The market structure of the insurance brokerage industry has undergone drastic changes as a result of digitization. For companies, this has meant re-thinking existing business models. The increasingly customer-focused environment predicated by regulatory compliance, risk mitigation and digital channels has put intense pressure on them. With the added responsibility of curbing costs and offering competitive pricing, companies need reliable partners with the right expertise to assist them in this arduous journey.

WNS offers brokerage services that encompass solutions aimed at achieving the twin objectives of savings and flexibility for insurance brokers and risk consultants. Through the three elements of domain expertise, standardization and transformation, our solutions offer value beyond labor arbitrage. We have over 600 employees engaged in processes such as accounts payable, accounts receivable, general accounting and SOX compliance. Our services in fiduciary accounting and accounts receivable support customers in the US, Canada, Australia and Latam countries. We specialize in delivering fiduciary services across the payment, revenue and reporting cycles along with helpdesk functions that handle queries from carriers, brokers and account executives.

Case:
The WNS team created a one-stop shop for reference training documents and made it easily accessible
Case:
The WNS team developed various tools/calculators to reduce the number of queries

The WNS Advantage

We have set up a Center of Excellence (CoE) that assists our customers to adopt a function-focused approach rather than one focused on geography. Our qualified in-house team has developed tools that have enabled our customers to move away from multiple legacy systems. This has helped drive productivity in the processes and created business value. We have also enabled our customers to move to a single Enterprise Resource Planning (ERP) platform.

Domain Expertise

We have highly skilled resources who perform various brokerage operations. In fiduciary, we handle cash applications, carrier and client payments and customer helpdesk functions. We also manage private client services for high net worth individuals. In accounts receivable, our operations cover billing, invoicing, month-end support and reconciliations.

Embedded Analytics

The services we offer are based on our strong business analytics capabilities. This gives our customers a competitive edge while shaping their business strategies. It also provides insights for better business outcome. Our expertise in the ever-evolving analytics space enables us to provide in-depth analysis of brokerage revenues.

Business Impact

Our solutions have had a major impact on our customers’ brokerage operations. We have brought down the cash on account by 30 percent within a span of one year. We have produced compelling statistics for the onshore controller to make quick decisions on refunds and write-offs. We have also enabled faster resolutions and decreased the time lag for processing invoices.

"This allows Aviva to continue our working relationship with a provider that truly understands the insurance industry and has a tireless commitment to process excellence and customer care, making WNS our partner of choice."
Cathryn Riley

Chief Operating Officer, Norwich Union Life, Chairman, Aviva Global Services

Positioned in the 'Winner's Circle' of the HfS Blueprint Insurance Report 2015
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