Xceedance: Powering Insurance Transformation
Xceedance provides strategic operations support, technology, and data services to drive efficiency for insurance organizations worldwide. The company helps insurers launch products, implement intelligent technology, deploy advanced analytics, and achieve business process optimization.
Xceedance leverages vast insurance and technology expertise to facilitate, automate, and optimize insurance lifecycle functions, including exposure management, actuarial requirements, underwriting, policy management, claims to handle, and finance. Mr. Amit Ranjan, Executive Vice President, CAO at Xceedance shares more insights on the same.
- Could you give us a brief on the company, its specialization, and the services that Xceedance offers?
Xceedance is a provider of strategic operations support, data services, and technology to insurance organizations worldwide. Our teams leverage vast insurance and technology expertise to facilitate, automate, and optimize insurance lifecycle functions, including exposure management, actuarial, underwriting, policy management, finance, and claims handling to boost operational efficiency for insurers, reinsurers, agents, brokers, and program administrators.
- Which are your key markets and what is the growth in those markets? How do you see that changing, if so?
We have clients across major global insurance markets. Specific key markets include the United States and Canada in North America, the United Kingdom, Switzerland, France, Germany, Italy, Spain, and Portugal in Europe, plus Australia and New Zealand.
- AI, analytics, robotics, etc. are the buzzwords today. How are you leveraging them in the making of your products and services? How is your company helping customers deliver relevant business outcomes through the adoption of your technology innovations?
In the past, rule-based systems contained most engineering and underwriting guidelines, with checks carried out automatically against the rules to correct the data on any rule violation. The result was accurate data that helped underwriters to price risks appropriately. But now, artificial intelligence is replacing these rule-based systems. AI is a more evolved way of using computer algorithms to enable intelligent decision-making. In the insurance industry, AI can deliver superior value across the lifecycle. It starts with customer service chatbots, continues with efficient underwriting, and ends with automated claims management and detection of fraudulent activities.
Technology is fundamentally changing how insurance works, and companies like Xceedance are driving that change by leveraging new technologies and approaches. By finding ways to incorporate solutions like robotic process automation, artificial intelligence, machine learning, and augmented reality into insurance workflows, our team empowers our clients to streamline their operations, work more efficiently, and reduce costs.
At Xceedance, we have always used intelligent technology as the foundation of our offerings across the policy lifecycle. Our technology-led solutions help us identify areas where intelligent technologies can play a role in improving efficiencies. Our key success drivers are the combination of people, processes, and technology.
- Who is your typical Customer? Can you mention a few examples of Clients/work that you have done/are doing and what has been the documented impact of the same?
A demonstrated track record of organic growth is underpinned by strong client relationships and new business generation, allowing Xceedance to diversify its client base. Our company began its journey with a single blue-chip client. Today, the company has more than 130 clients, from publicly listed entities to start-ups, located across key global insurance markets.
Historically, the core focus of Xceedance has been to leverage profound insurance knowledge and intelligent technologies and act as a trusted, strategic, and operational consultant for clients across the world. Today, our organization encompasses a group of three companies to extend those capabilities – NuVenture, SIMTAL, and ChainThat.
- NuVenture incubates early-stage MGAs in the London market
- SIMTAL offers a digital life insurance platform for brokers in specific European markets
- ChainThat provides next-generation tools to help insurance organizations across the globe streamline operations and bring new products to market quickly.
Through this unique combination of services, products, and turnkey solutions, Xceedance is uniquely positioned as a digital-first, domain-savvy enabler of all stakeholders within the insurance business.
- Along the way, what were the insights you gathered, and what made the journey gratifying? Any particular challenges?
For some start-up companies, the journey is the story. The Xceedance story is inspired by the transformation of traditional service delivery models. As a leading provider of industry-focused services and solutions, Xceedance has rapidly grown from start-up to maturity, becoming an agent of positive disruption in the global insurance ecosystem.
In the modern digital economy, many companies in a variety of industries — including insurance — require domain-expert services to enhance and accelerate their frontline business operations, as well as the technology platforms that support business strategy. In this environment, Xceedance has emerged as a principal disruptor of traditional business service models by integrating cutting-edge automation and process improvements to optimize operations.
There have been many challenges along the way, with the COVID-19 pandemic being the most recent one. However, our team has always viewed challenges from the lens of opportunities.
The last two years have been high-growth years for us and that wave is continuing. Just like every industry, the insurance sector comes with its own set of challenges, but the team at Xceedance understands the insurance marketplace and works closely with clients to adopt technology and be more data-driven in their strategy.
- What Is Your Greatest Strength or leadership mantra?
Our corporate leadership has a great ability to identify and attract the right talent and build a cohesive team, and that has been key to our success. Many professionals at the company possess significant insurance industry experience, and the staff retention rates at Xceedance are the envy of our peers and competitors. That success has been replicated globally, and the emphasis on the team is evident in every office in the Xceedance group.
- What is the size of the Xceedance team overall and in India? What are the plans for future hiring?
Headquartered in Worcester, Massachusetts, USA, Xceedance has a presence across 9 global office locations with annual staff growth of over 30%. The global headcount for Xceedance, including group companies, is over 2,900 with more than 2,600 of them located in India.