Insurance & Actuaries

MyBPO insurance process outsourcing delivers end-to-end solutions to all stakeholders - the insured, insurance companies, agent, broker and the banking interface. In addition to routine operations, MyBPO also delivers high-end analytics and actuarial analysis.

 

Snapshot

Over 85 person-years of domain experience driven by industry experienced consultants and experts

Solution preceded by a risk-fit assessment to define the roadmap for offshoring

Comprehensive understanding of Life, Non-life and Reinsurance industry enabling end-to-end solutions

Quote generation, policy issuance and maintenance, claims processing, agency reporting, management and statutory reporting, reinsurance, analytics, imaging, indexing and customer helpdesk capabilities

AICPCU, CII and LOMA certification processes in place for employees.

Capabilities

MyBPO services cover the following industry segments:

Life insurance: Term and whole life

Pension & Annuities: Pure pension policies, retirement solutions

Property & Casualty: Auto insurance, homeowners, specialty insurance

 

MyBPO offers both traditional services such as claims and underwriting, and newer services including agency management, and accounting functions such as premium invoicing and tracking AR/ AP.

New business acquisition	Policy management	Claims management
Application registration and scrutiny	Document issuance	Claim intimation/registration
Data verification and history	Change request registration	Policy verification
Quote generation	Endorsement issuance	Claim documentation
Approval and binding	Mid year cancellation	Claim assessment
	Renewal tracking	Approval and disbursement

Accounting functions	Support functions	Others
Invoicing	Agency production reports	Reinsurance
Premium receipt and returns Claims disbursement	Agency commission	Catastrophe mapping/modeling
Banking/Bank reconciliation	Management reporting/ Statutory reporting	Product designing
Commission management	Actuarial/Analytics	Rating
	Customer help desk
	Imaging/Indexing

Portfolio analysis	Product Analysis	Business analytics
Profitability analysis for portfolio underwritten	Use portfolio data for analytics on	Benchmarking studies against
Line of business	Marketing mix for Lines of Business	industry peers
Product category	Product mix decisions	Root-cause analysis for metric improvements
Geography	Product pricing decisions
Demographics
Risk analytics and statistical modeling for loss estimation

Reserve adequacy	Catastrophe exposure
Claims analytics to determine adequacy of	Analytics to determine catastrophe exposure in terms of probable maximum losses.
Loss reserves	Plan reinsurance for risk exposures and related limits
Unexpired risk reserves

 

Differentiators

Risk Management

MyBPO has dedicated risk management team that is tasked with evaluating and monitoring our customers' risk. MyBPO risk managers, who include consultants from industry, draw up detailed evaluations and plans to manage operational and regulatory risks faced by customers across US, Canada, EU and Australia. They are part of our onsite or remote teams and ensure that the risk is managed at all times and mitigated to the extent possible.

Offshoring Enabling Solutions

MyBPO's proprietary solution offers a complete and end-to-end capabilities that make it simple to outsource both online and paper-based processes. Our capabilities include:

• Mailroom management
• Document management (scanning, imaging, hosting)
• Workflow management

Lifecycle Management

MyBPO partners with customers throughout the outsourcing process in a structured and transparent process that proceeds in three phases-Discovery, Transition, and Steady State Operations.

Discovery

Companies considering business process outsourcing need to look beyond the obvious cost arbitrage and address several enterprise-wide issues: What are the regulatory and operational risks? How do we ensure that there is no business disruption? What investments are needed in technology? How will the change be managed? Are we ready for the change? MyBPO's 'Discovery' helps customers find answers to these and similar questions over a four to six week period.

Transition

MyBPO's ISO certified transition methodology is based on successfully transitioning over 50 company owned or third-party provided processes across multiple geographies and languages. We also reverse transition processes.

MyBPO's transition methodology is divided into three phases-planning, execution, and parallel run-and managed through four tracks-program management, knowledge, operations, and technology. This matrix ensures that processes are migrated rapidly and smoothly.

Steady State Operations

MyBPO has a robust governance structure to ensure that customers can continually monitor remotely running processes through online portals, and through daily, weekly and monthly calls to ensure two-way communication to flag and manage issues. We have a structured escalation matrix and process for dispute resolution.

MyBPO routinely runs quality improvement initiatives under the Six Sigma framework and we commit to ongoing yearly efficiency improvements on all data processes.