Xceedance Turns Five – Re-living the Journey and Crafting the Future!
June 12, 2018 | By Arun Balakrishnan
We are at the brink of widespread adoption of intelligent technologies such as robotic process automation, artificial intelligence and machine learning across the insurance industry. And I am confident Xceedance will act as a strategic partner – an operational, technology, and analytics expert – for diverse insurance organizations worldwide, helping them transform traditional operating models and tackle digital disruption.
Increasingly, insurers today need their partners to provide strategic support for core operations. The real value of such synergies is self-evident. If you think about it, once underwriters are liberated from manual, repetitive tasks, their profound knowledge and experience can be leveraged to make software-augmented risk assessment even smarter. This way insurance companies can harness knowledge to develop systems that can help them propel growth rapidly, which would have been unimaginable in the past.
Xceedance is focused on amalgamating insurance expertise and intelligent technologies to create efficiencies that insurance organizations need to flourish in a turbulent market environment, marked by growing policy holder expectations and regulatory uncertainty. Our strategic operations support (SOS) empowers insurers to divert time and resources towards core functions, including underwriting, sales, and policyholder service.
But this model of strategic consulting and managed services was not developed overnight.
Those who believe great people make great companies have obviously never been part of great teams. I was fortunate to have closely witnessed the journey and evolution of team Xceedance from day one. The boardroom view, which I still haven’t fully assimilated myself, was a distant reality in those days. It was about getting our hands dirty and I loved every minute of it, eventful as it was. People asked us during interviews, “What makes Xceedance different from other managed services providers?” to which I always replied, “Our focus on harnessing our insurance knowledge.” After all, we had more than 40 years of insurance experience in the core team from the day we started our operations. We live by that statement even today and will relentlessly continue to do so.
Another great feature of this team was patience and the realization that rapid growth did not mean unalloyed triumph. Our growth story has been centered on delivering impeccable value to our clients, enhancing our industry knowledge, and keeping a firm check on our expenses. We do not believe in sacrificing profitability to drive exponential growth. I am immensely proud of our completely boot-strapped growth trajectory with exceptional revenue growth every year. We look forward to continuing this momentum through our recent investment in two pioneering companies – ChainThat and Harbor Hill Solutions – which are taking giant leaps in insurtech.
Just like the success in the last five years fueled by our unwavering focus, hard work, and diligence, the next five years will be driven by the same core values. The only difference will be our approach. The focal point of our strategy will be around designing groundbreaking target operating models for all client engagements.
Profitable insurance operations are a result of cross-functional efficiencies created by a customized, well-calculated overhaul of processes, systems, and practices. As a trusted partner, Xceedance will employ a comprehensive and scientific methodology to help re/insurers achieve this feat. We will focus on identifying and solving bottlenecks across the insurance value chain. Our approach will leverage a combination of digital transformation, data sciences, process re-engineering, and domain knowledge to enable seamless and productive insurance operations for our clients.
Today, while I celebrate the success of the last five years with all my teammates at Xceedance, I can’t wait for the second leg of this journey to start, as we set new benchmarks for excellence in insurance consulting and managed services.