Insurance BPO outsourcing

EXL understands the insurance industry's challenges. Insurers need more flexibility to deal with growing competition, emerging sales and distribution channels, rising operational costs, changing consumer preferences , and the consolidation and convergence of services. All this, coupled with a localized, dynamic and stringent regulatory environment, makes the need for efficient and effective operations more imperative than ever. Today’s insurers are looking to expand their geographic, consumer and product base while maintaining capital, managing risk, retaining business and containing costs. As a result, they are facing increased margin pressure as they work to control expenses.

EXL collaborates with each client to understand their prioritiesand design solutions to address their needs. Whether we are working with insurers to manage claims, enhance subrogation services, improve first notice of loss, build compliance preparedness, improve underwriting margins, optimize loss ratios, increase customer penetration or accelerate customer reach, we are helping them become more competitive. Our insurance industry solutions – for P&C, life, annuity and health insurers – leverage our outsourcing, analytics, advisory and risk management capabilities.

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/ beneficiary 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/ surveyor 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 dlaims 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 seceivables 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 and 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 center 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 controls Continuous control monitoring Testing automation and outsourcing Performance analytics and benchmarking Multi-dimensional reporting strategy and implementation Performance management framework design