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

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		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
		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
		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: New account set up, account administration,licensing               and field compensation support, portfolio adjustments,               beneficiary processing, broker / advisor support, service               recoveries, special investigations and reimbursements,               cheque processing and document operations
		Managing the back office for a range of products for a leading U.S. insurance and financial services advisory company.
		Benefits delivered by the WNS team Since commencement of the partnership, WNS billed the client on a Unit Transaction Pricing (UTP) model, for a substantial portion of the scope. This has not only allowed for greater client flexibility as volumes changed,but also, has required meticulous planning between both client and provider teams. WNS scaled up resources significantly from the first year of operations, taking on 31 processes ranging from low to high complexity, right from the beginning of the engagement. The client and WNS worked closely and effectively together to migrate the work offshore. WNS deployed a ‘train the trainer’ model to make sure that all staff were capable of delivering the processes. WNS initially created a pool of domain experts who could provide advice on the salient characteristics of the client's products, supported in the initial scope. Today,given the power of this capability, the client has transitioned all transactions offshore to WNS staff. The WNS team obtained FINRA certifications to support certain products. WNS and the client collaborated on process improvement initiatives to ensure that cycle time for processing was reduced while customer experience was improved.

		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.