Established in 1999, Xchanging India, the Indian subsidiary of UK based Business Processing and Technology Services Company, Xchanging, is bent on more than transforming the core model of providing business processing services; it hopes to revolutionize it with a strong 3500 technologically competent teams across Gurgaon, Mumbai, Pune, Bangalore, Chennai and Shimoga, Xchanging India today is outperforming several of its competitors in delivering mission critical, high volume domain specific processing to its customers in a wide range of sectors — banking and financial services, manufacturing and logistics, insurance, public sectors among others as well as horizontal offerings that cover areas such as procurement services, accounting, human resource and technology.

When Xchanging, a leading Business Processor formed an enterprise partnership with Deustche Bank, one of the prominent banks in Europe, it had brought an all new meaning to the word ‘business transformation’ that had been the buzz in the BPO industry for some time. According to this, instead of just taking outsourcing contracts on a simple fee-for-service basis, Xchanging would form joint ventures with the client to perform their back-office functions. Xchanging has operational control and the partner has boardroom representation. As processes are standardized, the EP can add third-party outsourcing contracts, benefit from scale advantages, and begin to generate revenues. “We are not just a business process outsourcing unit. We are more oriented towards outcome based outsourcing. It is not about adopting back end jobs and taking responsibility of operations accomplished at a lower cost but to share the risk, responsibility and performance with our customers.” says Nimish Soni, Managing Director for India. And has this worked? Definitely a yes, its success evidenced in the seven joint ventures that have been formed since then.

This is quiet a phenomenal achievement considering the recent upheaval the BPO industry witnessed in the last 2-3 years. So what makes it tick? “Continuous innovation, a healthy work culture and thinking long term sustainability,” Nimish is quick to respond.

Carving a niche for itself / Building Core Competency
Despite a myriad of service offerings, the company’s core competency continues to be the BFSI segment. Xchanging is one of the largest provider of policy checking, production, issuance and premium collection services, with over 400 insurers, reinsurers, managing agents and syndicates as customers, the company handles millions of electronic transactions annually in a global business-to-business network with a throughput of over $124 billion and provides certainty of payment managing an efficient transfer of funds between trading partners. Today, it is one of the large providers of commercial insurance business processing and technology services with significant expertise in Commercial Property and Casualty services.

Xchanging has a suite of offerings based on the integration of ITO and BPO for the Commercial Insurance and P&C Marketplaces. Its number of customers and over 1500 BPO and ITO staff make it one of the prevalent providers or Platform Based BPO to the Commercial Insurance Industry.