Xceedance: Supplying Insurance Expertise to Support Business Transformation
Date: Thursday , December 29, 2016
CXOs of insurance companies often partner with a host of business and technology service providers to expand their business. But many of those service providers are not insurance experts, they simply adapt their industry-agnostic capabilities to serve insurers. For the insurance leaders who engage them, it means having to spend valuable time and resources to guide service providers on insurance related processes and workflows - exacerbating already heavy management and operational burdens. In a hyper-competitive business landscape, it also means insurers are not receiving the single-minded industry expertise and support they need to grow efficiently.
Standing in sharp contrast is Xceedance, a global company dedicated to providing strategic insurance services, with exclusive focus on the needs of the Property/Casualty (General) insurance market worldwide. Xceedance is a one-stop managed services provider for insurers, reinsurers, brokers, MGAs/MGUs, program administrators and other participants in the international insurance arena.
Xceedance is led by industry experts. The company\'s industry-trained workforce delivers cutting-edge services, encompassing the scope of the insurance lifecycle. Single-mindedly focused on organizational transformation, Xceedance helps insurers improve service levels, new business processes and revenue streams.
\"We collaborate with our clients as insurance company representatives and not as a generic service provider,\" explains Arun Balakrishnan, CEO of Xceedance. \"We understand that insurance companies are unique enterprises. So our people are trained, and our processes and technologies are tuned to support the distinctive needs of sophisticated and typically multinational insurance clients\".
One-Stop Industry Expertise
Xceedance features a comprehensive array of services in technology, analytics and process optimization, spanning the insurance ecosystem. The company provides just-in-time, incisive services based on the business, data, platform, architecture and integration requirements of diverse insurance organizations. Insurers leverage the responsive and compatible service approach of Xceedance, to streamline operations and boost workflow agility in delivering personalized insurance products and services to their policyholders. Xceedance avoids disruption to established workflows, helping clients get to an improved \'as-is\' operational state, ensuring business, product and distribution continuity.
With a unique blend of analytics know-how and practical experience in data sciences, business intelligence and predictive modelling the company meets the specific needs of insurers for timely and insight-driven decision-making proficiency.
India is often perceived as a haven for fundamental data processes and IT functions. But there is also vast, untapped potential to build and cultivate modern technology and analytic expertise to serve industry verticals such as insurance. Noticing this capacity during his tenure as the CEO of Berkshire Hathaway\'s insurance business in India, Arun established Xceedance in 2013 along with co-founders Manish Khetan (EVP) and Amit Tiwari (EVP), after Berkshire Hathaway revised its strategy for India. The trio then formulated and presented their industry-targeted value proposition to the Berkshire Hathaway Group. Realizing the benefits, a number of the group\'s insurance companies quickly became anchor clients, with a long-term commitment to partner with Xceedance.
Since 2013, Xceedance has witnessed impressive growth in India, the U.S. and U.K., with clients on four continents and plans underway to add new facilities to address growing client requirements. The company employs approximately 750 professionals, and retains an impressive client portfolio representing a wide range of insurance provider organizations.
According to Arun, \"the rapid and ongoing growth of Xceedance is solid confirmation of the company\'s business and managed services strategy. But the more significant validation of our trajectory is the fact that the expansion of Xceedance has occurred almost entirely through word of mouth, and predominantly from client references\". While some were apprehensive regarding the prospects of Xceedance as a start-up in the very demanding and exacting landscape of insurance, a core group took a leap of faith and formed the initial team. \"We\'re here today because of the foresight of a pioneering troop of insurance experts,\" Arun said. \"Our clients are delighted by the contagious, practiced mind-set of continuous learning, collaboration and execution at Xceedance. The domain-sensitive value Xceedance delivers on a daily basis is among the key drivers of success for our clients, directly substantiating the competitive advantage we provide for insurers\".
Focus on Knowledge and Growth
When asked about the company\'s developmental strategy, Arun explained, \"our employees keep us on our toes. It\'s a regular occurrence at Xceedance that teammates demand something new to learn and ask to be involved in increasingly complex and stimulating work\".
The dynamic energy permeating the company is palpable. Xceedance continually enhances the experience of its knowledgeable workforce with industry training, insurance mentorship, career counselling, upward feedback surveys and fun activities.
\"The outlook of the leadership team at Xceedance is that in the next decade or two, the emerging leaders of insurance companies worldwide will include a good number of Xceedance alumni,\" Arun declares.
Xceedance is focused on establishing even deeper expertise and relationships within the insurance ecosystem. It\'s a business philosophy that expects and demands a constantly expanding portfolio of services and an unremitting investment in the right people, business opportunities and client partnerships.
\"We strive to build a knowledge-based company, able to withstand the test of time and positioned to serve the global insurance industry far beyond the professional lifespan of the current leadership team. Our goal is to earn a reputation as one of the world\'s most trusted and influential insurance service providers,\" Arun concludes.
Arun Balakrishnan, CEO; Manish Khetan, EVP; Amit Tiwari, EVP
Boston, USA; London, UK; Krakow, Poland; Bangalore, Gurgaon, Noida, India
Services and support in: Insurance Operations; Underwriting; CAT Modelling; Actuarial Services; Policy Service; Technology & Core Systems; Data Sciences; Reporting & Business Intelligence; Claims; Finance & Accounting
Finalist, 2016 ACORD Insurance Innovation Award