Policy Owner Services

Policy Administration and Policy Owner Services (PHS)

Beidgewater's experienced team has a wealth of knowledge in the Policy Holder Services (PHS) or Policy Owner Services (POS) area. We work closely with you to develop streamlined processes that meet your unique needs without disrupting corporate culture. Our goal is to unlock value through faster time service, better customer experience, and the adoption of industry best practices. Typically, Beidgewater will make all the changes requested by policy owners by calling the carrier and requesting the specific change from the applicable service department.

The services we most commonly perform are:

  • Change in method & mode of payment (i.e. monthly, annually, bank draft, account, etc.)
  • Change in policy owner personal information (i.e. address, phone number, etc.), as well as beneficiary information
  • Change in free look cancellation, loan interest calculation, policy tax status, conversion options, loan repayment quote, reinstatements, dividend, full and partial surrenders & riders

Receive Request, Review, and Rename

  • New PHS or enforce change request will be received either via share file or through email.
  • Beidgewater will review the PHS request and rename the request form accordingly. If applicable, special instruction on renaming the form will be followed.

Transmission and Status Tracking

  • PHS request will be emailed or faxed to the insurance carrier. Status will be tracked on the CRM under the respective applicant/policy/agent and also on the activities report, if necessary.

Carrier Check

  • Beidgewater team will call the insurance carrier on the next business day to ensure the PHS request is in good order and inquire about the TAT to complete the request. (Some carriers may take 2 to 3 business days.)
    1. If the request is in good order, the insurance carrier will provide us with the TAT info to complete processing the request.
    2. If the carrier requests any additional details, Beidgewater will request those details from the BGA. Once the additional details are received from the BGA, Beidgewater will send those to the insurance carrier to proceed further.

Follow-up, Confirmation, and Status Update

  • Regular follow-up will be processed to monitor the progress of the PHS request.
  • Upon receipt of confirmation email or note from the insurance carrier, CRM will be updated and status will be closed. Confirmation copy will be attached on the CRM if needed. All status will be tracked on the activities report.
    1. If requested by the customer, daily status update reports will be uploaded in the Beidgewater secure share file.
    2. Process steps will be added or modified based on instructions from specific BGAs

Value Proposition

Turnaround time for the vast majority of illustrations is 24 hours, depending on the complexity of the job. Almost 98% of orders are completed during the same business day. Day-end orders are delivered before the start of the next business day.

  • Improved Profitability
  • Improved Process Efficiency
  • Improved Cash Flow
  • Reduce Cycle Time
  • Reduce Cost

Policy Administration Customer Success Stories

Inforce Policy Gatherings for Insurance Marketing Organization (IMO)

Other Key Services

  • Case Management Services

  • Commission Management Services

  • Medical Records Summarization

  • Medical Records Retrieval

  • Licensing and Contracting

  • Insurance Illustration Support

  • Inforce Policy Services