Posted on 13 Dec 05
ReSource Pro Rolls Out New Outsourcing Model For MGAs, Program Managers and Retail Brokers
With "in-sourcing" model, ReSource Pro connects to agency systems remotely rather than exporting critical processes; producers are freed from routine processing tasks
ReSource Pro, LLC, a company specializing in insurance processing for program managers, managing general agents and retail brokers, announced that it is rolling out its "in-sourcing" model nationally, a model that boosts back-office capacity and provides a cost-effective staffing solution for routine processing tasks.
The ReSource Pro in-sourcing model is designed for agencies:
With low margins and large data requirements.
Introducing new programs without the in-house staff they need to implement the new program immediately.
With a backlog of submission and renewals that are resulting in overtime and forcing underwriters to put routine processing ahead of new business and customer service.
"By utilizing in-sourcing, companies not only realize 30 to 50 percent cost savings, but also free their producers, underwriters from the burden of routine processing tasks," says Dan Epstein, vice president of ReSource Pro. "These high-value professionals have the time they need to focus on new business development and customer retention.
"An important advantage of in-sourcing is that it lets the agency retain control over its own information, in its own server, and continue to follow its existing procedures," he says. "That way the agency gains the benefit of outsourcing but with substantially reduced risk to operational integrity.”
While traditional outsourcing migrates agencies to proprietary systems with a significant learning curve and disruption of staff, ReSource Pro documents workflows, trains its experienced insurance processing staff in the agency's system and then connects to the agency's server the same way their own staff would connect from home.
From its offshore data processing center, ReSource Pro seamlessly supports activities of its clients by entering Acord data into their agency systems, rating, issuing policies and certificates of insurance, invoicing, ordering and reviewing MVRs and inspection reports.
Headquartered in New York City, ReSource Pro has its data processing center in Qingdao, China, a fast-growing modern coastal city with an excellent technology infrastructure, low cost of doing business and well-educated, English speaking labor pool. ReSource Pro is able to provide a low-cost night shift for round-the-clock insurance processing.
ReSource Pro opened initial operations in 2003 with a client base that includes The Distinguished Program Group ( a ProgramBusiness Storefront http://www.programbusiness.com/tracking/sftracker.asp?Sfid=144), Paul Hanson Partners, Lighthouse Underwriters, LLC ( a ProgramBusiness Storefront http://www.programbusiness.com/tracking/sftracker.asp?Sfid=175), and Automotive Risk Management & Insurance Services. Inc.
Based on the success of its model, the company is now launching its service nationwide to MGAs, program managers and retail brokers. With its initial client base, ReSource Pro has proven results:
Overnight delivery of quotes, policies, certificates of insurance
Renewals issued at least a month before renewal days
99 percent on-time issuance of loss runs
Reduction in E&O
Insurance carrier audits passed with minimal recommendatio