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 – Wipro BPO

Wipro’s insurance practice works with 35+ global insurers including many among the Top 500 organizations. Wipro customers include 4 of the top 6 P&C carriers in the world, 2 of the top 5 health insurance and service providers globally and 4 of the top Life, Annuity & Pension carriers in the world. Wipro is uniquely positioned to provide strategic and innovative solutions based on 3000+ person-years of experience in managing ~150Mn claims transactions annually for leading insurers.

Offerings cover the entire spectrum of the insurance value chain from Sales & Distribution, Policy Administration, Risks & compliance and claims, straddling across Life and P&C markets and delivered by over 6000+ dedicated resources. Wipro expertise in Business Advisory services, solutions and Centers of excellence reflect their commitment towards building the future of insurance. 4000+ consultants with an average experience of 10 years have delivered innovation in products, branding, marketing and pricing strategies.

Partnerships & Alliances: Camilion Solutions, eBaoTech, OneShield, Pega Systems, Prima IBCS, SAP, SSP. Associated Services (ITO + BPO Bundled Service) – Managing approximately 115MN transactions annually for their customers, Wipro is ranked amongst the top 3 in terms of volumes handled in the BPO Space.

With a client base of 140+ Health insurers and Offices spread across Atlanta - US, Monterrey - Mexico, Curitiba -Brazil, Wroclaw - Poland, Bucharest – Romania, Chengdu & Shanghai – China, Cebu City – Philippines, Yokohama - Japan, company is capable of providing multi-lingual support in English, Spanish, Portuguese, German, French, Chinese, Japanese.

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 – WNS

WNS insurance outsourcing service offerings extend across the insurance value chain of Property and Casualty, Life, Pensions, and Annuity. Services related to Product Development, Sales & Distribution, Policy Administration, Claims Administration, Analytics, Finance & Accounting and Customer Care.

With a dedicated team of over 7,500 professionals for the insurance industry, WNS manages over 40 million claims per year helping insurers streamline their claims operations. WNS recently positioned industry 'leader' for Insurance BPO in Everest Group's  Insurance BPO PEAK Matrix.

In January 2012, Australian insurance major Suncorp gave majority portion of the order worth $220 million to WNS for end-to-end insurance outsourcing for a period of five to seven years.

WNS won a $228-million contract from UK-based Aviva in 2008 for all in-scope services related to Aviva's life & general insurance businesses in the UK and Canada. Based on the anticipated service requirements of these businesses, WNS estimates Master Services Agreement could generate $1 billion in revenues over the life of the contract. WNS also benefits from a recently signed AGS contract for approximately 580 employees with Aviva's Irish subsidiary, Hibernian.

In June 2012, WNS has acquired South Africa-based Fusion Outsourcing Services in an all cash deal of over £10 million or $15.5 million. Fusion currently employs about 1,500 people and the centre currently offers high-end voice services with plans to start financial, accounting and insurance services.