A large insurance company can employ thousands of people.
An insurance company requires several departments in order to operate efficiently and at a profit. Not only are departments required to handle each life stage of a policy, but others exist to run the day-to-day operations.
New Business and Policy Issues
This department receives the initial insurance application, keys in all relevant data on the administration system and issues the policy contract when the coverage is approved.
Underwriting
Underwriters evaluate the medical and financial risk of loss by approving the coverage requested in the application.
Policy Owner Services
This is the customer service branch of the corporate structure, which handles calls from agents and clients, and processes changes, such as banking details, insurance coverage or client information.
Claims
This department receives claim requests, adjudicates and, if approved, pays claims. Disputes are handled here, if a claim is denied.
Marketing
The marketing department is responsible for growing sales by touting the company name to agents and consumers. Typically, this is done through advertising and/or relationship management with insurance agents.
Actuarial
The actuary handles the financial impact of risk relating to the operation of the insurance company, such as developing and pricing products, reporting on the financial strength of the company and ensuring that all regulatory requirements are met.
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