Different Software Choices for Effective Insurance Policy Management

Insurance policy administration software supports insurers in handling life, health and other type of insurance plans. Insurance policy administration solutions enable insurers to establish and execute new life, annuity, pension, as well as medical insurance products for customers. Making use of such platforms, agencies can plan new insurance policies, estimate policy expenses, and keep track of policies issued to customers. Certain software provides libraries of in-built insurance product offerings that trim down time to market. Insurance policy management software is typically utilized by enterprise insurance firms to handle current insurance plans and establish new insurance products. These kinds of programs are able to strengthen policy versatility and management. Insurance policy administration programs can be used either as an independent product or perhaps as part of an incorporated insurance suite.

The insurance policy management software provided by the following leading companies are meant to facilitate the primary procedures of policy administration and assist insurance brokers as well as underwriters in making best use of their precious time.

These kinds of software tools usually take care of certain conventional features like document handling and policy transactions such as policy issuing, cancelling, reinstating and renewing, endorsing etc.

The Stingray System: It’s a modular, web-based property and casualty policy administration software for insurance policy quoting, issuance, rating, along with billing, claims and reinsurance management. It consists of full customer and broker portals in addition to an imaging platform.

PolicyHandler by JW Software: It is online workers’ compensation policy management software intended to cater to every phase of the policy lifecycle: application handling, issuance, insurance commissions management, billing, audits, cancellations as well as reinstatement.

Accenture Life and Annuity Software: This software enables use of integrated policy, product, as well as customer details, therefore enhancing the insurer’s functional efficiency and customer support scores.

LifePRO: It is software powered by EXL that helps in facilitating life, annuity and medical products. It is intended to consolidate policy administration with attributes like multi-company assistance, billing and collections; claims administration; tax reporting; a pivotal product rules engine.

Solartis, Inc.: This insurance software features an extensive set of transactional online services combined with ISO’s prices, guidelines and forms or even your carrier particular rating information. Its web services cover the complete sales and insurance policy life-cycle tasks from preliminary quotes creation to endorsement.

Adaptik Corporation: This software is employed by insurance brokers, underwriters and customers for quote creation, policy issuance and administration, together with integration with multiple third-party programs.

ISCS: ISCS is an online, end-to-end, and a complete modular system that allows users in automatically evaluating, quoting issuing, and administering every leading ISO line, along with business, individual, and specialty lines.

Purchasing an innovative insurance policy management software could certainly tackle a lot of insurance business challenges for brokers without going over budget and present a multitude of capabilities in all-round processes that simplifies underwriting, policy administration, loss control and a lot more.

Upgrading systems time-to-time is also essential for further success and progress; however a firm ought to make a well-researched, educated decision on any kind of purchase. The appropriate programs are going to play a crucial part in enhancing and maintaining growth across the industry.

Should you find it hard to choose appropriate software to help with policy administration tasks, get in touch with Cogneesol at +1 646-688-2821 and we will help you arrive at a decision with ease.

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medical accounts payable and receivable

Why Medical Companies Need to Automate Accounts Payable and Receivable functions?

In every business organization accounts payable and accounts receivable play an important role. The healthcare organizations are not an exception in this regard. In a healthcare firm, the main functions are obviously related to patient care. So there is always a chance of healthcare accounts receivable and healthcare accounts payable functions getting ignored. Not giving proper importance to these functions can nullify the efforts put in by the team towards offering patient care services.

In such a scenario, automating the medical accounts receivable and payable functions by using the latest technology is the best option.

The various benefits of accounts receivable automation have been discussed below:

  • Reduced outstanding payments- By using the automation option, the invoices would be prepared and delivered to clients at the right time, thus leading to quicker payments.
  • Opportunity to offer e-invoicing- Many clients ask for e-invoicing facility which can be easily offered by latest software like QuickBooks. This can help in offering better service to clients and hence enhancing the customer base.
  • Opportunity to employ staff on core functions- By automating the accounts receivable process, the medical firms with a lesser number of staff members can focus more on the core functions of the organization, thus leading to enhanced productivity and efficiency.
  • Lesser customer inquiries- As automating will ensure that invoices will reach the clients on time, your customer care employees will have to answer a lesser number of customer inquiries.
  • Improved cash flow- With better management of accounts receivable, the medical firms will have better cash flow, leading to greater operational efficiency.

The various benefits of accounts payable automation have been discussed below:

  • Helpful in keeping records of payments made or missed- There is always a chance of certain payments being missed or being made twice by mistake. But with the option of paper invoicing through automation, these mistakes can be avoided.
  • Aids in availing discounts- Early payments help in availing the discounts offered by the suppliers. Automation can play an important role in this process.
  • Useful in maintaining a good relationship with suppliers- By making payments at the right time, good relations with the suppliers can be maintained which is useful for the long term success of the business.

Cogneesol has emerged as a top class provider of outsourced accounts receivable and accounts payable services to business organizations from all over the world at affordable costs. These services can help the business firms in maximizing their potential and reducing overheads. By hiring these services, focus competencies can be prioritized and make your venture more successful. To get more information, contact us at info@cogneesol.com or call us at +1 646 688 2821.

insurance policy management system

Right Policy Management System to Transform the Insurance Business

Insurance policy administration is among the most important functions in an insurance organization. The right insurance policy administration services can help in bringing positive changes to your insurance business. An astute policy management system can offer the capacity to change the business completely by offering the dynamic content required for changing customer preferences. It also helps in developing new products as per the changing market requirements. By hiring the services of an expert staff innovation and quick turnaround time can be added to the process and the operating costs can be reduced considerably.

An efficient policy management system helps in enhancing adaptability, accuracy, and value. Richly prepared content helps in the creation of new commercial opportunities. In order to achieve these goals, integrated and updated platforms are needed.

Most of the well-established insurance companies have a strong policy management system which handles all the factors like the policy, billing, and claims. In the recent time’s various options like on-premise, hosted or cloud have emerged which have delivered the following advantages:

  • Greater customer experience which leads to more sales
  • Making the business operations static
  • Achieving the required regulatory compliance, thus avoiding penalties
  • Enhance the overall operational productivity
  • Proficient Underwriting
  • Makes the Insurance Products better
  • Configuration Flexibility is enhanced

Major points which can help in the policy management process:

Product Configuration- By using this function systematically, the products meant for different regions can be customized as per the market requirement.

Rating Engine- This function helps in creating rates and integrating with rating content.

Underwriting Workbench- Underwriters should be allowed to make decisions and analyze the business situations on their own by performing tasks like work routing, accumulation of evidence, evaluation etc.

Configuration Tools- Insurance Content Manager and designer can help in making the policy administration process more autonomous. This also enables better user experience.

Using cloud technology for policy administration- By using the cloud option, an advantage could be gained over the competitors.

Regulatory Compliance- Not adhering to the state policies could to penalties from the concerned state department, which can be avoided through regulatory compliance.

Cogneesol has more than 8 years of global experience in delivering outsourced services to insurance companies from around the globe. With access to proficient staff and the latest technology, it has enjoyed a 99% success rate in its projects. The services are available at affordable costs.
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How Beneficial is it to hire an eCommerce Data Entry Company?

It really is apparent that nowadays the majority of businesses are transitioning towards e-commerce setups; this is not just on account of modern market development but additionally easy-to-manage functions offered by various ecommerce platforms. Our industry practical experience has shown us that setting up an ecommerce shop and populating it with couple of products is pretty straightforward in comparison with managing a store consistently with up-to-date data.  In order to keep your ecommerce shop updated to comply with your precious customers, employing an ecommerce data entry service provider is a lucrative choice. A skilled e-commerce data entry company can assist you to update and maintain your product particulars systematically on a consistent basis at economical costs.

Listed below are a few compelling reasons why you should think about using the services of ecommerce product data entry company for your online shop:

Competence

Generally product data entry companies have sufficient expertise in handling various storefronts. The substantial experience enables them to maintain product catalog with superior pictures and persuasive product descriptions in a swift manner. With quick e-commerce product data entry turnaround, it is possible to triumph over your competition without problems.

Up-to-date e-Commerce Strategies

To always keep your ecommerce shop content fresh as well as increase your conversion rate , catalog data entry service providers make use of most up-to-date strategies in product page optimization, photo optimization, catalog conversion as well as indexing . Furthermore, these types of ecommerce product entry strategies help them to accomplish task with ZERO error-rate.

Smooth Procedures

A skilled ecommerce product data entry company ensures that your products are classified into the appropriate category with all of additional required data like high resolution photos, pricing information, delivery details, additional items, and so on. Likewise, e-commerce product data Entry Company deals with relevant items, testimonials, rating, etc., to assist customers to make purchasing decision rapidly.

24/7 Upkeep and Support

To manage your ecommerce business 24/7 properly, you can receive full-time support from any kind of e-commerce data Entry Company as just about all outsourcing companies manage their business around-the-clock. 24/7 support signifies fast data upload or perhaps update and swift customer service for your valuable customers.

Economical

Having in-house e-commerce data entry staff is definitely advantageous however it costs too much in comparison with offshore team. Whenever you outsource e-commerce product data entry to a skilled company or employ dedicated support, it will save you a lot more than 75% of operational expense. You can use saved money to publicize your business and increase your sales.

What an eCommerce product data entry company can manage for you?

They can take care of everything right from product data entry, bulk uploading, catalog setting up, indexing, catalog conversion, product data mining, graphic support, order processing to live chat handling. Outsourcing e-commerce data entry as well as catalog processing services helps to make your business procedures flawless, provide efficient support to your in-house staff and assist you to extend your business quickly.  For all those looking for a reliable catalog product entry service provider, get in touch with us at Cogneesol today. Our contact number is +1 646-688-2821 and the email ID is info@cogneesol.com.

accounting in insurance businesses

6 Reasons Why Accounting can’t be ignored in an Insurance Company

Accounting for insurance companies involves various important functions like billing of premium balance services, document management, accounts payable services, accounts receivable services etc. It is one of the most important functions and should be offered greater value. Maintaining these functions properly helps the insurance industry in successfully taking very important decisions in their day to day working.

Below mentioned are some points which will highlight the importance of accounting for insurance business:

Maintain the financial statements in a professional manner- This is the task which should be given maximum emphasis in the year-end checklist. Those business owners who maintain the records of their receipts in a proper manner; themselves or by hiring accountants or bookkeepers will not find this task much difficult. Those companies where the receipts are maintained in an unprofessional manner will find this process difficult.

Examine the business ratios carefully- At the end of the year, the important financial statements like the balance sheet, income statement, and cash flow statement must be studied to access the correct financial status of the business. You must have a complete idea regarding the revenue, expenses, assets and liabilities of the business. Based on this information various ratios which help in finding out the financial status of the business like current ratio, total debt ratio, and profit margin can be calculated.

Analyze whether you achieved year end goals or not- Once you have ascertained the current position of the business, you have to look back at the position at the beginning of the year. You have to review whether you were able to achieve the goals stated at the end of the year. In this manner, you can analyze the progress of the business over the year.

Analyze your tax strategies- Every business owner wants to ensure that they can reduce their taxes as much as possible. Any tax deduction is a profit for your business. You can consult a tax expert for finding out if any improvements can be made in your tax strategy. But you must ensure that whatever strategies you follow are legally acceptable.

Utilize the information for future business planning- Once all the financial information is available, you can plan for the future. You can learn from the mistakes committed in the past and make better strategies for the future. The year-end financial statements can act as a roadmap for the future.

By going the above-mentioned information you will be able to realize the importance of accounting for the insurance agency.

Recommended Read: 5 things you need to now about insurance accounting

Cogneesol is among the leading outsourcing companies offering accounting services to insurance ventures from all over the world. These services are meant for enabling the insurance organizations to concentrate on their core activities, reduce costs and maximize profits. To know more, contact us at info@cogneesol.com or call us at +16466882821.

6 Bookkeeping Practices Any Business Owner Should Implement

Bookkeeping is an important aspect of any business. Poor management of bookkeeping services could lead to problems like poor cash flow and wrong tax filings. It is often said that good bookkeeping is the stepping stone to success for any business. In order to ensure that their bookkeeping operations remain in order, business entrepreneurs are using ingenious strategies like outsource bookkeeping etc.

bookkeeping

Below mentioned are some tips which can help in ensuring the efficient execution of bookkeeping practices:   

  1. For tax returns hire professional services– Tax preparation can prove to be a difficult and time-consuming process. This task could create pressure on the in-house accountants and lead to mistakes in the bookkeeping process. By using services of third-party firms offering outsource bookkeeping services, taxation services etc, the pressure on the in-house team with regards to filing the tax returns will be eased.
  2. Don’t leave the bookkeeping tasks completely to a bookkeeping outsourcing company – Bookkeeping is so important that it cannot be assigned completely to a third party firm. You need to keep at least one in-house bookkeeper to keep an eye on the validity of operations. Bookkeeping outsourcing services can be hired for performing a major portion of the work, but at least one in-house person should be kept.
  3. Choose the right software– Nowadays, many efficient software like NetSuite, QuickBooks etc, have emerged which have made bookkeeping an extremely simple task. But every business organization has its own unique bookkeeping requirements. So before purchasing a particular software you must find out whether it is compatible with your requirements. Outsourced bookkeeping services also have access to the latest software for performing these tasks.
  4. Keep a record of the processes– Every time the owner or the accounting team performs the bookkeeping processes, there is something to be gained by the process. The lessons learned can be used for improving the quality of the bookkeeping process.
  5. Keep the record of the expenses and incomes– Keeping a record of the business transactions is essential for a business. All these records can help in making the bookkeeping process simpler. All the invoices whether inbound or outbound should be kept.
  6. Look at accountants as useful business processes– Many business owners make the mistake of looking at their accountants as an unnecessary expenditure. Instead, they should be looked at as useful resources who can offer advice on financial planning.

Cogneesol is among the leading bookkeeping outsourcing services providers in the world. These services are aimed at helping the business firm managements in boosting their productivity by concentrating on their strengths. They have access to high quality, well trained and experienced staff and latest software like NetSuite, QuickBooks etc, for performing these functions. They have earned favorable reviews from clients for their quality service and customer support. Cogneesol has created a special niche for themselves in the world of bookkeeping outsourcing.

Recommended PostWhy is Accurate Bookkeeping Critical for Businesses?

To get more information, contact us at info@cogneesol.com or call us at +16466882821.

How to Make Your Business Stand Out With Retail Accounting Services?

Accounting is among the main functions of any business enterprise. The object of any business venture is to make profits. It is accounting which helps in keeping a proper record of all the business transactions which helps in determining the revenues. Keeping these records also helps in determining the factors which can help in future growth and planning accordingly. But in general the business managements don’t place as much emphasis on this function as much it deserves.

accounting-for-retail-store

Accounting for retail store can prove to be a difficult and time-consuming function due to the huge number of transactions involved. They have the option of hiring in-house retail store accounting staff or outsourcing bookkeeping for retail business services.

The various benefits of using outsourced retail accounting services have been offered below:

Save valuable time– Most of the retail business organizations have a limited number of staff members. So by using the outsourcing option, you can free up the staff from accountancy tasks and employ them on the more important tasks of the organization. Outsourcing can also help in saving the valuable time of the owners or the higher management which would have been lost in interviewing, hiring and supervising the accounting staff. This can help in giving high priority to the planning and execution of the significant functions of the organization.

Cost cutting and enhancing profitability- Outsourcing offers the opportunity to downsize the staff, thus reducing the payroll expenditure of the firm. It also helps in eliminating the need for offering infrastructure to employees. The outsourcing firms only charge for the number of hours they have worked for or for the amount of work assigned. By employing the staff on the productive activities of the organization, you can enhance the profitability of the organization.

Get useful business advice– The outsourcing accounting firm can also offer useful advice on matters related to future financial planning and taxation. They can help in enhancing the revenue and enable cost cutting by reducing the tax by suggesting tax deductions.

Helpful in cases of urgent requirement- There might be certain scenarios in which a firm requires urgent accounting services. In such cases, the firms based in US or Canada can take advantage of the differences in time zones with nations like India, China etc., and get their tasks completed in a prompt manner.

Important Dates Related To Filing Tax Returns in 2017

The year 2017 has begun and all the business owners and professionals must start preparing for the new tax season. The main objective of this article is to offer an accurate and complete information all the tax filing deadlines of 2017.

All the required information is mentioned below Inforgraphic :

dates-related-to-filing-tax-returns-in-2017

Cogneesol has created a special niche for themselves in the world of taxation outsourcing. To get more information, contact us at info@cogneesol.com or call us at +16466882821.

Why Manufacturing Companies Are Not Outsourcing Their Accounting Services?

The various benefits of outsourcing accounting services are well-known to the business community. They eliminate the necessity to concentrate on tasks which are not among the core competencies. They also remove the necessity to hire various professionals for doing various tasks and offering them a permanent salary. But there is a tendency among the manufacturing firms not to hire third party manufacturing accountants.

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Below mentioned are some of the reasons for not using outsourcing accounting services for manufacturing companies:

Manufacturing firms require to keep papers- The number of transactions held in a manufacturing firm is huge in number. In order to fulfill their regulatory requirements, they need to keep a record of their various financial transactions. In order to fulfill this requirement the manufacturing companies generally keep in-house accountants for maintaining all the accounting records.

Smaller manufacturing companies don’t require such services- Manufacturing companies who are smaller in size and don’t earn much revenue don’t require advanced accounting services in which usage of latest software or proficient staff is required. In such cases, getting the work done by in-house staff can prove to be a better option.

Owners lack knowledge of technology- There are many owners of manufacturing companies who are not well versed with the latest technology. While using outsourcing services, the latest technology comes into use. For old fashioned people, technology based services are not of use. It can only confuse them and lead to mistakes.

Firms having quality in-house staff don’t like outsourcing- There are manufacturing firms who are more interested in getting quality work done rather than saving costs. So there is always a chance for manufacturing firms having good in-house accountants not preferring outsourcing services.

Firms not believing in change- There are manufacturing firms who don’t want to bring changes to the procedures which are working well.  So if in-house accountants have been performing the operations successfully for years, then they might not look for a change despite its advantages.

Major challenges and Resolutions in Manufacturing Accounting

Cogneesol is among the leading manufacturing accounting outsourcing services providers in the world. These services are aimed at helping the manufacturing firm managements in boosting their productivity by concentrating on their strengths. They have access to high quality, well trained and experienced staff and latest software like NetSuite, QuickBooks etc, for performing these functions. They have earned favorable reviews from clients for their quality service and customer support. Cogneesol has created a special niche for themselves in the world of manufacturing accounting. To get more information, contact us at info@cogneesol.com or call us at +16466882821.