Xceedance partners with P&C and Specialty insurers, reinsurers, brokers, and MGAs/MGUs worldwide to launch new products, drive operations, implement cutting-edge technology, and deliver advanced analytics capabilities and process optimization.
We understand the risks and opportunities of the life insurance market and work closely with life re/insurers to accelerate digital transformation, streamline risk management, optimize critical business workflows, and reimagine the policyholder journey.
As pioneers in blockchain, distributed ledger technologies and smart contracts, Xceedance and ChainThat have partnered to provide secure online transactional services tailored for re/insurance processes, and to develop blockchain products for the commercial, specialty and reinsurance markets.
Marek: Blockchain, or distributed ledger technology (DLT), is the latest “next big thing” across all industries. Yet, as it infiltrates the insurance industry, it faces an uphill battle. Predictably, insurers are holding blockchain at more than arm’s length, and even investigation into or evaluation of the technology is limited right now. A likely cause of this skepticism is the relationship between blockchain and Bitcoin and its definition as the foundation of cryptocurrency. As a result, many insurers view the usage of blockchain as exclusively financial or “FinTech” in nature and therefore not necessarily related to the productivity gains of InsurTech. For there to be wider adoption of blockchain throughout the industry, insurers must embrace a broader view of the technology beyond its financial characteristics. The use of the term “DLT” begins to move the needle away from associations with FinTech.
How is robotics likely to change the insurance industry?
Justin: Robotic process automation (RPA) has the potential to spark insurance transformation in a number of ways. First, it can free up resources for more valuable and strategic tasks. Second, it increases throughput and reduces turnaround time in operations. Third, it helps to improve overall accuracy across many manually-driven functions of the insurance lifecycle. RPA can be interpreted as an effective “virtual resource” in that it performs repetitive, rule-driven tasks, directed by software and existing applications. The technology is extremely versatile; Robots can work unattended for back office operations without requiring human input. Alternatively, they can work in a mode that requires human intervention and prompting at designated intervals.
Check out the latest edition of Xceedance InFocus to discover what’s happening across our organization, from evolving insurance capabilities and expert insights to recent client success stories, and much more.
“We have eliminated significant manual practices and streamlined our interactions with brokers and agents. The abilities of Xceedance to develop system communications and integrate automation with diverse platforms has enhanced our operation.”
Technology Officer | Global Insurance Broker
The Xceedance approach to claims automation allows us to be more responsive to the needs of our customers. Technology and consulting from Xceedance have streamlined our claims operation and support our current and future requirements.”
Head of Claims Operations | Specialty, Commercial and Personal Lines
“Xceedance delivered the exact rating and pricing solution in precisely the right timeframe. So we were fully prepared for our product launch and positioned for success. Xceedance demonstrated vast expertise and drive.”
Director of Operations | Multinational General Insurance Group
"We are pleased with the continuous productivity and collaboration between our organization and Xceedance. We are looking to expand the Xceedance team even further to support our growth strategy."
Vice President, IT | Subsidiary of a Global Specialized Casualty and Liability Insurer
“Today, we can process submissions in less than a day. Before deploying the Xceedance submission system, our underwriters were forced into administrative tasks. Now they can focus on growing our business.”
Vice President, Underwriting | Global Commercial and Specialty Lines Carrier
Proven Expertise and Value
of staff possesses significant insurance acumen
ongoing insurance operations and technology engagements
quotes delivered in 2 years for a global underwriting agency
reduction in policy issuance time for a major P&C insurer