With macroeconomic trends driving significant market opportunities, property and casualty insurers are looking to reduce cost structures, leverage analytics in marketing and underwriting, and develop a medically driven yet lower-cost claims operating model.
EXL helps insurers lower their cost to serve, increase sophistication in pricing, improve operating leverage and resource management, and win the customer acquisition and retention battle. EXL has been recognized as the leader in providing business process services to the property and casualty insurance industry, with the most clients and largest workforce dedicated to auto, home, and workers' compensation policy insurers.
Andrea Csaszar, Vice President, Group Insurance and Customer Service Delivery at the Guardian Life Insurance Company of America discusses how EXL worked with Guardian to improve its new business process and make it easier for customers and brokers to do business with the company.
The Insurance Industry’s Business Model Disruption
Clients cite EXL’s strong track record of service delivery with an integrated solution set that can help insurers streamline operations, manage risk, improve and retain customers, and launch new products.
Both Personal and Commercial Insurers are facing a rapidly changing market environment given the changes in demographics and the rise of the millennials, increased use of the Internet of Things, rising health costs and the severity of claims.
EXL Insurance addresses P&C companies’ key imperatives to be successful by winning the customer acquisition and retention battle, reducing the cost to serve, improving resource management during capacity constraints and segmenting pricing through buyer behavior. We are results-driven with outcomes such as reducing outstanding premium by 70% during policy acquisition and reducing book set-up time by 90% during the policy underwriting process.
Savvy insurers are leveraging analytics to better price, attract and select risks as well as optimizing payouts and personalizing customer service. EXL supports these clients with award-winning teams that combine industry, analytics and technology expertise to uncover insights.
“They consistently bring us innovative ideas, help us improve our processes, and have a focus on making a business impact to the organization. Senior management has taken a lot of these ideas and incorporated them into multiple areas across the Property & Casualty business.”
---- John Forni (Chief Tax Officer) Chartis
Through a combination of general, object-based and customized training, the EXL Property & Casualty Capability Development Center of Excellence offers training on P&C domains, techno-functional capabilities, soft skills, best practices and operations management.
“Leader” and “Star Performer”
Everest Group’s “Property and Casualty Insurance BPO – Service Provider Landscape with PEAK Matrix™ Assessment 2016”
"HfS Blueprint Report: Insurance-as-a-Service" (2015)
“Partner of the Year”
For innovation and technology by Aflac (2015)