Fostering Innovation
How EXL Service goes beyond outsourcing to business transformation and innovation.
Insurance companies often look to reduce operating expenses by outsourcing business operations. Yogendra Goyal, vice president and head of insurance sales for EXL Service, explains how the company can also help in business transformation and innovation.
BEST’S REVIEW: How is the landscape of insurance and technology changing?
GOYAL: From global sourcing perspective, insurance companies are increasingly focused on using service providers with deep domain expertise like EXL. While this is important for process outsourcing, it is even more important if insurance companies are looking to transform their business processes using levers like re-engineering, analytics and risk advisory services. If I look back nine years, there were hardly any credible service providers except a few captives, but today, there are select third-party pure-play BPO providers who are changing the landscape by focusing on not only the outsourcing but on business transformation and business innovation. Companies are no longer looking to manufacture, distribute and service their insurance products and services from a central location or in-house, but are open to looking at the most optimal mix that makes their business model more effective and efficient. That may include outsourcing parts of the back office, and EXL is fundamentally structured to help clients along that journey from the inception, which may commence with re-engineering, to the end-state outsourcing solution.
BR: What does EXL do to facilitate this changing environment?
GOYAL: EXL is constantly looking to provide our clients a competitive edge in this dynamic environment by innovating and enhancing our clients’ business operations. Today, we offer an integrated suite of services around outsourcing and transformation that seeks to fundamentally improve our clients’ operations, not just outsource them to a lower cost location, and operate them efficiently. Our expertise in the Insurance domain, combined with a process-centric approach, an unparalleled track record of seamless process migration and consistent service delivery, positions us uniquely in the insurance space. The last time I spoke to A.M. Best on behalf of EXL, we had six insurance clients, today the number has increased to 17 insurance clients, including six of the top 10 U.S. insurance companies. Most of them use our service offerings across both outsourcing and transformation services. We now have well over 10,000 employees with extensive operations in both India as well as the Philippines and are aggressively expanding into new offshore geographies.
BR: How are you helping insurers to prepare for the future?
GOYAL: Fundamentally, our role is to serve as a partner to carriers by assisting with expense reduction, revenue enhancement and business innovation using transformation approach. To accomplish this, we leverage many skills sets including our group of 400 transformation professionals with backgrounds in six-sigma process re-engineering, management consulting, accounting and control, and quantitative analytics. The most pressing needs that insurers are facing today is cost reduction and better market insight. Our credentials with respect to cost reduction are impressive, and we have the distinction of being the partner of choice for 17 insurance clients who trust us to significantly reduce their operating expenses yet maintaining or exceeding service levels.
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