A comprehensive solution with Selectsys BPO

This post is part of a series sponsored by Selectsys.

In the fast-paced and ever-evolving insurance landscape, carriers, MGAs and wholesalers are constantly looking for ways to improve efficiency, reduce costs and streamline operations without sacrificing quality. This is where Business Process Outsourcing (BPO) comes into play as a strategic tool to scale operations and optimize insurance processes. Selectsys BPO offers a wide range of services across multiple industries, allowing organizations to focus on growth and innovation while we handle day-to-day processes through our dedicated model.

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Harness the power of BPO with Selectsys: The dedicated model

What sets Selectsys BPO apart is ours dedicated modelwhere our employees really feel like an extension of your team. We ensure there is no “brain drain” – our dedicated teams work exclusively for your organization, learning your processes, systems and culture. This continuity means that Selectsys BPO employees become an integral part of your team, just as if they were remote employees at your operator, MGA or wholesaler.

This dedicated approach minimizes the disruption that often occurs with high turnover and ensures that expertise remains within your business. This seamless integration ensures that your processes are carried out with the same precision and care as if they were carried out in-house, but with the added benefit of reduced costs and increased operational efficiency.

Comprehensive BPO processes: Simplifying operations across agency management systems

Selectsys BPO supports a broad spectrum of insurance operations across multiple agency management systems, allowing us to deliver consistent, efficient results across all key functions. Below is an overview of the various processes we manage for carriers, MGAs and wholesalers:

1. Creation of a new business: Creation of submissions, underwriting risk and issuance of policy documents.
2. Renewals: Evaluation of risks and issuance of renewal offers.
3. Notification of cancellations: Sends formal notices of cancellation.
4. Reinstatements: Recovery of canceled policies.
5. Non-renewals: Handling policy non-renewals and communication.
6. Conditional renewals: Offers policy renewals with changed terms.
7. Endorsements: Changing existing policies.
8. Cancellations: Handling of mid-term insurance cancellations.
9. Revisions: Review of actual exposure versus estimated exposure.
10. E-mail correspondence: Handling official communication with all parties.
11. Policy control: Review of policies for accuracy before issuance.
12. Assessment: Calculation of premiums based on risk assessment.
13. Binding: Activation of policies and coverage.
14. Indexing: Organizing documents for easy retrieval.
15. Processing of binder: Issuance of temporary insurance contracts.
16. Agency Statements: Summary of financial transactions between agencies and carriers.
17. Check Treatment: Handling premium and compensation payments.
18. Payment processing: Management of premium collections and receipts.
19. Inspections: Request and manage property inspections.
20. Recommendations: Gives suggestions after inspections.
21. Tab runs: Provides claims history reports.
22. Reminders: Send reminders for renewals and payments.
23. Quote Closeouts: Formal closure of unaccepted offers.
24. Citation follow-ups: Engage customers to follow up on offers.
25. Renewal proposal: Offers updated policy terms and premiums.
26. Renewal reminders: Reminds customers of upcoming renewals.
27. Invoice checklist: Confirmation of the accuracy of the prize invoice.
28. Direct bill uploads: Upload billing data to providers.
29. Renewal requests: To reach out to customers for policy renewal.
30. Insurance certificate: Issuance of proof of insurance coverage.
31. Creation of policy package: Collection of policy documents for the insured.
32. Inspection order: Handling Third Party Inspections.
33. Processing of Premium Finance Agreements: Management of premium financing terms.
34. PIPS Shell Creation/Processing: Management of manufacturer profiles and maintenance.
35. Indexing of documents: Organization of policy and claims documents.
36. Processing of Agency Statements: Summary of transactions between agencies and carriers.
37. E-mail correspondence: Managing Policy Lifecycle Communication.
38. Entering a new broker: Adding new broker information to systems.
39. Activities and follow-ups: Tracking and managing tasks to completion.
40. Citation processing: Generation of insurance offers.
41. Policy Updates: Handling policy changes.
42. Medical and hospital bills: Treatment of medical related claims.
43. Excess lines archiving: Filing documentation for non-standard policies.
44. Gatekeeper: Managing access to sensitive data.
45. Rewrites: Issuance of new policies to existing customers.
46. Inspection completions: Completion of inspection reports.
47. Premium financing agreements: Setting up payment plans for policyholders.
48. AOR/BOR: Managing Agent or Broker of Record changes.
49. Declines: Handling policy application rejections.
50. Invoice labeling: Marking invoices for accurate tracking.

How Selectsys Onboards New Customers: The 4D Approach

At Selectsys, we’ve streamlined our onboarding process into four key phases to ensure seamless integration and fast execution:

1. Discover

During the discovery phase, we carefully identify the specific process requirements and work closely with subject matter experts to ensure a comprehensive understanding of your needs.

2. Document

Our documentation process is thorough and flexible, tailored to your preferences. Whether performed onsite or offsite, we capture every detail of your existing processes to establish a clear roadmap for execution.

3. Dry run

To ensure problem-free integration, we carry out a dry run period that typically lasts a week. This allows our team to understand the intricacies of your processes and optimize our approach for maximum efficiency.

4. Deliver

Once we have achieved quality satisfaction, we quickly transition to full-scale operation. With the foundations laid and processes streamlined, we prioritize speed without compromising on the quality of our deliveries.

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How Selectsys ensures data security

At Selectsys, we prioritize the security of our customers’ data by implementing strict and comprehensive security protocols at all levels:

• Encryption: All data is encrypted during transmission and storage, ensuring that sensitive information is protected.
• Role-based access: We enforce strict access controls and ensure that only authorized personnel handle sensitive data.
• Industry compliance: Selectsys complies SOC 2 standards that ensure our practices meet the highest safety requirements in the industry.
• Continuous monitoring: We use advanced monitoring tools to track system activity, detect and prevent unauthorized access.
• Disaster Recovery: Our data is regularly backed up to secure, distributed locations with a comprehensive disaster recovery plan in place.
• Training of employees: Ongoing training ensures that our teams are up to date on the latest security protocols and threats.

Why choose Selectsys BPO for your insurance business?

• Expertise across systems: We have extensive experience working with various agency management systems such as MGA Systems, Vertafore, Applied Systems and Guidewire, enabling us to seamlessly integrate into your existing workflows.
• Scalability: Whether you are a small MGA or a large carrier, our flexible model allows you to scale up or down as needed without compromising on quality.
• Cost effectiveness: Outsourcing your business processes to Selectsys BPO not only reduces overhead costs, but also allows your internal teams to focus on strategic growth initiatives.
• Reliability: With our dedicated teams, you get continuity and reliability, ensuring that institutional knowledge stays with your operation, avoiding frequent retraining or knowledge loss.

The future of insurance business

As insurance operations become more complex, the need for agile, efficient and reliable support has never been greater. Selectsys BPO offers a solution tailored to the unique needs of carriers, MGAs and wholesalers, allowing you to focus on growing your business while we handle the day-to-day complexities.

Ready to streamline your operations with a dedicated BPO partner? Contact Selectsys BPO today to learn more about how we can support your business with seamless, efficient processes across multiple agency management systems.

Subjects
Carriers Insurance Wholesale