A Complete Solution with Selectsys BPO

This post is part of a series sponsored by Selectsys.

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

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Harnessing the Power of BPO with Selectsys: A Dedicated Model

What makes Selectsys BPO different is ours dedicated modelwhere our employees truly 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, as if they were remote employees of your carrier, MGA, or retail company.

This dedicated approach minimizes disruptions that often occur with high turnover, ensuring that technology stays within your operations. This seamless integration ensures that your processes are carried out with the same precision and care as if done in-house, but with the added benefit of reduced costs and increased efficiency.

Comprehensive BPO Processes: Simplifying Operations Across Agency Management Systems

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

1. New Business Development: Creating deployments, documenting risks, and issuing policy documents.
2. Renewal: Assessing risks and issuing renewal offers.
3. Notice of cancellation: To send official cancellation notices.
4. Reinstatement: To restore canceled policies.
5. Non-renewable: Managing policy renewals and communications.
6. Conditional Renewal: To offer policy renewal on changed terms.
7. Recommendations: Modifying existing policies.
8. Cancellation: Managing mid-term policy cancellations.
9. Auditing: Reviewing actual exposure versus estimated exposure.
10. Communication by Email: Managing formal communication with all parties.
11. Policy Evaluation: Reviewing accuracy policies before release.
12. Average: Calculating premiums based on risk assessment.
13. It is binding: To activate policies and provide coverage.
14. Making an index: Organizing documents for easy download.
15. Binder Processing: Issuing short-term insurance contracts.
16. Agency statements: Streamlines financial transactions between agencies and carriers.
17. Checks Processing: Managing premium and claim payments.
18. Payments Processing: Managing premium collections and receipts.
19. Testing: Requesting and managing property inspections.
20. Recommendations: Gives suggestions after the test.
21. Losing Runs: Providing claim history reports.
22. Reminder Notices: Sending reminders for renewals and payments.
23. Quote Closeouts: Official closure of unaccepted quotes.
24. Quotes To Follow: Engaging clients to track quotes.
25. Renewal Proposal: Providing revised policy terms and premiums.
26. Renewal Reminders: To remind clients of upcoming renewals.
27. Invoice Checklist: To ensure the accuracy of the premium invoice.
28. Direct Bill Loading: Uploads payment data to carriers.
29. Renewal Requests: Reaching out to customers for policy renewal.
30. Certificate of Insurance: Issuing proof of insurance.
31. Creation of a Policy Package: Compilation of policy documents for insured parties.
32. Checking the Order: Managing third-party testing.
33. Review of Advanced Financial Agreements: Managing premium financial terms.
34. PIPS Creation/Processing Shell: Managing producer profiles and maintaining them.
35. Docs Indexing: Planning policy and claims documentation.
36. Processing of Institutional Statements: Summarizes transactions between agencies and carriers.
37. Communication by Email: Managing policy lifecycle communications.
38. Signing in as a New Merchant: Adding new vendor information to systems.
39. Activities and Follow-up: Tracking and managing tasks to completion.
40. Quote Processing: Generates insurance quotes.
41. Policy updates: Handling policy changes.
42. Medical and Hospital Expenses: Processing claims related to treatment.
43. Surplus Lines Filings: Documenting unusual policies.
44. Gatekeeping: Managing access to sensitive data.
45. It rewrites: Issuing new policies for existing clients.
46. Closing Inspection: Completing inspection reports.
47. Advanced Financial Agreements: Setting up payment plans for policyholders.
48. AOR/BOR: Managing Agent or Broker of record changes.
49. It refuses: Handling policy request rejections.
50. Marking the invoice: Labeling invoices for accurate tracking.

How Selectsys Onboards New Clients: The 4D Approach

At Selectsys, we’ve organized our onboarding process into four key stages to ensure a seamless integration and quick turnaround:

1. Find out for yourself

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

2. Document

Our writing process is comprehensive and flexible, designed to your liking. Whether done on-site or outsourced, we capture every detail of your existing processes to create a clear roadmap for you to implement.

3. Dry Run

To ensure smooth mixing, we do a dry period of one week. This allows our team to familiarize themselves with the intricacies of your processes and improve our approach to be more efficient.

4. Deliver

When we get quality satisfaction, we quickly switch to full-scale jobs. As the infrastructure and processes are simplified, we 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 customers’ data by implementing strong and comprehensive security measures at all levels:

• Encrypting: All data is encrypted during transmission and storage, ensuring that sensitive information is protected.
• Role-Based Access: We use strict access controls, ensuring that only authorized personnel handle sensitive data.
• Industry Compliance: Selectsys sticks to it SOC 2 standards, to ensure that our processes meet the highest safety requirements of the industry.
• Continuous Monitoring: We use advanced monitoring tools to track system activity, detect and prevent unauthorized access.
• Disaster Recovery: Our data is routinely backed up to secure, distributed environments with a comprehensive disaster recovery plan.
• Employee Training: Continuous training ensures that our teams are updated on the latest security protocols and threats.

Why Choose Selectsys BPO for Your Insurance Operations?

• Expert in All 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 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 quality.
• Cost Effectiveness: Outsourcing your business processes to Selectsys BPO not only reduces costs but also allows your internal teams to focus on strategic growth initiatives.
• Honesty: With our dedicated teams, you get continuity and reliability, you ensure that the knowledge of the institution stays with your work, you avoid frequent retraining or loss of knowledge.

The Future of Insurance Jobs

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

Are you 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.

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