Why Outsource Underwriting Services?

Outsourcing provides claims management, rating worksheets and underwriting analysis for ease and success in approaching appropriate markets.

Outsourcing makes it billable. Having a third party contract facilitates invoices for the consulting division.

Outsourcing makes it a zero-cost profit center, eliminates internal overhead.

Outsourcing underwriting functions can help to overcome staffing problems while improving operational efficiencies, costs and time service.

How does a company determine if they will benefit from outsourcing? Start by identifying where bottlenecks exist (too much paper, not enough staff, “delegated” administrative work, etc.) and then consider how augmenting staff through outsourcing can help get the process moving again.

Smart and strategic outsourcing is not about replacing people with cheaper options – it is about empowering staff to focus on doing what they do best. The bottom line is that insurance companies should NEVER abdicate their responsibility to manage risk. But, insurers should ALWAYS look at how they can do a better job of managing risk while maximizing all available resources – be they internal or external.

Companies seeking to outsource elements of their risk management functions should look to build a long-term relationship with a company that is staffed by actual underwriters and has a proven track record in providing outsourced services.