A Unique Journey of Disruption and Innovation in the Insurance Industry
For some startup 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 managed services, Xceedance has rapidly grown from startup to maturity, becoming an agent of positive disruption in the global insurance ecosystem.
In the past, managed services were typically defined as outsourced IT support and maintenance providers for enterprise systems and network infrastructures. Simultaneously, classic business process outsourcing providers focused on offshore cost arbitrage around resources needed for repetitive and routine processing tasks.
But in the modern digital economy, more and more companies in a variety of industries — including insurance — require domain-expert managed 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 one of the principal disruptors of traditional business service models by integrating cutting-edge automation and process improvements to optimize operations. The company offers strategic consultancy in the form of managed services for core business and technology functions in insurance, backed by profound and specialized knowledge of the industry's mission-critical workflows.
In 2013, Xceedance emerged as a bootstrapped startup. It quickly built its brand and value around industry-knowledgeable managed services for insurance enterprise productivity and growth in the networked economy. The global insurance industry continues to face market and product challenges, fast evolving customer expectations, regulatory considerations, legacy technology limitations, cost pressures and the scarcity of domain talent. To help insurers sustain productivity and achieve growth, the company's experienced and agile team:
The disruptive business paradigm impacts the competitive landscape as well because large and established service providers are hesitant to adopt a business optimization and automation-driven managed services approach. Doing so can be counterintuitive to their operating model. By applying automation and process improvements, traditional service providers would essentially drive portions of their firm's own billable workforce out of their client organizations.
Macro level socio-economic conditions have also contributed to the rapid success of Xceedance. India is not the most low-cost labor market, but it is one of the world's most accomplished incubators for technology, data sciences, and analytic innovation. From the outset, Xceedance recognized the opportunity to leverage the strengths of the Indian economy and its skilled workforce — to reinvent the enterprise managed services model and comprehensively support the complex value chain of the global insurance industry.
"The Indian services economy flourishes when we are adding direct value to client businesses by contributing advanced technical skills and business knowledge," disruptthestates Xceedance CEO, Arun Balakrishnan. "Xceedance recognized the opportunity to disrupt and strengthen the services industry.In our case, we had 45+ years of Insurance experience among the founders of the Xceedance team, so we focused on designing expert services for the insurance industry. The mdisrupt thetraditional services methodology, backed by our deep-rooted insurance knowledge,w as the genesis of our company."
While the company's journey is unique, Xceedance is also exceptional among India-based startup organizations. Since inception in 2013 and through 2016 (three full fiscal years), the company has grown organically to an annual turnover exceeding 100 Crores without raising any external funding. This level and pace of performance and success likely make Xceedance one of the most successful start-ups launched in the last five years. Xceedance has also tripled its workforce in each of the last four years. Currently, the company employs approximately 850 professionals worldwide.
"Xceedance is assuming a global leadership role in insurance managed services and analytics by supporting the full scope of insurance operations, including pre-underwriting and actuarial services, catastrophe modeling, loss rating, pricing and claims processing," says Manish Khetan, EVP. "We offer advanced technology services and develop custom applications for insurance organizations. With a team of experts in all aspects of the insurance lifecycle, Xceedance itself essentially operates as an insurance company."
Due to long-term contracts and exceptional service delivery that inspires high client confidence and retention, Xceedance has always experienced, and continues to enjoy, positive cashflow. The company has a global footprint with clients in four continents. Those clients represent some of the most successful insurance organizations in the world. To support the transformation and strategic growth of its global insurance industry client base, Xceedance operates from four offices in the United States, United Kingdom, Poland and India.
"Our company is growing with business opportunities across the globe. Ensuring 'right shoring' is critical for the success of a managed services business in meeting the needs of diverse clients," explains Amit Tiwari, EVP. "As a global organization serving insurers in a variety of regions, we focus on placing the appropriate domain expertise and project management representation in the right geography — to perform effectively as a well-informed business and technology partner with individual clients."
Xceedance professionals are involved in initiatives and projects at the forefront of business and technology trends. Those trends include artificial intelligence, cognitive learning by machines, robotic process automation, predictive and prescriptive modeling, and the effects of big data and the Internet of Things on insurance operations.
"Looking forward, Xceedance remains focused on supporting client needs across the breadth and scope of the insurance lifecycle. By leveraging state-of-the-art analytics, data sciences, and technology, our company is moving even deeper into the value chain of insurance, and we're increasingly recognized as an expert partner to insurance organizations," states Amit Ranjan, SVP. "Our expanding expertise and growing client footprint help to differentiate Xceedance in the evolving arena of managed services."
Having recognized the fundamental distinctions and economics of managed services, Xceedance today continues its unique and successful journey, guided by the mission to offer on-demand, business-driven services for insurance organizations worldwide.