Our policy services support the entire policy lifecycle — from binding to policy issuance, premium billing, and endorsements and renewals — giving clients faster turnaround times, more satisfied policyholders, and greater competitive edges.
For property/casualty, executive and professional, marine, healthcare, accident and health and workers compensation carriers, our teams’ knowledge of and working experience in diverse global regions like North America, Asia, Europe, and Australia (including deep familiarity with local insurance regulations) help our clients enter new markets.
EXPERTISE IS AS IMPORTANT AS SPEED
Our team directly enriches client operations in several ways:
Xceedance helps our clients’ underwriters be less involved in issuance, so they can be more engaged in risk assessment. We streamline and standardize documentation and reporting using database tools to automate routine processes and reduce turnaround times. And when it comes to accuracy, perfection is the goal.
SUCCESS IS IN THE DETAILSThe notion of the policy lifecycle from binding to issuance seems straightforward. On the surface, it is. But it’s the details in the related processes that determine outcomes. That’s why our team helps our clients with everything from schedules to policy language, from declarations to exclusions, conditions, and coverage limits. And in a sense, once the policy is issued, the work has just begun.
Our policy services include:
Policy changes, amendments, additions, or deletions — because we understand them, our teams can manage them, automate them to the greatest extent possible, and append them to the policy.
Taking mid-term endorsements into consideration, we work with our clients’ underwriters to mitigate exposures and manage renewals — including renewal solicitations and non-renewal notices.
From standardized wording to highly specialized geographic and environmental conditions, we manage the requisite forms for every region and line of business. That includes endorsements, policy wording, and schedules.
Our team manages the entire billing process, from full payment processing and invoice generation to daily reconciliation and agency commission report processing and distribution.
Our team of licensed insurance professionals goes beyond a call center from policy and billing inquiries to phone payments to after-hours and holiday coverage. Our team can handle any call and other types of communication efficiently and professionally.
Our attention to detail also extends to interfacing with all other functions within an insurance organization to ensure completeness, coherence, consistency, and process optimization. A bad process automated is still a bad process. So, we work with our clients to ensure all their processes are appropriate and efficient.
OUTCOMES, NOT OUTPUTOur policy services help insurers get more done, issuing more policies in less time. But the real value is our dedication to positive outcomes. We understand the insurance lifecycle and work with all lines of business — commercial and personal — in all geographic markets. And that experience enables us to combine our knowledge of insurance and technology to maximize the achievement of our clients’ objectives. Our policy services will help you do more business, and create more profitably, no matter where you do business.
In addition to policy services, we offer business process studies for policy processing. Our team will review your current processes for new business, endorsements, billing and collections, renewals, and your existing technology landscape. We then document each step in the process and identifies opportunities for improvement, including process changes and system changes or enhancements. The final deliverable is a comprehensive report with recommendations for each improvement area, from both a business process and technology perspective.
CONTACT US today to find out how we can maximize the value you get from your policy processes.