Supporting Insurance Transformation with Managed Services
November 9, 2016 | By Arun Balakrishnan
Partnering with outside suppliers to improve their efficiency and save money is nothing new for insurance companies.
This model has often been seen as being a fairly basic add-on service that is centered on the numbers: mundane, labor-intensive functions such as claims processing and policy administration are outsourced to another country where the cost of labor is cheaper than what is available in the economies of Europe and North America in particular. In some cases, the so-called labor cost arbitrage is undoubtedly the key driving factor. But the experts at Xceedance believe the decision to consider managed services should not be driven by cost alone.
In today’s business environment, the traditional cost arbitrage model is becoming increasingly outdated. External suppliers are now delivering a comprehensive suite of highly-skilled services that are improving and, indeed, transforming the way insurance companies operate. For example, insurance and reinsurance companies are custodians of vast amounts of data, and the discipline of data sciences is opening up many exciting opportunities for insights and impacts that improve the efficiency and the strategy of the business.
As a practitioner of industry-focused managed services, Xceedance is among the rare group of providers that adds the key ingredient of insurance expertise on top of typically process-orientated work. Where Xceedance offers a unique solution to clients is by deploying a team of highly experienced professionals who fully understand the insurance and reinsurance industry. The company prides itself on working as a valued business partner and consultant — shoulder to shoulder with its clients — rather than adhering to the traditional outsourcing model of merely replacing people with cheaper workers.
Partnering with a business provider such as Xceedance for analytics, process engineering, technology and data sciences provides an effective channel for productivity and growth in the current tough market conditions. With a motivated talent pool at its core, Xceedance looks forward to helping insurers transform and succeed.