With the changing macro environment, brokers need to re-focus on margin management and freeing up capacity. A resilient enterprise across economic cycles is an executive priority.
M&A activity has driven significant industry consolidation, limiting finance transformation and visibility into acquired businesses. A well-integrated, digitally enabled finance function is required to outpace the market, both during transition and post integration.
Current vendors and shared services models have only delivered limited value due to unexplored transformation opportunities. Building capable partnerships that own the digital transformation journey and deliver outcomes is key.
Manual and complicated billing and commission tracking processes across Commercial, Personal and Employee Benefits lines, result in high Days Sales Outstanding (DSO) and impact working capital.
Lack of specialized broker accounting expertise and an aging workforce will result in a staffing gap of over 400,000 insurance operations and accounting experts by 2026*
Reliance on carrier statement formats and ineffective partial solutions hinder system integration, causing delays and errors in direct and agency billing, NOC issues, AMS posting discrepancies and producer commission payouts.
*Source: Insurance Business Magazine
Empowering Insurance Innovation: Mosaic Insurance’s Strategic Collaboration with WNS
Driving Finance Transformation "The WNS team delivered a significant amount of change in a short time, overcoming resistance to transform legacy Finance & Accounting processes. They implemented new systems, documented processes, and identified key areas for improvement, leading the team pragmatically toward better ways of working. Their hands-on approach, including time spent on-site, was crucial in driving progress. The team also drove impactful solutions in Purchase Ledger, gaining vital momentum and acted as a catalyst for change. I truly enjoyed working with them and look forward to future collaborations. "
Finance Project Lead, Global Insurance Broker
"We wanted a safe pair of hands to support our global MGU operations and deliver consistent performance requiring deep understanding of both Lloyd's and agency operations. WNS differentiates itself through a stable, experienced workforce, performance improvement capabilities, and a flexible delivery model."
Krishnan Ethirajan, COO, Mosaic Insurance
WNS partners with over 70 global insurers, reinsurers, brokers and intermediaries to provide expert consulting, digital transformation, data analytics and finance and accounting services.
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Head, Finance & Accounting Services
Krishnan Raghunathan is the Head of Finance & Accounting (F&A) practice and operations at WNS. He also leads the international delivery locations in the US, Spain, the Philippines, China, Sri Lanka, Romania, Poland and Costa Rica. He has decades of experience across F&A, BPM, Sales Solutions and Capability functions. Prior to WNS, Krishnan held several key roles at Genpact. He is a Chartered Accountant (CA) from the Institute of Chartered Accountants of India.