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WNS - Transforming Property & Casualty BPS with Touchless Processing

Vendor Analysis

by NelsonHall Analyst

published on Jan 07, 2020

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Report Overview:

This NelsonHall vendor assessment analyzes WNS' offerings and capabilities in transforming Property & Casualty BPS with touchless processing

Who is this Report for:

NelsonHall’s comprehensive assessment of WNS Global Service’s (WNS) property and casualty (P&C) business process service (BPS) offerings and capabilities is designed for:

  • Sourcing managers monitoring the capabilities of existing suppliers of capital market process outsourcing and identifying vendor suitability for Digital Banking Services RFPs
  • Vendor marketing, sales and business managers looking to benchmark themselves against their peers
  • Financial analysts and investors specializing in the support services sector.

Scope of this Report:

The report comprehensively analyzes the company’s P&C BPS practice:

  • Strategy, emphases, and new developments
  • Strengths, weaknesses and outlook
  • Target market
  • Offerings and associated technology capabilities
  • Delivery organization, including locations and partnerships
  • Breakouts of P&C BPS specific revenue and delivery resources.

Key Findings & Highlights:

WNS principally offers BPS. Insurance is its largest vertical business, and the vertical generated 27% of revenue in FY2019. Half of this insurance revenue was generated by P&C carriers, brokers, reinsurers, and the Lloyd's of London market.

WNS was founded as an in-house unit of British Airways in 1996 and in 2003 WNS began offering BPS services to external parties, including property and casualty (P&C) carriers. In 2003 WNS acquired Town & Country Assistance Ltd, a U.K. based auto claims processor. From 2004 to 2007, WNS provided BPS to P&C carrier Aviva International Holdings. In 2006 WNS completed its IPO. In 2008, WNS acquired Chang Ltd, another auto claims processing processor in the U.K. Also in 2008, WNS made its most significant P&C BPS acquisition: Aviva Global Services. This acquisition transferred to WNS the insurance group Aviva's offshore BOT (Build-Operate-Transfer) facilities in Bangalore, Pune, Chennai, and Colombo. This deal was valued at $228m and established WNS as a significant vendor of P&C BPS.

WNS serves approximately 40+ P&C carriers, underwriters, reinsurers, brokers, TPAs, and loss adjustors. WNS is particularly strong in serving mid-tier P&C carriers. It has targeted a range of multiline carriers that require traditional outsourcing support (such as rebadging of employees); and start-up carriers that require functional support.

WNS has three major strategic approaches to growing in P&C BPS:

  • Reimagination of the business: WNS offers co-creation methodology “ADAPT”, featuring design thinking personnel and insurance domain expertise, technology planning and integration expertise
  • Large scale outsourcing: WNS offers BPaaS, particularly in analytics, actuarial, automation, and with Guidewire and Beyondtec platforms
  • Targeted functional outsourcing: WNS offers analytics, actuarial, underwriting, policy administration and claims automation, and straight-hrough processing. WNS believes its advantages include technology agnosticism, domain expertise, flexible and redundant delivery options with range of geography options.

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