BPO Solutions for Insurance Industry

The insurance industry is challenged by competitive pressures, changes in customer loyalty, entry of new players and a stringent regulatory environment, all of which are pressuring insurers to change their business models, streamline operations, and improve processes. Industry leaders are increasingly turning to insurance outsourcing to help them compete and grow.

Building upon our deep experience of delivering business processes for several of the world’s leading insurers, WNS combines deep domain expertise, strong talent and operational excellence to allow insurers focus on their core business while WNS delivers business processes such as industry specific processes, finance and accounting, business and financial research, analytics, and optimizing the power of technology.

Our insurance outsourcing service offerings extend across the insurance value chain of Property and Casualty, Life, Pensions, and Annuity.

Our service offerings include

Property and Casualty

Property and Casualty

■ New Business Data Management Channel Support Quotes Premium Calculations Sales/ Quotes acceptance & conversion Customer Retention/ Cross and up-sell Customer Enquiries Actuarial Support Exposure Assessment
■ Policy Set up Underwriting Underwriting Support Verification / Validation Delivery Requirements Premium Calculation Follow up Policy Issue New Business Rating
■ Policy Changes Customer Service Name/ Owner/ Address Changes Certificate Re-issue Adjustments/Endorsements/ Rider & Coverage Changes Renewals and Quotes Cancellations
■ Premiums Collections Remittance exceptions Reconciliations Refunds Billing Premium Mode Change Bank Changes Premium Audits Customer Service
■ Claims First Notification of Loss Claim Set-up Investigation/ examination Review & assessment Coding Reserves Customer Service Policy Specific emergency assistance Supplier Support Excess/ Deductable Management Settlement Agreement 3rd Party Claims (property damage & bodily injury) Subrogation Recoveries Fraud Checks Claim Finalization
■ Payments Customer Service Settlement Payments 3rd party payments Closing Payments
■ Support Services Document management IT Support F&A Analytics

Life, Pensions and Annuities

Life, Pensions and Annuities

■ New Business Channel Support Quotes Customer Enquiries Actuarial Support
■ Policy Set up Underwriting Support Money Laundering Check Delivery Requirements Follow up Enrollment Policy issue
■ Policy Changes Customer Service Name / Owner / Beneficiary / Address Changes Certificate Re-issue Adjustments / Endorsements / Rider & Coverage Changes / Fund Changes Lapses Quotes & Reinstatements Renewals and Quotes Terminations Cancellations Surrenders
■ Policy Benefits Policy Loans Withdrawals Dividend Customer Service
■ Premiums Collections Remittance exceptions Fund application Reconciliations Refunds Billing Premium mode change Premium Holidays Bank Changes Premium Audits Customer Service
■ Payments Customer Service Closing Payments Automatic Payment Withdrawals (APW) Maturities Tax Competence
■ Support Services Document management IT Support HR & Payroll F&A Analytics
■ Agency / Distribution Management Insurance provider set-up License registration Contracting Customer service Renewals Terminations Commissions Special compensation Accounting Cash application Billing

Case Studies


		Industry: Insurance and financial services Process: New account set-up, Account administration, Document management, Client account administration, Insurance recovery, Licensing and field compensation, Broker support

		Delivering a robust,scalable and cost effective back office for a leading U.S. brokerage house
		Benefits delivered by the WNS team Flexible pricing model - Since commencement of the partnership, WNS has been billing the client on a Unit Transaction Pricing (UTP) model for a substantial portion of the scope. This allows for greater flexibility for the client as its business volumes fluctuate; for example, volumes can surge by as much as 30-40 percent during the tax period. This requires meticulous planning between both the client and the WNS team to manage fluctuating volumes. Rapid scaling of operations - WNS scaled the operations rapidly assuming the delivery of 24 processes ranging from low to high complexity within 6 months of engagement commencement Deep domain expertise - WNS initially created a pool of domain experts to provide advice on the salient features of the client's products. Today, given the power of this capability, the client has transitioned all transactions to WNS. Right staff certifications - The WNS team obtained FINRA certifications to support certain products Robust quality management - To ensure continuous improvement, WNS has deployed quality management tools such as Failure Mode Effect Analysis (FMEA) to ensure every step of the process is evaluated for potential failure. Robust business continuity - WNS cross-trained 30 percent of the project resources as part of a business continuity strategy.


		Industry: Insurance Process: Analytics
		Industry: Insurance Process: Analytics
		Formulated lifetime model for agency compensation to boost sales productivity.
		Benefits delivered by the WNS team Supported the successful launch of a new compensation plan for its agents. Assessed the effectiveness of a range of marketing campaigns, thereby helping the client devise the future campaigns. Delivered better insights into agent performance.


		Industry: Insurance Process: Demand Modelling
		Industry: Insurance Process: Demand Modelling
		Created a comprehensive demand model to help a leading insurer increase customer retention by one percent.
		Benefits delivered by the WNS team The client was able to improve policy retention by one percent and maintain the same levels of profitability by deploying demand models in their pricing strategy. A key result of this project was that the client was able to extend the demand-pricing model for the auto insurance products to other states in the U.S. as part of its nationwide strategy.


		Industry: Insurance Process: Claims processing, Customer service

		This client is a leading provider of insurance products in Europe with substantial business entities and units located around the world.
		Benefits delivered by the WNS team Increasing daily collections by 30 percent within the first year resulting in significant financial advantages for business Reducing claims settlement time by almost 40 percent from 212 days to less than 130 days, resulting in higher customer satisfaction Increasing the speed at which claims were sent to legal counsel by 90 percent from over 25 days to less than two days immediately after transition. Generating additional business of 5 percent amounting to GBP 3.6 million in collections per year by identifying revenue leakages caused by claims that were not being registered in the system.


		Industry: Insurance Process: Insurance underwriting, Claims administration, Broking operations

		A UK based insurance company, who is today one of the top five motor insurers in the UK, offering one of the widest ranges of insurance from cars and motorcycles to agricultural vehicles as well as home insurance. It provides insurance to over one million policyholders, and insures one in three motorcycles in the UK.
		Benefits delivered by the WNS team By consolidating and standardising the business processes,improving process efficiencies, reducing cost of operations and enhancing customer service, the WNS team has extended the clients enterprise. Specific benefits delivered to the client by the WNS team include Faster response time for customer inquiries – Improved to within 24 hours with an accuracy rate of over 98 percent Improvement Improvement in the average handling time for inquiries – Improved by a range of 10-15 percent through the creation of ready reference files Reduced referrals – Reduced from 12.5 percent to 10 percent in the Special Risk team and from 6 percent to one percent in the Fleet team.