Comprehensive solution with Selectsys BPO

This post is part of a series sponsored by Selectsys.

In the fast-paced and ever-evolving insurance industry, insurers, MGAs, and wholesalers are constantly looking for ways to increase efficiency, reduce costs, and streamline operations without sacrificing quality. This is where business process outsourcing (BPO) comes in as a strategic tool for expanding operations and optimizing insurance processes. Selectsys BPO offers a wide range of services across multiple business lines, so your organization can focus on growth and innovation, while we handle day-to-day processes through a dedicated model.

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Harnessing the power of BPO with Selectsys: A purpose-built model

Selectsys BPO features: Dedicated modelHere, we feel like our employees truly are an extension of your team. We guarantee that there will be no “brain drain”. Our dedicated team works 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 you were a remote employee of a carrier, MGA, or wholesaler.

This purpose-built approach minimizes the disruption that often occurs when turnover is high and ensures that expertise remains within the practice. This seamless integration ensures that your processes are executed with the same precision and care as in-house, with the added benefit of lower costs and increased operational efficiency.

Comprehensive BPO Process: Simplify operations across your agency management system

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

1. Creation of new business: Preparation of submission documents, assumption of risks, issuance of insurance contract documents.
2. Renewal: Assess risks and issue renewal offers.
3. Notice of cancellation: Send a formal cancellation notice.
4. recovery: Restore canceled insurance contracts.
5. Not updated: Managing policy non-updates and communications.
6. conditional update: Provides renewal of insurance contracts with modified terms.
7. Recommendation: Modify an existing policy.
8. cancel: Handling of early cancellation of insurance.
9. audit: Compare actual and estimated exposures.
10. Correspondence by email: Manage official communications with all stakeholders.
11. Check policy: Check the accuracy of your policy before publication.
12. evaluation: Calculates insurance premiums based on risk assessment.
13. bind: Activate the policy and provide coverage.
14. Indexing: Organize documents to make them easier to search.
15. Binder processing: Issuance of temporary insurance contracts.
16. Government agency statement: A collection of financial transactions between agents and carriers.
17. check processing: Processes insurance premiums and claims payments.
18. payment processing: Collection of insurance premiums and management of receipts.
19. inspection:Request and management of property inspections.
20. Recommendations: Provide suggestions after inspection.
21. Roslan: Providing billing history reports.
22. Reminder notification: Send renewal and payment reminders.
23. Estimate cut-off: Officially close the rejected quote.
24. Quote follow-up: Ask the client to follow up on the quote.
25. Renewal proposal: We provide the latest insurance terms and premiums.
26. Update reminder: Notify clients about upcoming updates.
27. invoice checklist: Check the accuracy of your premium bill.
28. Direct upload of invoices: Upload your billing data to your carrier.
29. Request for update: Communicate with clients regarding insurance policy renewals.
30. insurance card:Issuance of insurance coverage certificate.
31. Creating a policy packet: Preparation of insurance contract documents for insured persons.
32. Ordering a test: Management of third party inspections.
33. Processing premium finance contracts: Handling premium financing terms.
34. Creating/handling PIPS shells: Manage producer profiles and maintenance.
35. Indexing documents: Organize policies and billing documents.
36. Processing agency statements: Organize transactions between agents and carriers.
37. Correspondence by email: Handles policy lifecycle communication.
38. Entry of new brokers: Add new broker information to the system.
39. Activities and follow-up: Track and manage tasks to completion.
40. Estimate processing: Create an insurance quote.
41. Policy updates: Process policy changes.
42. Medical expenses and hospital bills: Process medical claims.
43. Declaration of surplus line: Submission of non-standard policy documents.
44. gatekeeping: Control access to sensitive data.
45. rewrite: Issue a new policy to existing clients.
46. Inspection completed: Complete the inspection report.
47. premium finance agreement: Set up a payment plan for the policyholder.
48. AOR/BOR: Manage agent or broker of record changes.
49. decline: Handles policy application denials.
50. Invoice tagging: Label your invoices for accurate tracking.

How Selectsys onboards new clients: A 4D approach

Selectsys has streamlined the onboarding process into four major stages to ensure seamless integration and fast execution.

1. discover

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

2. document

Our documentation process is thorough, flexible and tailored to your preferences. Whether performed on-site or off-site, we understand every detail of your existing processes and establish a clear roadmap for execution.

3. dry run

To ensure seamless integration, we conduct a dry run period that typically lasts one week. This allows our team to understand the complexity of your processes and optimize our approach for maximum efficiency.

4. deliver

Once we have achieved satisfactory quality, we will immediately move to full-scale operation. We’ve laid the foundation and streamlined our processes to prioritize speed without compromising the quality of our deliverables.

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How Selectsys ensures data security

At Selectsys, we prioritize the security of our clients’ data by implementing rigorous and comprehensive security protocols at every level.

• encryption: All data is encrypted in transit and at rest, ensuring your sensitive information is protected.
• Role-based access: We have strict access controls in place to ensure that only authorized personnel handle sensitive data.
• industry compliance: Selectsys complies with the following: SOC2 This ensures that our practices meet the highest industry security requirements.
• continuous monitoring: We use advanced monitoring tools to track system activity and 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.
• employee training: Continuous training keeps your team up to date on the latest security protocols and threats.

Why choose Selectsys BPO for your insurance business?

• System-wide expertise: We have extensive experience working with various agency management systems such as MGA Systems, Vertafore, Applied Systems, and Guidewire, allowing for smooth integration into your existing workflow.
• Scalability: Whether you’re a small MGA or a large operator, our flexible model allows you to scale up or down as needed without compromising quality.
• cost efficiency: Outsourcing your business processes to Selectsys BPO not only reduces overhead costs but also frees up your in-house team to focus on strategic growth initiatives.
• reliability: Our dedicated team provides continuity and reliability, ensuring your organization’s knowledge is embedded in your operations and avoiding frequent retraining and 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 provides solutions 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.

Are you ready to work with a dedicated BPO partner to streamline your operations? Contact Selectsys BPO today Learn more about how we can support your business with seamless and efficient processes across multiple agency management systems.

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