Xceedance: Powering Insurance Transformation

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Arun Balakrishnan, CEO, XceedanceArun Balakrishnan, CEO Brokers, MGAs/MGUs, insurers, and reinsurers all face market and product challenges, fastevolving customer expectations amid changing demographics, compliance considerations, legacy technology limitations, cost pressures, and an increasing scarcity of domain talent.

As a global consulting, technology, and managed services partner to the insurance industry, Xceedance provides strategic operational support (SOS) for front, middle, and back office workflows of insurance organizations.

By focusing on adaptive target operating models, Xceedance helps clients establish best-in-class processes to realize their explicit vision for growth and profitability. The models closely reflect real-world business conditions such as markets, product portfolios, geographies, and distribution frameworks. Adaptive models generate appropriate, ongoing benchmarks to measure success, as Xceedance clients embark on operational improvements and transformation initiatives for competitive advantage.

“Insurance organizations gain a team of industry-focused professionals in Xceedance. Excluding binding authority, our framework resembles insurer organizations." states Arun Balakrishnan, Xceedance CEO. “From our founding partners and leadership team, to our functional experts and account managers responsible for client relationships, Xceedance team members are proficient in insurance operations, technology, analytics, process optimization, and digital enablement. Xceedance empowers insurance organizations, brokers, and program administrators worldwide to enrich policyholder service, enter new markets, boost workflow proficiency, and improve profitability,” adds Balakrishnan.

Supplying comprehensive, knowledgeable services and technology to reinforce insurance operations is the essence of the company’s distinctive value proposition. Xceedance facilitates all fundamental insurance functions, including underwriting, actuarial services, policy management, claims handling, and finance. The company helps diverse insurers launch new products, streamline operations, implement intelligent technology, and deploy advanced analytic capabilities, to achieve productivity, scalability, and market share.

Driving Digital Enablement

As technological innovation compels insurance to keep pace with other industries, brokers and insurers are balancing the complexities of managing multiple systems, evaluating emerging technologies, and modernizing their processes to achieve market differentiation. Insurance organizations attempt all this and much more against the backdrop of maintenance and integration concerns, increasing attention to data strategy and security, and the timeless requirements of regulatory and budget stewardship.

Xceedance accentuates capabilities to meet the industry's evolving business and service priorities, by leveraging deep competencies in all facets of insurance operations, as well as leading-edge technologies — such as robotic process automation, machine learning, and artificial intelligence.

Brokers are critical to the insurance ecosystem. The placement of risk depends on how brokers manage policyholder expectations and leverage their network of carriers. They source potential policyholders and connect them with carrier markets, to serve the risk mitigation and management priorities of business and society. In turn, Xceedance supports brokers in a variety of ways.

Deliverables for brokers include building risk clearance and quick-quote systems, rating and pricing engines, certificate management, and agency and policy management systems. Xceedance teams excel at enabling next-generation distribution and digital transformation. Those teams have designed and deployed insurtech offerings to strengthen the policyholder experience, promote business insights, and map the behavior of insureds.

Xceedance has designed and deployed unique solutions for brokers around the globe.

• For one broker, Xceedance transformed policyholder information into digital formats. This allowed carrier underwriters to make better, more informed decisions and supply optimal products and coverages to the broker’s clients.

• Xceedance recently consulted with a broker on system selection and facilitated system implementation to support large, complex risks.

• The Xceedance team built customized insurance platforms to support growth for managing general agents and a major broker in the Lloyd’s market.

• Facing the challenge of critical information spread across disparate systems, a broker retained Xceedance to create a more efficient process.

Insurance organizations gain a team of industry-focused professionals in Xceedance. Excluding binding authority, our framework resembles insurer organizations

Xceedance provided a clear financial and operational picture and enabled informed decisions for the broker, using proprietary technology to connect data from fragmented systems. Taking the broker’s development strategy into consideration, Xceedance also built a repeatable, plug-and-play framework to inttegrate data and systems from acquisitions.

• Another broker needed the capacity to support post-bind, certificate issuance, and policy checking. By applying a rightshore resource model, Xceedance supplemented the broker’s team, and created additional bandwidth to scale and address key business requirements. Additionally, Xceedance resources orchestrated policy checking to ensure the quote and request to bind coverage matched both policy limits and all terms and conditions.

By providing perceptive teams to galvanize broker operations, Xceedance frees broker resources to focus on building stronger relationships with their policyholder and carrier markets.

Beyond its broker clients, Xceedance has delivered innovative, technology-driven solutions to many firms in the insurance ecosystem. Projects include:

Creating an end-to-end insurance operations system (quote, policy, claims, endorsements, renewals, reporting, invoicing, reconciliation) in just ten months for an insurer looking to enter a new direct insurance market quickly.

Building a claims operations infrastructure for a growing North American insurer, including digitization, automation tools, and document management—to modernize processes, including the formation of a fully digital catastrophe response team.

Integrating aggregation, catastrophe modeling, and policy administration software with an Xceedance-developed reserving system.

Developing a responsive intranet portal for internal carrier staff to view aggregated customer and broker information in a single location, including portfolio summaries by products, claims, and premiums.

Designing a web portal that allows management, underwriters, and actuaries of a reinsurance group to view, search, approve, and endorse contracts. The system maintains transaction history and enables users to attach forms and documents, approve and generate reports, and analyze exposures.

Producing a web-based underwriting workflow management system to expedite the creation, modification, and validation of submissions.

Bringing Value to Clients

Xceedance believes the right-shore, strategic operations support (SOS) model is critical for the success of any project comprising managed services and technology components. The Xceedance right-shore model is a hybrid approach to deliver best-fit support, resources, and enabling technologies from several locations — as needed. To serve distinct brokers and insurers, and their regional or market priorities, Xceedance places the suitable skills and project management in the right geographies to perform effectively as a well-informed business and technology partner.

Clients perceive and expect value in different ways — based on a personalized set of substantial and strategic objectives. Xceedance teams have the domain expertise to fully understand client objectives and the operational acuity to collaborate attentively and produce optimal results. The experienced Xceedance team prepares highly customizable blueprints for clearly defining desired states — by applying adaptive target operating models, which incorporate rigorous, dynamic benchmarking, and individualized operational analytics.

In working with brokers and insurers, Xceedance thoroughly assesses existing operating models for best practices compatibility and regulatory requirements. The company’s insurance-expert teams review broker and insurer operations objectively, to reduce waste and prevent adverse effects on internal processes. Then, Xceedance aligns and optimizes technology, digital assets, business processes, and operating models — to create positive outcomes for insurance organizations and their policyholders.

Xceedance improves efficiency by aligning the client’s vision for business success in the context of market conditions and drivers. After that, a target operating model and a set of plans are devised and to validate and actualize the model. Xceedance also absorbs and considers the client’s bespoke technology environment and architecture, ensuring scope and adequacy to achieve objectives. Then, Xceedance teams develop operational targets and identify the relevant resources, automation, and other tools for the assignment — including the program roadmap that details business transformation, delivery model and structure, measurements, progress reporting, and governance.

"At Xceedance, we strive to offer exemplary services and craft market-disruptive solutions to power the transformation of insurance organizations worldwide"

Streamlining Insurance Operations

To drive more efficient operations, Xceedance focuses on people, processes, and technology in every engagement.

It starts with people. Every team member supporting an Xceedance client is a stakeholder. Xceedance teams ensure all stakeholders can work efficiently and produce timely outcomes to achieve the client’s desired operational state.

Next is the process. Any process lacking the right people is inefficient by definition. And a bad automated process is still a bad process. Xceedance partners very closely with clients to design and validate effective processes that can be expediently enabled and managed.

Finally, intelligent technology is a critical tool. In the absence of the right people performing the right processes, brokers and insurers can end up working for their tools, rather than effectively deploying those tools to fulfill key objectives.

So, Xceedance accounts for technology as a core enabler in the project roadmap — from omnichannel access and digital enablement, to business intelligence and Big Data, from public and private clouds to cyber risk and distribution automation. Clients can be sure of effectively harnessing and unleashing technology to create capacity, reduce the frictional costs of doing business, improve policyholder services, and accelerate time to profitability.

“Xceedance allocates resources locally to best support the needs of our clients in all aspects of the insurance lifecycle,” says Balakrishnan. To remain informed about business nuances, the company situates its teams on four continents, and organizes regular cross-training, sharing of detailed briefings on client activities, and assessments of the business conditions in which brokers and insurers operate. “No matter where clients are located, Xceedance has the specific services and the professional resources to improve insurance operations. And no matter the obstacle to efficiency and expansion, if brokers, MGAs, insurers, and reinsurers face a business or operational challenge, Xceedance has applicable experience and can help,” adds Balakrishnan.

With Xceedance, brokers and insurers benefit from industry-knowledgeable teams, flexibly deployed as a consultative partner to:

• Promote agility in implementing business models and distribution channels

• Support digital enablement to improve policyholder service and distribution dynamics

• Enable process and decision-making precision, based on new technologies and datasets

• Differentiate the insurance enterprise by supporting operational and technological acuity

“At Xceedance, we strive to offer exemplary services and craft market-disruptive solutions to power the transformation of insurance organizations worldwide,“ according to Balakrishnan.

- Pamela Morgan
    September 09, 2020
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Top 10 Broker Management Consulting/Service Companies – 2020


Boston, U.S.A

Arun Balakrishnan, CEO and Amit Tiwari, EVP & Manish Khetan, EVP &Travis MacMillian, EVP & Amit Ranjan, EVP

Xceedance is a global provider of strategic consulting, technology, and managed services to insurance organizations