08-08-2018 Blog: Claims Transformation to Reduce Operational Cost and Meet Policyholder Expectations

Claims Transformation to Reduce Operational Cost and Meet Policyholder Expectations August 8, 2018 | Prashant Tekchandani and Prateek Vijayvergia Rising claims cost and evolving customer preferences for personalized policies and omnichannel interactions are putting auto insurers under intense pressure. Recent studies have concluded that accident-related auto repair costs have risen significantly, undercutting profitability and worsening… Continue reading

North American Casualty Insurer

North American Casualty Insurer A North American casualty company wanted to make the analysis of its pre-quote work more efficient to address its objectives, which were: [/column] [/row] Please CONTACT US today to learn more about the ways in which we can help you achieve your success metrics. Time and opportunity are passing you by. Continue reading

Global MGA

Global MGA A global MGA that handles marine and energy business across multiple geographic regions was experiencing rapid growth. During the last year, its written premium increased 62 percent in just six months. As a result, the MGA needed to better understand the overall functioning of its business with specific attention to mapping processes across… Continue reading

Finance and Accounting Transformation: London Market

Finance and Accounting Transformation: London Market An international MGA transitioned its financial closing, MIS reporting, and underwriting support to Xceedance to improve its insurance-related capabilities and to streamline the CFO’s financial accounting and reporting processes. In response, we assembled a team of knowledgeable accountants with international experience in the P&C market. Our team took control… Continue reading

Finance and Accounting Transformation: Asia

Finance and Accounting Transformation: Asia A global insurer wanted to produce regulatory reports in-house instead of outsourcing to consultants. We were also asked to streamline all the client’s finance and accounting practices. Since the client operated in different geographies, a single team had to own all internal and external reporting and develop a standard accounting… Continue reading

Finance and Accounting Transformation: ANZ Region

Finance and Accounting Transformation: ANZ Region A global insurer was facing challenges with its local finance and accounting outsourcing partner. The service offering through the consultant was proving to be expensive and the work was being done on local accounting tools, which created additional challenges in consolidation of international accounts and reports. Our Finance and… Continue reading

Single-State Insurer Expansion

Single-State Insurer Expansion A U.S. based P&C insurance carrier had sold personal lines ($80 million GWP) and commercial lines ($20 million GWP) in a single state. Given its positive cash balance, the carrier decided to expand its reach to additional states. The carrier engaged Xceedance after choosing a policy system for its personal lines business,… Continue reading

Commercial Auto and GL Underwriting and Pricing

Commercial Auto and GL Underwriting and Pricing Business Requirements A very large U.S. insurance company was writing commercial auto and commercial general liability policies using only senior underwriters. The company did not have underwriting assistants helping with the analysis and pricing of policies. The insurer wanted its senior underwriters to focus more on business development… Continue reading

Specialty Insurer

Specialty Insurer A new global specialty insurer expected several high-volume contracts to renew, even as it was rapidly growing its North America business. Its CAT modeling unit sought to enhance modeling capacity for a high volume of renewals, as well as for rapidly expanding business lines. Since renewal work must be completed on rigid schedules,… Continue reading