Industry
Insurance and financial services
Processes
New account set up
Account administration
Licensing and field compensation support
Portfolio adjustments
Beneficiary processing
Broker / advisor support
Service recoveries
Special investigations and reimbursements
Check processing and document operations
Managing the back office for a range of products for
a leading U.S. insurance and financial services
advisory company
The client, who is a premier financial products and services delivers services across the entire lifecycle of an advisor.
company, offers a broad spectrum of services for its WNS supports financial products throughout their lifecycle
customers in the North American market. from indexing to new account set up (for insurance
products, brokerage accounts, specialized managed
portfolios), to client administration (updating new issues,
The Clients Challenge monitoring the movement of money, updating various new
The client realized that, to provide services effectively, it financial features that are added to products), through to
would have to build a robust back office to fully support its compensation for the advisors (which is a commission
financial advisors and agents, which is scalable and earned on each policy sold). Most of the products are long
cost-effective. term as annuities comprise a major part of the business and
the related administration of the client portfolio is handled
Further, this back office would require a design which is offshore, by a dedicated WNS team.
a comprehensive repository for the client's full range of
products and services. Operational excellence assumed WNS also provides support on new products as they are
significant importance in the client's business model and it added to the client’s portfolio. As an example, if the client
set a mandate to provide ‘excellence in its services’. has a mutual fund account and requires a debit or credit
card on the account, the WNS team then applies the
The WNS Solution necessary rules, ensuring that the customer gets the new
product or service.
Today, WNS supports the client across all functions of
portfolio management and related financial products WNS has a dedicated recovery team to tackle financial
starting with the opening of an account for customers all planning and service recovery. This involves sending
the way through management of the portfolio. In short, WNS notifications and advisories to customers.
Copyright © 2009 WNS Global Services | wns.com Industry: Insurance and financial services | 01

Key features of the WNS solution include With
n effective management of shifts, and substantial
re-engineering of workflow, WNS was able to deliver
Since
n commencement of the partnership, WNS billed the
a significant improvement in turnaround time from 3 days
client on a Unit Transaction Pricing (UTP) model, for a
to one day.
substantial portion of the scope. This has not only
allowed for greater client flexibility as volumes changed, WNS
n cross-trained resources as part of a business
but also, has required meticulous planning between both continuity strategy to ensure that delivery is not
client and provider teams. impacted. If one WNS center were to go out of service for
any reason, a center located in another geographical
WNS
n scaled up resources significantly from the first year
location would be able to serve the client seamlessly.
of operations, taking on 31 processes ranging from low to
high complexity, right from the beginning of the WNS
n devised a unique performance incentive plan for its
engagement. associates which ensured that quality expectations are
met at all times while delivering higher revenues.
nclient
The and WNS worked closely and effectively
The plan is designed in a manner that payouts happen
together to migrate the work offshore. WNS deployed a
only if quality targets are met at the individual level.
‘train the trainer’ model to make sure that all staff were
There is also is a provision to earn a bonus if the
capable of delivering the processes.
associate achieves higher productivity numbers in
WNS
n initially created a pool of domain experts who could comparison to preset targets. The additional payout is
provide advice on the salient characteristics of the made on a per case basis and has increased productivity
client's products, supported in the initial scope. Today, across the board. In addition to the regular payout plan,
given the power of this capability, the client has WNS also provides incentives for tenure based on
transitioned all transactions offshore to WNS staff. pre-defined tiers, which have played a major role in
nWNS
The team obtained FINRA certifications to support talent retention.
certain products.
WNS
n and the client collaborated on process improvement About WNS
initiatives to ensure that cycle time for processing was
WNS is a leading global business process outsourcing
reduced while customer experience was improved.
company. Deep industry and business process knowledge,
a partnership approach, comprehensive service offering and
Benefits delivered by WNS include a proven track record enables WNS to deliver business value
nWNS
The process improvement program has yielded to the world’s leading companies. WNS is passionate about
dramatic results with regard to quality of delivery and building a market leading company valued by our clients,
reduction in the cycle time. The client measures quality employees, business partners, investors and communities.
on a scale of 1 to 1000. As an example, in the area of
annuities, in 2006, the error rate was 19 per 1000
transactions. This was reduced substantially in 2008 to
4.5 – a 70 percent median reduction in 2 years.
WNS instituted measures to ensure that its staff did not
make errors, in contrast to correcting errors after they
were made. WNS also staffed the team with a higher than
average ratio of quality staff to processing staff.
To learn how we can help extend your enterprise,
write to us at info@wnsgs.com
Copyright © 2009 WNS Global Services | wns.com Industry: Insurance and financial services | 02