all the Legal Activities for the Insurance Firms which the Insurance Businesses themselves do not have the Capability to handle and also the hiring In-House Legal team may not be Viable. When you Consider Legal Insurance: • If your Business feel overwhelmed while dealing with any legal issue. • Want to save thousands of dollars and extra time consumed to resolve legal cases. • Want to manage the risk of unplanned legal costs. • Want the best possible Legal Advice or Planning for the Future.
Insurance Legal Services
COGNEESOL
Insurance Agency Management Service Provider Cogneesol, Inc. - A Leading Business Outsourcing Company that offers premium insurance agency management services and outsourcing backoffice solutions to the insurance agencies, companies and insurance wholesalers worldwide. We at Cogneesol are a team of insurance experts, who are offering dedicated insurance backoffice services and agency management software solutions as per customer's requirements. As Mentioned before in this document; Cogneesol offer insurance agency management software services using different software's that are: • Vertafore • Nexsure • Aspire • InsurancePro • HawkSoft • AgencyMatrix • Applied • Newton • Agency Software
CONTACT INFORMATION Cogneesol, Inc. Head Office 30 Wall Street, 8th Floor New York City NY 10005-2205 Phone: +1 646 688 2821 Operational Branch S.C.F 61-62, Phase 7 Industrial Area Mohali, Punjab India 160055 Phone: 0172 423 2100
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