Efficient Outsourcing: How WeSage helped an Insurance Company Streamline Their Admin and Accounting Tasks

THE BENEFITS

  • Increased efficiency: WeSage team was able to handle the day-to-day admin and accounting tasks, freeing up the client's operations personnel to focus on other aspects of the business. This resulted in increased efficiency for the client.
  • Cost savings: By outsourcing their administrative and accounting work to WeSage, the client was able to reduce and control their costs of administrative work, allowing them to allocate more resources to other areas of the business.
  • Improved customer service: WeSage team was responsible for tracking the customer policies status and payment status, sending email reminders and follow-ups to customers directly to avoid cancellations and loss of policies. This resulted in improved customer service for the client.
  • Accurate reports: WeSage team generated monthly and weekly reports for the executive management, including producers' commission reports and employee analytics reports. This allowed the client to have accurate and up-to-date information to make informed decisions.
  • Seamless knowledge transfer: WeSage team created internal tracking files and process documents to ensure the knowledge transfer happened effectively among the team, making it easy for them to understand the client's system and processes.

OVERVIEW

The client is in the business of providing "Personal Insurance, Auto insurance, Home insurance, Business insurance, and much more" with superior customer service and customized coverage options. Their clients are individual to business professionals.

Business Challenges

  • The client is growing and they were looking for a dedicated team of admin and accounting professionals to manage their day-to-day processes during their working hours.
  • They use an industry-specific CRM software for tracking, and managing the policy activities. So, it was critical to understand their system.
  • The team was expected to do the following:
  • Track the customer policies status/payment status of premium per their terms from 25+ insurance providers’ portals
  • Handle huge bunch of mails promptly on ongoing basis
  • Generate monthly and weekly reports for the executive management
  • Reconcile their direct bill commission statements from the carriers every month

How WeSage helped?

WeSage team was able to pick up the admin tasks and accounting very well with minimal training from the client to get an understanding of their system.

  • WeSage team created internal tracking files and process documents to ensure the knowledge transfer happened effectively among the team.
  • WeSage was responsible to work around each carrier's online portal to pull the policies report daily and check for Non-payment cancellations to send the follow-ups and issue the closeout letter if payment was not made by the cancellation effective date.
  • WeSage team sends email reminders and follow-ups to the customers directly to make the payments to avoid cancelations and loss of policies. Also manages and sends the reports to process owners twice a week.
  • The team clears the policies/eDocs/Claims in suspense downloads.
  • Handle time-sensitive docs from emails, attach them to the related policy/customer and add the logs in the system.
  • The team generates the client’s producers’ commission reports (monthly), and employee analytics reports (weekly) for the account managers and top management.
  • WeSage mastered one of the critical tasks, Monthly Direct bill commission reconciliation. We make sure that numbers from 25+ carrier commission statements match with the deposits and receipts every month.

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