Insurance Services Outsourcing

General insurers across the globe have a fiercely competitive market with a supplier-customer chain model driving approximately 70 percent of the overall sales generated by any insurance company. Intermediaries are critical to supplier-customer chain management. The phenomenal amount of premium generated brings along with it the complexity of managing multiple broker relationships. The 30-60-90 day brokerage credit-line period builds a self-delinquent model, which needs to be managed based on relationships and strong credit controls coupled with reconciliation and cash application. Delinquency management creates a cross-section across the supplier-customer chain model and is critical to the cash flow of a business. WNS has evolved over the years to provide specialized collections services through its global offices present in key geographies. WNS has tailored a unique collections model that is effective in reducing the high delinquency plaguing the industry. This article provides an overview of WNS's end-to-end capability in a recovery model space as well as relationship management and reconciliation both of which are critical for ensuring cash flow and maintaining reduced delinquency levels, and substantiates this with a case study which presents WNS's intervention in supporting its client with the implementation of a more efficient credit control.