Insurance BPO Vendor Profile – HCL Tech BPO

With the strategic acquisition of Liberata Financial Services, regulated in UK by The Financial Services Authority (FSA), HCL has the ability to offer comprehensive end-to-end administrative services and customer services to Life & Pensions Insurers.  Key Service offerings include Agent licensing, New business/underwriting, Policy Administration, Account Administration, Commissions, Claims management and actuarial services.

HCL Practice Highlights: Top 5 Life & Pensions BPO service provider in UK, Platform based BPO service provider for Life & Pensions market, Proven capability to offer actuarial services, Dedicated Insurance Competency Center headed by Insurance experts. Gartner rates HCL’s Insurance Outsourcing Practice as “Mature” in BPO for Life and Property & Casualty Insurance

Only company to win the “Excellence in Insurance Education” award by LOMA for the 5th consecutive year. Maximum number of Advanced LOMA certified resources in practice. Key certifications are LOMA (FLMI, ACS, ARA…), AICPCU (CPCU, INS), CII (London) examinations and III-India (FIII).

HCL’s insurance practice is built on strong domain expertise with proven application and process optimization capabilities across the Quote-to-Claim cycle. HCL’s investment in product assets, intellectual property and dedicated Insurance Solution Development Centers, a strategic ecosystem of partners and strong integrated business operations capabilities help insurers address myriad of business challenges.

More than 10 clients & 8+ years experience in P&C space. FSA regulated Insurance Business Unit in UK. 1200+ people manage more than 4.6 million policies for marquee clients.

Insurance BPO Vendor Profile – Infosys BPO

Infosys BPO insurance services include: Quotations, underwriting and associated compliance activities, Financial administration (e.g., premium accounting, A/R), Claims adjudication, processing and review, Policyholder servicing (amendments with and without, underwriting), Agency management, Actuarial and analytics, Documentation fulfillment.

In September 2012, Infosys BPO acquired the captive BPO unit of US-based insurance brokerage Marsh & McLennan Companies for an undisclosed sum and would add about $10-12 million ( Rs 55-66 crore) in incremental annual revenue for Infosys BPO, would involve taking over of about 87 employees. The transaction would add at least seven group life insurance clients for Infosys BPO.

McCamish Systems LLC, an Infosys BPO company, specializing in end-to-end, enterprise-wide insurance and retirement business process solutions, has increased its presence in the Voluntary Group Life Insurance business space by commencing operations in Des Moines, Iowa, USA. The unit has 87 employees, serving seven insurers and covering more than 600,000 insured lives.

Infosys acquired McCamish Systems in an all cash deal of $38 million in December 2009. McCamish Systems LLC signed a multi-year agreement with FaithLife Financial, a not-for-profit financial services organization that provides life insurance, health insurance, income protection and investment products in Canada. Phoenix Life Insurance (Hartford) has signed a multi-year agreement with McCamish Systems for selected blocks of its life insurance products, including conversion of data, policy administration and customer support. 

Insurance BPO Vendor Profile – Genpact

Genpact's life and annuity clients include several top-20 life/annuity companies, a top-three reinsurer, the retirement services and insurance divisions of major financial institutions, a top-three global broker, and efforts with LOMA and LIMRA. Genpact’s more than 14 years of global insurance experience is supported by an extensive team of certified domain experts .

Under the seven-year agreement with Ironshore, a leading provider of specialty lines insurance, Genpact will manage and standardize Ironshore's end-to-end middle- and back-office operations to increase effectiveness and productivity, allowing the insurer to focus on continued growth of their client-facing underwriting operations and further expansion into new markets.

Key Service offerings include Application to Issue (A2I) Solution,  Product Development, Sales and Marketing, Policy Administration ,Underwriting and Risk Management, Corporate Functions,agent services, actuarial analysis, underwriting support, claims processing, etc. Key insurance clients include AON, BUPA, Genworth Financial, Travelers, All State, Max New York Life Insurance,  etc. MajescoMastek and Genpact has strategic partnership focused on the insurance industry.

Genpact’s global insurance practice is driven by a team of professionals who hold over 2,800 insurance certifications, including LOMA, IIA, AAPA, FINRA Series 6, FINRA Series 7, AICPCU, and actuarial exams, of which LOMA certifications are 1,200.

Genpact’s Insurance practice has 4500+ employees providing end to end services and also has  400+ specialist staff in areas including underwriting and analytics. 

Insurance BPO Vendor Profile – EXL Service

EXL’s insurance experience is proven by 60 leading global insurance carrier clients and the tenure of more than 4,000 industry professionals and is dominant player in the US Insurance BPO Market. EXL provides high quality services and better controls support to clients allowing them to be more efficient and to better understand their customers, their markets and their risks. Clients leverage EXL’s outsourcing, analytics, advisory and risk management capabilities.

Collaborate with clients to understand their priorities & design solutions to address insurers needs and support them 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, &  help P&C, life, annuity and health insurers become competitive.

In October 2012, EXL acquired Landacorp, a provider of software in support of clinical data exchange in the healthcare industry  and acquisition brings 15 payer clients and 50 provider clients and Landacorp has  50 million members under management on its platforms

In October 2011, EXL acquired Trumbull Services, a specialized provider of Insurance BPO services in the Property & Casualty (P&C) segment in the US, which has a ready-made technology platform to offer in  U.S. P&C Insurance BPO space and the insurance subrogation BPO business in particular. In May 2010, it acquired PDMA, the maker of LifePRO, a policy administration system in the Life Insurance BPO market deployed with 40+ insurers around the world.