We evaluate insurer's lifestyle, medical history, & life expectancy to determine when they would need retirement income after buying life annuity insurance
Underwriting annuities is growing exponentially in the world of insurance, as it allows customers to move to defined contribution schemes and avail the financial advantage that it can provide for people with impaired health. But life annuity insurance underwriting requires sticking to specifics while considering multiple variables such as insurer's lifestyle, medical history, etc. to determine their life expectancy.
At Flatworld, we help life insurance companies leverage all the benefits of outsourcing while driving digital transformation to help you grow your business profitability across multiple-channels in an increasingly selective market. We help you accelerate your product outreach and introduction while automating underwriting processes which traditionally take a long time to complete, while you focus on faster decisions and making the important choices.
Insurance Back-office Support
Who Will Benefit from Flatworlds Insurance Back-office Support - Flatworld Solutions
Insurance Companies, Agencies, Carriers, and MGAs across US, UK, Canada, and North America have benefitted from Flatworld Solutions’ Insurance BPO services by improving their business bottom line and cutting down on the costs.
Our Life Annuity Insurance Underwriting Services
Over the years, we have worked with high-performance insurers around the world who bank on us to provide safe, strategic, and dependable life annuity services which can strengthen their current operational capability. We have built our reputation on our ability to take over our partner's non-core functions quickly and efficiently while improving their service levels and profit margins by a significant amount.
Our services include -
1. Life Annuity Underwriting Business Processing Services Business processing for life insurance is a core service of ours since we manage more than 10 million life insurance policies for our global clients, combined with 2 million annuity contracts and closed block policies. Our business experts deliver carrier services which can help you identify the issues in any business process, helping you save money and transform the entire process for better benefits.
2. Life Annuity Claims Administration and Underwriting Our team of claims administrators develop specialized processes for both group life and disability claims while leveraging our technological prowess to streamline the claims administration process. Our service-oriented architecture further helps you reduce costs and minimize administrative challenges.
3. Life Annuity Billing and Disbursement We believe that the route to effective and efficient billing starts from identifying the basics and simplifying the entire disbursement process which historically has remained exceptionally convoluted. We streamline your billing and disbursement cycle as your life annuity insurance underwriting service provider and help in consolidating small disbursement systems into effective enterprise solutions while integrating group customer payroll systems into one as well.
4. Policy and Agency Underwriting Administration Our proprietary solutions for life annuity underwriters can help manage, integrate, and streamline the entire underwriting administration process with the help of systems which can reduce cost and time taken to administer policies.
Our underwriter compensation solutions include rules for multiple products and service channels, ensuring your underwriters are paid fairly and on time.
5. Customer User Interface Development We help build world-class user interfaces through which your customers can easily liaise with the underwriters and provide specific documentation and ask questions as and when they want. This enhances the customer loyalty factor towards your business while streamlining employee communication.
6. Life Annuity Underwriting Core Business Support We offer enterprise-wide solutions for underwriting resource management including compliance management, oversight functionality, and a wide range of underwriting support features. We assume responsibility for all your backend functions, thereby reducing overhead and improving customer services.
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Advantages of Choosing Flatworld for Life Annuity Underwriting
Our underwriting support platform provides our clients with the scale and flexibility they require to service new life annuity customers and keep the older ones satisfied. Our solution leverages world-class platform-based and domain-led business processes which are virtually managed and regularly upgraded to satisfy your requirements. The business advantages of using our platform include -
Enhanced business agility and simplified operations with the help of a modern, infinitely configurable technology platform based on the latest architecture
Reduced overheads with the help of our time-tested process optimizations which follow industry-standard best practices for better customer and client satisfaction
Lesser time to market for your new life annuity insurance products and features as compared to traditional platforms
Better customer interaction and perceived brand value which leverage integrated digital channels to give your customers timely service
Reduction in capital expenditure with our proprietary, cloud-managed, pay-as-you-go delivery model which considers all your changing requirements
Reduced total ownership cost with the help of our flexible models which work only when you require them to do so, and work especially well for seasonal requirements
Our Life Insurance Annuity Underwriting Process
Our annuity underwriting process leverages a combination of onshore, offshore, and near-shore resources thereby creating a seamless network of human capital which works with a single-minded dedication when assigned to your project. Our insurance annuity underwriting process consists of the following steps -
01. Requirement Analysis
Our team experienced insurance underwriting professionals discuss the scope of the project with our clients and understand all your requirements properly
02. Strategic Planning
Based upon your requirements and the challenges involved, we devise a plan of action which considers multiple variables while laying down the course of action
03. Underwriting Process Implementation
Once we have finalized the delivery model and the scope, we begin by implementing the underwriting process to help you deal with the burden of new requirements easily
All underwriting records generated during the process and implementation steps are checked by our QC team to ensure its completely error-free before preparing for final delivery and implementation
05. Final delivery
Once we have ensured that the requirements have been well-met and are suitable for implementation and delivery, we send them forward to you
Why Choose FWS as Your Life Annuity Insurance Underwriting Service Providing Company?
Flatworld is the world's premier insurance outsourcing service partner, and we provide a comprehensive portfolio of services that ensure tight integration across your underwriting efforts. With our help, you can benefit from the following -
Comprehensive Data Security Measures
We are an ISO 27001:2013 ISMS certified company and ensure all your confidential insurance and customer data is handled securely by leveraging state-of-art systems which prevent against malicious attacks and promoting industry-standard best practices for handling confidential information. We also sign confidentiality agreements to ensure all the people working on your projects are aware of the risks involved.
Our services are delivered with passion and at a cost advantage which remains unmatched by most of our competitors. Flexible pricing options means you can always choose a plan which suits your needs without having to worry about overheads.
Our turnaround times always stick to your provided deadlines and we are able to achieve this by leveraging our global delivery centers to deliver quality services in double quick time.
Experienced Team of Annuity Underwriters
Our team of underwriters has the required development skills and the drive to work on high-importance projects with the same zeal they bring to the easier projects as well. With more than 100+man years in the field of underwriting insurance, we leverage our experience in the best way possible by providing timely insurance annuity services.
As an ISO 9001:2015 certified organization, we provide services at a quality-level which have to first satisfy our internal regulations, which ensure our clients never miss out anything important due to human oversight. Our accuracy levels match the industry's best while charging you fair and square and without any inflated charges.
We power our delivery centers with best-in-class infrastructure including uninterrupted power, state-of-art workstations, technologically advanced malware protection algorithms, etc.
Our life insurance annuity underwriters work in shifts, ensuring there is always a team working on your project. We also provide you access to a single point of contact in the form of a dedicated project manager who keeps you appraised of the situation while providing regular reports on the project to you.
Ease of Scalability
Armed with our skills, talent, infrastructural abilities, and bandwidth to grow in quick time, we can ramp up or ramp down your project as and when required with the help of efficient resource management.
Services Across the Value Chain
We provide insurance services across the length and breadth of the insurance chain and cover everything from new business, billing, and collections, policy administration, claims and benefits payments, actuarial services, finance and accounting, etc. under one umbrella. This means better services and better pricing for you, as we take care of your entire portfolio of services while you focus on what matters most.
Client Success Stories
Flatworld Solutions Provided Insurance Services for US-based Insurance Agency
Flatworld Solutions provided support to manage an insurance database to a US client. Additionally, we assisted in the management of insurance accounts and AR functions.
Outsource Life Annuity Insurance Underwriting Services to FWS
With more than 1000 insurance underwriting specialists working for multiple US and UK based insurance carriers, Flatworld's insurance delivery centers handle more than 10 million transactions yearly, a testament to our resilience and our ability to work with the best insurance agencies out there with minimum oversight. We help you cut down on policy and underwriting management errors while reducing expenses by 30-40% by helping you switch to a variable cost model.
Partner with us to accelerate your time to market and leverage our technological prowess to change how your underwriting process works. At Flatworld, we have our insurance annuity partners covered. Contact us right away to know more about our services and how they can help you achieve your goals.
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