Patni Computer Systems has expanded its Actuarial Center of Excellence (ACE) to provide consulting risk management and actuarial services for insurance and financial services companies in an onshore and offshore delivery model. ACE provides actuarial expertise and what the vendor describes as a rich pool of seasoned actuarial consultants in the United States, India and Europe to provide customers optimized and cost-effective solutions for improved financial performance.
ACE offers a wide range of services from consulting to loss monitoring, reserving, pricing, profitability analysis, experience analysis and statutory reporting, according to a Patni press release. Retirement and Pensions actuarial services also include accounting and funding valuation and plan conversion series. These services are available to clients in a third-party or shared services construct, the release says. Patni claims that through use of a global 24x7 delivery model, it is currently helping several companies reduce their operating costs by 40-50 percent by decreasing cost per valuation, augmenting actuarial and modeling capabilities, improving turnaround time, streamlining valuation methodologies and delivering error-free valuations. The vendor claims that on the strength of a team that with the experience to quickly take on and implement new clients, Patni has also developed numerous solution accelerators that speed time-to-benefit.
Patni's expanded actuarial BPO offerings come at a time when domestic talent is waning, according to Mike Fitzgerald, a senior analyst in Boston-based Celent's insurance practice. "Actuarial BPO will rise as North American firms expand activity in sophisticated pricing methodologies and the scarcity of actuarial talent in North America continues," Fitzgerald opines. "This will not be a displacement of resources, but additions to capacity and extensions of insurers' teams."
"Insurance and Financial services companies increasingly need to focus on efficient and transparent risk management while controlling costs. Our end-to-end outsourced actuarial and analytics services on a variable cost basis in an on-shore off-shore delivery model augment clients in-house efforts and resourcing," comments Sanjiv Kapur, SVP and Head of Patni's Global BPO business. "We enable clients to significantly reduce operating costs while focusing on predictive modeling and other value added analytics that are currently compromised."
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio