Insuring Against a Pandemic with Accelerated Recovery & Resilience

Jan 07, 2021

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Key Points

A leading insurance intermediary, with customers spread across the globe, had a single goal — protect people, operations and revenue from the COVID-19 impact. As the company had extensive relationships with global insurance carriers, vendors and suppliers, it was crucial to close its financial books accurately, on time, while meticulously meeting reporting standards.

As a strategic partner of the insurance intermediary’s Finance and Accounting (F&A) operations, WNS supports multiple processes, and manages almost 70 percent of the insurer’s book closing activities across all operating units and legal entities.

The mandate was clear. We had to activate a Work-from-Home (WFH) model for the entire team (a very large one). Our COVID-19 task force enabled us to plan and deploy the WFH model swiftly, as we worked towards mobilizing 100 percent of the systems.

We implemented a strong crisis governance model to analyze and mitigate risks at all levels. We analyzed risks at the level of planning and execution, to apply the mitigation measures when required.

Managers were empowered to execute tasks at speed. We also set up regular cross-functional communication cadence with HR, IT, operations mangers, client partners, COVID-19 task force and leadership teams. Weekly reviews helped us stay on track.

The result? We achieved 75 percent of delivery capacity in five days – including setting up systems in employees’ homes across multiple global locations, establishing connectivity and ensuring data security. Within a month, we were fully operational. Our employees’ safety and their emotional well-being remained our top priority throughout.

The outcomes we chalked up include:

Digital frameworks for virtual engagement, real-time collaboration and online training
Rationalized payment terms for better cash flow during the crisis
‘On-time’ quarter close and ‘zero’ impact on delivery across all locations and lines of work. Some key processes were closed well in advance
100 percent compliance with stringent information security norms

Our speed, agility and digital deftness earned the appreciation of the insurance intermediary’s leadership team.

At WNS, our people-focused approach aligns with our client-first ethos. Our F&A expertise combined with digital-first solutions enable companies to drive cost optimization, improve risk mitigation and enhance customer experience.

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