Solutions

EXL understands the challenges insurers face as they seek greater flexibility to deal with growing competition, new and emerging sales and distribution channels, rising operational costs, changing consumer preferences and behaviors, and the consolidation and convergence of services. All this coupled with a localized, dynamic, and stringent regulatory environment, the need for streamlined efficient and effective operations is more imperative than ever. Insurers also look to expand their geographic, consumer, and product base while maintaining adequate capital, managing risk, retaining business and containing costs. As a result, insurers are facing increased margin pressure as they work to control overhead costs.

EXL works closely with each of its clients to understand their priorities and offer customized solutions that are collaborative and include risk-sharing mechanisms. Whether we are working with insurers to enhance or augment their risk management capability, build compliance preparedness, manage claims, improve underwriting margins, optimize loss ratios, increase customer penetration or accelerate customer reach; we are helping them become more competitive by preparing them to “Go Next. Now” for future challenges.

EXL's industry solutions leverage its capabilities in transformation and outsourcing

Outsourcing Finance & Accounting Legal Process Outsourcing Collections Customer Service Transaction Processing	Transformation Risk & Financial Management Decision Analytics Operations & Process Excellence

EXL's Insurance industry solutions extend to the following verticals

Property & Casualty
Life, Annuity and Retirement Services
Health Insurance

Insurance Industry Solutions

Sales & Distribution & Product Management

Actuarial data processing Actuarial analysis and review Price Optimization Loss Modeling Pre and Post Underwriting Proposals, illustrations Fund Application Application Entry Pre-Screening Member enrollment and management New Business Set-up Indexing Agent and broker management Premium collection and accounting Policy issuance Customer Service
Policy In-force Administration

EXL LifePRO^® Policy Administration Platform Indexing Policy Processing Renewals & Endorsements Address/ Nominee Changes Mid-term Adjustments Correspondence Coverage Verification Exception Processing Transfers & Rollovers Loans & Withdrawals Premium Audit Scheduling Customer service
Claims Servicing

First Notification of Loss (FNOL) Engineers/ Surveyors Site Visit Planning Categorization & Claims Indexing Claims Set-up Claims Validation/ Audit Eligibility Verification Exception Handling Third Party Claims Dispute Handling Subrogation Medical Record Summarization: Legal Claims Claims Reengineering Claims Severity/ Frequency Analysis Fraud Investigation and Analytics Claims Adjudication Short Term and Long Term Disability Claims Family Medical Leave Act
Insurance Accounting

Customer Accounts Billing Cash Applications Broker Collections Debt Management Treasure & Cash Management Research & Reconciliation Write-offs Refunds Exception Handling Credit Control Accounts Payable Account Maintenance Loss Sensitive Receivables Management Financial Statement Analysis Statutory Reporting Period End Close
Insurance Analytics

Sales & Marketing Analytics Competitive Market Analysis Campaign Design, Management, Execution and Effectiveness Customer Segmentation Customer Acquisition, Churn & Retention Analytics Cross-Selling or Up-selling Pricing & Underwriting Analytics Pure Premium Models CAT Modeling Loss Modeling Rate Filing Analysis & Assistance Expense Allocation Underwriting Analytics Claims Analytics Severity & Frequency Analysis Fraud Analytics Subrogation Claims Research Operations Analytics Call Centre and IVR Analysis Risk Analytics Customer Satisfaction Analysis Productivity Enhancement
Insurance Risk and Compliance Management (Dual Shore Delivery Model)

Operations and Enterprise Risk Management Business Continuity Advisory Internal Audit SOX/ MAR/ PCI/ Regulatory Compliance Contract Compliance Insurance IT & Application Control Continuous Control Monitoring Testing automation and outsourcing Performance Analytics and Benchmarking Multi-Dimensional Reporting Strategy and Implementation Performance management framework design