Insurance

 

Serving insurers, brokers and corporate clients, Mark World's insurance offering encompasses the full spectrum of industry operations, including policy establishment and administration, claims processing, asset management and numerous support services. Outsourcing these critical processes allows clients not only to reduce costs, but also to achieve a higher level of service.

 

Sectors Served:

• P&C Insurance

• Life Insurance

• Healthcare Insurance

• Annuities

 

Mark World insurance services enable property and casualty insurers to better - and more efficiently - serve customers throughout the policy acquisition phase (sales and underwriting), in all aspects of servicing the policy, as well as in asset management functions.

 

We deliver end-to-end claims management services across the entire life cycle, from first notice of loss through claims assignment, preparation and adjudication. Mark World's' P&C BPO team delivers domain consulting and operations management services for some of the industry's largest insurance and reinsurance carriers. We have developed solutions to improve quality, turn-around time and time-to-market for our clients.

 

We deliver the following personal P&C processes and services:

Sales, Customer Inquiries and Quoting: Voice and data quotes, with strong sales incentives to deliver high conversion rates.

 

Underwriting and Policy Issuance: Underwriting, premium calculations, policy issuance and data entry.

 

Customer Support: Customer inquiries and resolution management across all stages in the life cycle to support quote conversion and premium payment processes.

 

Policy Servicing: Exception processing, policy changes, inbound customer service (voice and data) and endorsements.

 

Claims Processing: First notification of loss, claim assessment, subrogation, down-time management, claim inquiries and claim notifications.

 

For commercial P&C lines, Mark World focuses on operations, claims management, down time management for fleets, marine and aviation claims, and fiduciary accounting.

 

Mark World delivers the following commercial P&C processes:

New Business Set-Up: Administrative services to small business and middle market clients

 

Policy Administration: Policy endorsements and DMV error corrections

 

Customer Support: Customer service call center and email support

 

Agency Management: Commission processing and support

 

Working with P&C clients, Mark World strives to:

• Improve quality

• Reduce cycle time

• Enable cooperative working

• Improve process visibility

• Reduce costs

 

To achieve these objectives, Mark World provides clients with a proprietary leading integrated claims management workflow system.

 

Our Life Insurance offering comprises five key areas of activity:

• Agent services

• Premiums administration

• Policy acquisition

• In-force administration

• Payouts

 

We enable our clients to work more efficiently while at the same time reducing costs.

Mark World works on behalf of the insurance payers to perform a variety of processes including enrollment, claims registration, coordination of benefits and claim adjudication. We offer high-quality, reliable and cost-effective services to payers with large-volume needs.

 

Our Life Insurance offering comprises five key areas of activity:

• Mail room management

• Document scanning

• Document management using search & retrieval

• Claims processing & adjudication

• Exception & pended claims processing

• Claims payment

• Customer support call center

• Government compliance audit & support

• Claims processing knowledge management

• Customer relations management (CRM) support

• Inbound network medical services provider support

• Mark World Annuities & Retirement BPO services range from plan installation to regulatory reporting.

 

Our Annuities services include:

Plan Installation: Application screening and data entry, case preparation and installation, contract initiation, medical assessments, outbound and approval calls.

 

Payment Processing: Fund allocation for premiums with various frequencies, maintenance of fund rules & regulations, and maintenance of separate accounts.

 

Customer Support: Beneficiary changes, free-look cancellations, tax calculations for death benefit payments, & tax calculation for benefit actions (including payments, withdrawals, or surrender), rollover options & payout options.

 

Plan Administration: Full and partial surrenders, remittance, preparation of periodic fund position summaries, loan management and movement of money between funds.

 

Asset Management: Maintenance of fund positions, calculation of unit value, liaison with financial managers, tracking of investment portfolio and similar processes.

 

Payout Administration: Activities associated with a variety of payout options.

 

Reference Data Management: Static data maintenance, global reference data & statement-return analysis.

 

Claims Servicing: Processing, confirmation of payout, claims status calls, benefit payments and data entry.

 

Agency Management: Commission processing, customer support & data mining for database marketing.

 

Regulatory Reporting: Compilation of data into formats for review & dispatch by client, preparation of various accounting reports, general ledger accounting, & preparation of 1099 forms

 

 

Page-Banner