Insurance Accounting Services for US Firms
Are you struggling to find the correct resources to manage the accounting function of your insurance firm? Do you feel it is too expensive and time-consuming to hire an in-house team of accounting and bookkeeping professionals?
Then, the next best step you can take for your insurance organization is to outsource insurance accounting services to a professional and skilled service provider.
Outsourcing insurance accounting services helps in reducing cost, effort, and time. Outsourcing Business Solutions can take your business model to new heights and improve cash flow without letting you run into bad debts. Our insurance accounting services allow our customers from different market segments to handle crucial finance functions impacting their business ROI. Our accounting and bookkeeping professionals have been trained to handle the most complicated tasks most efficiently. Some of the key insurance accounting services we offer include:
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Insurance Accounting Services We offer
Asset Management & Forensic Accounting
Our team of insurance accounting professionals has the expertise to keep a track of all your assets and help you with the reporting functionalities for your business. We also specialize in providing our clients with forensic accounting services which help you to notice fraud and safeguard your organization from various kinds of risks.
Maintain Accessible Records of Insurance Premium
Our insurance accounting experts maintain an easy-to-access record of insurance premium bookings and many other disparate charges, making it easy to recover essential documents as and when required.
Accounts Reconciliation Services
Some of the significant expenses for an insurance firm are retail agent remunerations, taxes, infrastructure costs, and operational costs. Our team at OBS can help you keep a track of all the expenditures. Besides this, we will also help you cut down the costs and reduce redundancies.
Our team at Outsourcing Business Solutions ensures correct and timely delivery of invoices by keeping a track of all the billing dates of all the clients. Not only this, but we also generate premium invoices in various formats including Excel and PDF which are delivered through e-mail to all the policyholders.
It is one of the most important insurance accounting services provided by our specialists at OBS. Our team of skilled accountants takes a timely follow-up of payment collection by sending reminders. Our professionals will then obtain and record the payments made. This type of efficient accounting for insurance prevents any discrepancies and any other possible frauds.
Generate Categorized Invoices
Insurance billing experts at Outsourcing Business Solutions develop invoices and divide them into monthly, quarterly, and annually categorized reports. It provides a comprehensive statement of the billing period with a complete overview of tax and commission details associated with every insurance policy.
Simplify Cash Application Process
We ease the process of cash application by preparing accounts receivable reports, possessing subsidiary receivables ledgers, and directing the cash received to accounts of individual customers.
Tax Return Management and Statement Generation
We at OBS provide you with a comprehensive set of accounting services. Our specialists will keep your data in one place safely and enable you to monitor it through a dashboard.
Maintain a record of all the revenue streams
We use the latest tools to keep a record of all the income streams for the insurance agencies. It allows us to track accounts receivable and allows the management to question individual invoices and payments if required.
Outsourcing Insurance Accounting Services for US Firms at Affordable Rates
We Support Multiple Insurance Accounting Softwares
We aim to add maximum value to your business. OBS proficient and skilled accountants use leading-edge software and strictly stick to industry best practices to yield accurate and dependable results. Besides, we also have policies in place to maintain the confidentiality and privacy of the client’s insurance data. Finance and insurance accounting software used by our experts including but not limited to:
Vertafore, Nexsure, Aspire, Insurance Pro, Hawksoft, Insly, Agency systems, Newton, Applied, Semcat, A1 Tracker, Agent and Broker System (ABS), AgencyIntel, QQ Catalyst, Inturt Quickbooks, Sage business cloud, Loan Assistant, Checkmark Multiledger, Billbooks, Myob, Tradeshift, Invoice studio
Insurance Accounting Process
Our efficient team believes in delivering our clients the best quality and accurate services when it comes to insurance accounting. It is only possible by following a streamlined process while delivering the services.
The key steps involved in our processes are listed here:
- Send reminders and take follow-ups with clients for timely payments
- Receive and register all the payments
- Check if the premium amount of the policy is set as per the client’s request
- Accounts receivable reporting and reconciliation
- Record and maintain archives as per the client’s needs
- Our team of insurance accounting professionals has the experts to keep a track of all your assets.
- Keep track of the expenses to the smallest details.
- Find opportunities where you can cut down the expenses and reduce redundancies.
- Provide a comprehensive statement of the billing period.
Why choose OBS for Insurance Accounting Services?
We have vast industry experience and understand the precise requirements of our insurance industry and assist our clients accordingly. Our proficient team provides enterprise-wide accounting services to insurance firms across the globe.
Here are other reasons why we are the best choice when it comes to insurance accounting and billing solutions –
We have an unrivaled reputation in insurance accounting solutions so much so that we are ISO certified for delivering quality work that serves as a standard to other providers.
Short turnaround time
The speed at which we assist customers to find what they want is believed as the industry’s best. When you join hands with us you will spend less time negotiating and more time concentrating on other significant aspects of the business.
Flexible Pricing Options
We provide our clients with highly flexible pricing options which will fit every client’s budget and help them to save on expenses and boost their revenue.
Our insurance billing team consists of specialists with years of experience in the insurance sector. When you outsource insurance accounting and billing services to OBS, you can be certain that your requirements are handled by people with the highest skill.
Round the Clock Availability
Our contact centers stay active 24/7/365 basis to assist you in gaining insights, and get queries clarified by our professionals. We can be contacted via phone, email, and web chat for a quick reply.
Outsource Insurance Accounting services to OBS
We’ve been a leading provider of accounting services for insurance companies and a series of other insurance services to its multinational clientele. We have tremendous experience to cater to the varying requirements of the client.
Our cost-effective insurance accounting services help the clients to save a significant amount of time and money which would otherwise be invested in hiring an in-house team of accountants and bookkeepers.
If you are looking for a trustworthy, efficient, and cost-effective insurance accounting service provider, then you have come to the right place. Get in touch with us today!