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Infocrossing's Contract with CMS Helps Medicare Advantage and Medicare Part D Plans with Enrolling Members and Reconciling Payments from CMS
Healthcare plans serving the Medicare market have two important challenges: successfully enrolling their members and making sure their reimbursements are accurate. Currently Infocrossing is the only supplier that has a contract with the Centers for Medicare and Medicaid Services (CMS), which allows it to handle both of those challenges.
Applications Provider Boosts Sales, Reduces IT Requirements for Insurer
In 2003, the life-insurance division of The Phoenix Companies needed to replace its obsolete contact management system, its fourth in 10 years. An on-demand model makes the company's various programs work together smoothly. The result: projects need 75 percent fewer resources.
Core-Sourcing Helps Insurer Add Flood Insurance To Its Offerings
A Florida property and casualty company wanted to add flood insurance to its product line but couldn't find the IT dollars to add a new application. Outsourcing did that seamlessly.
Outsourced SOA Eases and Streamlines Insurance Quote Process
Western Reserve Mutual Casualty had an information bottleneck problem with its quotes. The process took a long time and there was a problem with improper data entry; the quotes were close but off by a few dollars. Outsourcing solved the problem.
Gotchas For SMB Insurance Companies
Insurance carriers with under $300 million in premiums face major challenges in adopting outsourcing because of their complex processes and products and intense government regulation. Here are some things to think about to insure outsourcing success.
How Outsourcing Took an Insurance Company from the Worst in the Pack to No. 6
The insurer's sluggish processes and aging technology made it nearly impossible to introduce new products quickly. And its expense-to-premium ratio was 65 percent when the industry norm was closer to 20 percent. Outsourcing included a transformation. The result: In the last 18 months, Channel Life took on 450,000 new policies, four times the number of policies it had.
Outsourcing the Headaches of Chasing Down Insurance Certificates
Collecting certificates of insurance and managing insurance compliance is crucial in minimizing the financial risks from accidents occurring on your property. Here are the many reasons why companies like Coca-Cola Bottling Co. are turning to outsourced solutions for this process.
Outsourcer Streamlines Insurer's Processes With Technology and Remote Professionals
Farm Bureau Mutual, a commercial carrier, needed a faster way to determine whether it wanted to renew a policy. If it didn't have the correct information in time, it would adjust in haste and repent in leisure, charging lower rates when they really needed to be higher or vice-versa. Outsourcing solved the problem.
A Better Way to Handle Hazard Insurance Processing
Mortgage lenders need assurance that the proper hazard insurance coverage is in place for the loans they issue. But that comes with significant headaches and unnecessary costs for lenders that still do their hazard insurance processing and tracking in house. Here's what the leaders are finding as benefits in outsourcing this process.
New Study on Challenges and Benefits of Outsourcing Insurance Subrogation Claims
A 2005 study on outsourcing and insurance subrogation reveals why some insurance carriers are looking to outsource subrogation and others are hesitant. Another interesting finding: reducing costs is not an objective.
Outsourcing Joint Venture Streamlines Claims Processing, Avoids Disaster for New Orleans Insurer
A New Orleans insurer introduced a product that soared in popularity, causing it to upgrade technology to handle the volume. That prepared it well for operating after Hurricane Katrina.
Ireland (With Help From India) Helps Boston Insurance Company Compete
This issue our Other Than India series focuses on Northern Ireland. Liberty Mutual created a captive in Belfast for applications development during the dot com boom when programmers were in short supply. Today the insurance company has 160 people there who can easily travel to Boston when necessary.
What to Expect This Year in the Leading BPO Processes
Here's a sneak peak at new developments in human resources, finance and accounting, customer relationship management, and procurement and global trade management outsourcing. 2005 promises to be a busy year for BPO.
Outsourcing Real Estate Audits Saves Retailers Real Money
Real estate costs typically are the second biggest overhead expense after payroll. Outsourcing the lease audit function can save money and even save the business.
Transforming a Financial Services Firm's Back Office
Back-office inefficiencies were a big problem for this insurance company. Thanks to the supplier's digital imaging process, tasks that once took as long as four days can be done in minutes.
Outsourced Special Investigation Unit Solution for Insurance Fraud
How to handle insurance claims investigation with expertise and cost-effectiveness.
Breathing Life Into Insurance
INSURANCE UPDATE: Business transformation and end-to-end solution for insurance
administration, all rolled into one package...plus, best practices in shared
services for anchor clients.
Outsourcing for Best Performance - One Company's Search for Stable, Yet Flexible IT Services
Successful outsourcing arrangements leverage more than resources and expertise -- it's the partnership approach that makes the difference.
Outsourcing To Play Larger Role Among Insurance Companies
The conservative insurance industry finally figured out BPO is the way to go. Shrinking margins made insurers enter this brave new world.
Insuring A Process System for Independent Agents
USA Inc., composed of independent agents, wanted to concentrate on growth. Soon its IT department couldn't handle the volume. So it outsourced policy processing to RIS.
Salesforce.com is the CRM Rx for Health Insurance Firms
MedUnite handles eight million transactions a month. It needed an easy-to-implement CRM solution to manage its large customer base. Salesforce.com was the answer.
Lower Cost, Cultural Similarities Empower Canadian Outsourcing Firms
A Canadian service provider blends near shore labor for customer service inquiries and offshore labor for other tasks to help the American insurance industry remain competitive.
When Squeeze Starts
to Hurt: Outsourcing Reduces Pain in Medicaid Processes
More than 35 million Americans currently qualify for Medicaid; that number will explode as the baby boomers age. Outsourcing is one way to cut costs to stay profitable while improving quality. Here's how Arkansas and Delaware attacked the Medicaid problem. The Delaware relationship was a runner-up finalist in the 2002 Outsourcing Awards.
Insurer Quotes Rates from
Palm of its Hand
The CEO of GSA Insurance wanted to do something no insurance company had done before: provide accurate quotes at the customer's home. Outsourcing made that a reality.
Easing The Pain Of The Residual
Market
What do you do when a government agency requires you to insure a sector that guarantees you will lose money? One insurance company outsourced to ensure it lost as little as possible.
How to Select an Alliance Partner:
The Choice Depends on the Desired Outcomes
A property and casualty insurance company wanted to enter the financial
services fray and service its high end clients. And it was in a hurry,
since the baby boomers are focusing on their retirement years now. Outsourcing
this potentially risky new area brought big rewards to both supplier and
buyer.
Remote Customer Service Agents Make Call Center A Big Hit With Clients
As a call center service provider, you spend $10,000 training an employee
to handle complicated financial services and insurance calls. How do you
keep them from leaving? ARO found a way to retain these hard-to-find,
licensed employees: let them work-at-home. This kind of continuity is
exactly what its buyers want.
Inheriting a Legacy
TPA
Jefferson Pilot Financial Insurance Company had never outsourced. Then
it acquired another insurance company using a third-party administrator.
A careful study convinced the insurer outsourcing was the way to go.
Rutherfoord has a MindSHIFT
An insurance brokerage was expanding rapidly. But doing IT the old way
hindered that growth. Revamping the infrastructure in-house would have
cost more than the agency's annual revenues. Outsourcing IT turned out
to the best policy.
Outsourcing Long-Term
Care Policy Administration Allows Entry in the Short Term
Baby boomers, concerned about their protecting their financial assets,
are looking at long term care policies to help defray that cost. Insurance
companies expect sales volumes to grow. They are turning to suppliers
like EDS to be ready when the boom comes.
Risk Manager Advocate Saves
Clients Money By Correcting Their Vulnerabilities
United Supermarkets' insurance claims were growing. Then it outsourced its risk management. Costs fell as the insurance companies realized it had an experiened advocate settling its claims.
Show Me the Knowledge
Knowledge sharing helps CNA Insurance provide great customer service by storing all company knowledge in a searchable database.
Flooded with Possibilities
When it comes to outsourcing, you can bet that Allstate is in
the good hands of its supplier, EDS.
HR Moves to Self-Serve
SynHRgy HR Technologies, an HR outsourcing vendor in Houston,
Texas, monitored the usage of its 500,000 participants last fall. Sixty-five
percent.of the enrollees used the Web or its interactive voice response
(IVR) system in lieu of talking to a live representative.
Healthcare's Biggest
Challenge
One ASP knows exactly what to do to solve some of the business problems
of healthcare payers.
Rendezvous with ELLA
ELLA audits HR for liability.
CSC Increases Its Revenues by Helping Its Buyer Double
Sales
When the 1999 sales figures were counted, Fidelity & Guaranty Life
Insurance Company in Baltimore, Maryland happily reported it had doubled
its new sales.
Insurer Discovers It's Good Policy to Outsource
Lincoln Life Insurance Company purchased the administration of insurance
policies from Cigna and Aetna. Each company had its own policy administration
computer system.
Insuring A Good Result With Outsourcing
In 1998, Lincoln Financial Group purchased the individual life policy
portfolio from both Cigna and Aetna.
Insuring Success in this Big World
Coleman, the founder of the Coleman Group, an outsourcing contractor based
in Washington Depot, Connecticut, wants to take the pain out of dealing
with insurance companies.
Underwriting a New Method of BPO
Fidelity & Guaranty Life Insurance Company, wanted to introduce new
products as quickly as possible to take advantage of the public's growing
excitement with insurance products tied to stocks.
Underwriting a Successful Result
Jefferson, which insures homes, watercraft, snowmobiles and all terrain
vehicles, has no back office staff on its payroll. "No one works
for us. We are the insurance carrier," explains Linda Philipps, vice
president of information technology and e-business.
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