Electronic Chat with Amit Ranjan, Executive VP and CAO, Xceedance
Laura Mazzuca Toops | October 19, 2020
Electronic Chat with Amit Ranjan, Executive VP and CAO, Xceedance
Amit Ranjan is executive VP and CAO of Xceedance, a global provider of strategic operations support (SOS), which includes consulting, managed services, data sciences, and technology across the entire insurance lifecycle. The company’s proficiency extends to underwriting, actuarial services, catastrophe modeling and exposure management, policy services, claims, BI and reporting, finance and accounting, and application development.
How did you first get into the insurance industry?
My journey into the insurance industry was a bit accidental. I started my career as an analyst in a team building models for natural catastrophes and evaluating property risk associated with various hazards. Since the industry is one of the significant consumers of catastrophe models and I wanted to understand the practical usage of the models, I was drawn to insurance as the next phase of my professional experience. My initial work was focused on analytics and pricing of property and specialty risk, and then I pursued roles within other operational aspects of the insurance lifecycle.
What do you think are the industry’s biggest challenges today?
Not surprisingly, one of the largest challenges facing the industry today must be the uncertainties of the COVID-19 pandemic and the multifaceted impacts on the industry and insurance organizations — in 2020 and with no end in sight. Revenues have been strained to varying degrees by the pandemic crisis, and there are worries there could be more financial pain in store. 2020 has also been challenging in other ways, for example in the U.S. with an active hurricane season and an early start to wildfires. I think some lines of business will get scaled back, and there is a concern in the market about litigation, company insolvencies, and various potential losses within financial lines products in particular.
Insurance organizations have had to adjust their operations while serving the insured during these challenging times. Insurers need to have a post-COVID game plan as they look to rebuild their businesses after months of disruption from the pandemic. At the same time, the industry also must deal with operational and productivity matters arising from remote working arrangements.
While insurers and their partners are coping operationally, the global pandemic may create new business risks, increasing claims volumes and payouts, and potential investment losses.
The global pandemic has impacted every business, including insurance. How is Xceedance helping the industry serve customers in these challenging times?
The coronavirus pandemic has accelerated digital enablement in the re/insurance industry and highlighted the potency not only of remote working, but also of engaging managed services providers with strong insurance operations knowledge to handle key processes. Xceedance is a global insurance consulting, managed services, and insurtech company with offices in the U.S., the U.K., Switzerland, Poland, Australia, and India. The company’s geographic footprint enables staff to handle insurance operations and processes in multiple languages and in multiple business and regulatory environments, a key advantage amid increasing globalization in the industry.
With the entire Xceedance staff across the world working remotely, we have taken on additional projects to support our clients; and we have added various new clients this year during these challenging times, as insurance organizations require critical support and backup for their dispersed workforce. We are helping clients with a range of strategic operations support, digital transformation, and technology solutions — enabling them to continue to meet the expectations of their customers. Xceedance insurance experts assist re/insurers in refining and optimizing critical processes, often by applying appropriate automation and intelligent technologies, and enabling our clients to be more productive and effective in their operations and policyholder services.
What types of insurance businesses typically use the services of Xceedance?
Xceedance provides consulting expertise and managed services to clients all over the world, serving a wide range of insurance providers in distinctive business ecosystems. Our clients include insurers, reinsurers, brokers, program administrators, TPAs, and agents.
How would you characterize the role insurtech plays, both in traditional insurance and at Xceedance?
Insurtech organizations are typically disruptors that prepare and help to guide the insurance industry to be more future-ready. Insurtechs also challenge traditional processes and define new, tech-enabled possibilities to connect the market and conduct the business of insurance. Not only are insurtech resources adding efficiencies to the processes of the insurance lifecycle, but at the same time they are also helping with better risk qualification and pricing (for example, in usage-based insurance).
There are reports that some activities of newer insurtechs have slowed, in part due to the pandemic. But by all accounts, the continued deployment of new technologies continues. Now it’s more important than ever for insurers to continue on the path of digital transformation, and embracing artificial intelligence (AI)/distributed ledger technology (DLT)/blockchain, and more — to streamline their operations in today’s new normal, and for the future of data-driven, digitally-enabled insurance operations.
We see Xceedance as an insurtech-plus contributor to the industry; that is, we are both a provider as well as a strategic developer and deployer of insurtech. We supply insurtech in the process of delivering strategic operations support — which includes our resources and capabilities in process optimization, technology transformation, and digital enablement. At Xceedance, everything we do is driven by technology. We apply insurtech solutions and advanced analytics across critical phases of the insurance lifecycle, to help insurers enhance existing systems, optimize workflows and boost profitability.
What are some of the emerging tech tools you’re seeing that are having an impact on insurance?
AI, machine learning, optical character recognition (OCR), DLT/blockchain technologies and drones — all backed by data and analytics mastery — are among the top insurtech disruptors for the re/insurance industry. Those technologies, along with low-code/no-code application development standards, can help insurers streamline product development and distribution, and enhance sales and service channels, to attract and retain a new and evolving generation of policyholders. Moreover, re/insurers are proactively investing in analytics, business process management (BPM), and regulatory compliance solutions to alleviate pressing business challenges.
Artificial intelligence (AI) is one of the brightest elements of insurtech initiatives, and it seems natural for insurers to use advances in AI — including machine learning (ML), natural language processing (NLP) and robotic process automation (RPA) — to improve operations and leapfrog competitors. Claims service is good example of a process in which insurers can see the benefits of incorporating AI solutions, for everything from reporting first notice of loss (FNOL), to initiating claim processing, or even deploying an adjuster, if necessary.
Further, there is a good deal of interest in mobile platforms and proprietary smartphone-based telematics by insurers seeking to launch and service usage-based insurance (UBI) products. And considering data is at the heart of all digital transformation, there is increased focus on next-generation data engines to enable data-driven decision making. Modern technology stacks encompass data engines that not only capture and organize diverse and dispersed information to generate actionable insights, but also help to integrate those insights with critical insurance business processes in real time.
- Your Insurtech Investment: Making the Most of the Software You Already Have
- Electronic Chat with Sanjeev Kumar Chaudhry, Founder and CEO, Gigaforce
- Electronic Chat with Sylvester Mathis, Chief Insurance Officer, Insurity
- Inside the ITA: Meet the Board
- Digital Drip: New Lease on Life
- Transformation Corner: Core System Transformation
- Big Fix: Closing the Data Divide
- Tech, Processes, and a Plan
- Core Systems: Out with the Old?
- 5 Things to Consider When Modernizing a Surety System
- Four Benefits of Integrating Mobile Crash Detection and Accident Management
- Everybody Loves Gelato
- Electronic Chat with Jennifer Smith, VP of L&A Product Strategy, Sapiens North America
- Now Accepting Nominations for "Pick of the Litter" Issue
- “New Normal” Requires an Insurance Analytics Evolution
- Accuracy: Are Data Providers Pulling the Wool Over Your Eyes?
- Agents Send More Business to Insurers with Better Tech, Celent Finds
- Electronic Chat with B2Z Insurance
- Still Standing, Still Learning, and Still at Home
- ITA Pro Magazine, May/June 2021
- Electronic Chat with Chris Ewing, Founder and CEO, One Inc
- Electronic Chat with Sharmila Ray, Head of Carrier Strategy, Solutions and Go-To-Market, Vertafore
- Electronic Chat with Alex Devoto, Founder, LVLFi
- Prince Charles, Lloyd's Launch Sustainability Insurance Task Force
- UFCIC Becomes First U.S. Insurer to Accept Cryptocurrency for Premium Payments
- Electronic Chat with Ty Harris, Co-Founder, Openly Insurance
- The Insurance Industry’s Reliance on Friction: A Good Strategy?
- Loss Control, Premium Audit Systems Critical to Customer Experience, Celent Finds
- What's AI-Right and AI-Wrong?
- The Drive for Digital
- Electronic Chat with Candice Smith, Founder and CEO, Caregiven
- Electronic Chat with Nestor Hugo Solari, Founder/CEO, Sigo
- The Giant Hole in Actuarial Models
- Electronic Chat with Trent Cooksley, COO and Co-Founder, Cowbell Cyber
- The ITA Pro March/April 2021 issue is here!
- Purchasing and Innovation: Friends or Enemies?
- COVID Drives More Reliance on Risk Management Systems, New Study Finds
- Electronic Chat with Robert Clark, CEO, Cloverleaf Analytics
- Solving Customer Communications Challenges with Hybrid Mail
- Six Trends Shaping Digital Insurance Tech Strategies in 2021
- Billing a Key Component of Customer Service, Celent Finds
- Why Data Science Fails
- Electronic Chat with Andrew Jernigan, CEO, and Allen Koski, President and Chief Innovation Officer, Insured Nomads
- Electronic Chat with Allison Martin, CEO and Founder, UDoTest
- Are Carriers Ready for the Coming Crash?
- Electronic Chat with Christopher Moore, Director for North American Sales Engineering and Solutions, Trifacta
- Next Insurance Partners with Amazon Business Prime to Provide Small Businesses with Affordable Digital Insurance Options
- An AI Walks Into an Electronics Store...
- InsurTech NY Announces Global Early-Stage Competition Winners
- World’s Worst County/Western Insurtech Song
- Electronic Chat with Anne-Laure Klein, COO, Akur8
- COVID-19 One Year Later: The Digital Transformation of Insurance
- Electronic Chat with Michael Kassing, CEO/CVO, insured.io
- BrokerTech Ventures Announces 2021 Cohort Class for Accelerator
- An Entirely Preventable Disaster
- Flipping the Fraud Triangle
- The January/February ITA Pro Magazine is here!
- Credit Risk, ESG, Cybersecurity Top Risk Concerns for Financial Institutions, Deloitte Finds
- Electronic Chat with Ellen Moser, Senior Client Executive, Origami Risk LLC
- The Answer to “So What?”
- Leaders Rise from a Year Like No Other!
- Electronic Chat with Jonathan Roomer, Co-Founder, YuLife
- Getting Creative to Hit COVID Curveballs Out of the Park
- Electronic Chat with Eugenio Gonzalez, Plug and Play
- New Report Projects Global Insurtech to Grow by $21 Billion During 2020-2024
- The 2020 Virtual Event Wasteland
- Insurtechs, Investors Optimistic About Post-COVID Future, New DIA/McKinsey Study Finds
- Finding Grandmas
- No Code / Low Code: The New “Shortest Route” In Insurance Delivery
- Are You Addicted to Copy-and-Paste?
- Electronic Chat with Nino Tarantino, CEO- Americas, Insurance and Mobility Solutions (IMS)
- Driving Life Insurance:Tech Alone Won’t Solve Business Problems
- Electronic Chat with Robin Roberson, Managing Director, North America, Claim Central Consolidated
- How Do You Make It Happen?
- Electronic Chat with Jason Liu, CEO, Zywave
- New Partnership Models Take Program Business to the Next Level
- New Study Finds Less than Half of Consumers Trust Insurers to Respond to Their Needs
- Electronic Chat with Andrew Mauritzen, CFO and Head of Insurance Industry, Exactuals
- You Want Us To Do WHAT For Free?
- Electronic Chat with Evgeny Aleksandrov, Co-founder and CEO, Pilotbird
- Electronic Chat with Chris Cheatham, CEO, RiskGenius
- New MIT Sloan Study Finds Few Companies Gain Big Benefits from AI
- The September/October ITA Pro magazine is here!
- “Being Right” is Just the Start of the Battle
- Electronic Chat with Amit Ranjan, Executive VP and CAO, Xceedance
- Planning for Your Business and Tech Future: Strategies, Plans and Budgets for Rapid Transformation
- Electronic Chat with Jimmy Padia, Founder and CEO, Floatbot
- Gelato with Dots and Sprinkles
- COVID-19 and the Insurtech “Junk Drawer”
- Even “Change” is Different Now. Your Strategic Planning Needs to Be Too.
- The Road Ahead for P&C Insurers: How to Understand Customers Better and Navigate the Post-COVID Insurance Market
- Electronic Chat with Jake Tamarkin, Co-founder and CEO, Everyday Life
- Strategic Planning in the “New Normal” Digital Era of Insurance – Your Next Move
- Insurer Tech Investment Priorities See Major Shift in a Post-COVID World
- Plug and Play Selects 25 Insurtech Startups for Winter Batches
- Digital Transformation – A Top Strategic Priority and New Reality
- Four Steps to Successful Migration of Insurance CCM Applications
- COVID-19 Accelerates Insurance Digitalization to Meet Customer Demand: World InsurTech Report 2020
- Electronic Chat with Greg Williams, Co-Founder, President & CEO, Acrisure
- Electronic Chat with Matt Perlman, Partner, IA Capital Group
- Insurer Digitalization: Are you a Competitor or a Laggard?
- Leaders are Leading and Creating the Future of Insurance Distribution
- 3 Things You Need to Know About No-Code
- Electronic Chat with Adam Kiefer, CEO, Talage
- Underwriting in 3D: Using Data to Adapt and Improve Life Insurance Sales
- Getting Past the "Gelato Syndrome"
- Insurers Know CX/UX is Important, but Don't Agree on Execution, Study Finds
- Electronic Chat with Steve Lekas, Branch Insurance
- How AI Can Attract Millennial Talent to the Insurance Industry
- Preventing Data Breaches
- A New Boom for Life Insurance: Shifting Away from the 250-Year-Old Policy Transaction
- Electronic Chat with Ty Harris, Founder and CEO, Openly
- A Digital Wildfire Creates a Burning Platform for Digital Insurance Business Transformation
- Digitalization, COVID-19 Spurring More IT Investment in Cybersecurity
- Electronic Chat with Michael DeGusta, CEO, ClarionDoor
- U.S. Consumers Significantly Underestimate Flood Risk, New Survey Finds
- The Future of Insurance: Opportunities in Ecosystems
- Electronic Chat with Todd Greenbaum, CEO, Input 1
- Majesco to be Acquired by Thoma Bravo
- The Evolving Role of Managing General Agencies
- Electronic Chat with Char Hu
- Electronic Chat with Allan L. Egbert, Jr.
- Electronic Chat with Christopher Tramontano and Zbigniew Gawienczuk
- Data Science is Gelato
- Insurance Innovation: Alive and Kicking
- Independent Agents Divided on Digital Experience, New Survey Finds
- Electronic Chat with Michael Jones
- Electronic Chat with Paul VanderMarck
- As Auto Insurance Premiums Shrink, Insurers Need Mobility Ecosystem, New Study Finds
- Property & Casualty Insurers Raise Digital Games as COVID-19 Elevates Customer Expectations, J.D. Power Finds
- Electronic Chat with Bobbie Shrivastav
- Meet the Board: Marissa Buckley
- Big Data and Insurtech: A Carrier Perspective
- Traditional Insurers Need Open Ecosystems, Partnerships to Remain Competitive, CapGemini Report Finds
- Electronic Chat with John C. Siegman
- 4 Ways AI is Empowering Insurers During COVID-19
- 6 Big Changes to Insurance from the COVID-19 Crisis
- Electronic Chat with Christopher Ewing
- Independent Agency Staff Morale High During COVID-19, New Survey Finds
- Electronic Chat with Brad Epker
- Tapping AI to Improve Policyholder Experience
- Electronic Chat with Manisha Bhargava
- ITA Pro Magazine, March/April 2020
- COVID-19 a Game Changer for Workers’ Comp
- Electronic Chat with Steve Comer
- COVID-19 Pandemic Forces Cancellation of ITA LIVE 2020
- Leveraging Digital Resources in the Time of COVID-19
- Electronic Chat with Robert Hartwig on COVID-19 and Insurance
- Celent Study: Most Small Businesses Still Unclear on Importance of Cyber Insurance
- The January/February 2020 ITA Pro is here!
- Deloitte: New C-Suite Roles Mean More Opportunities for Women
- Electronic Chat with Pankaj Parashar
- Electronic Chat with Tara Kelly
- Electronic Chat with Chuck Wilson
- ITA, InsNerds Collaborate to Enhance ITA LIVE 2020 Content and Coverage
- How SMBs Can Compete in Digital Ecosystems in the 2020s
- 4 Ways Insurance Can Prepare for New Data Privacy Laws
- Brewer Lane Ventures Launches and Hires Insurtech Vet Martha Notaras as Managing Partner
- 2020 GIA Cohort Launches on January 14
- The November/December 2019 ITA Pro is here!
- Electronic Chat with Joshua Snead
- Electronic Chat with Wendy Aarons-Corman
- Simplifying the Move to a Third-party Print Provider
- Take a Business-Driven Approach to Continuous Improvement for Core Systems and Processes
- Electronic Chat with Ron Glozman
- Guidewire’s Data Guru Mike Byam on How Insurers are Using Internal and Third-Party Data
- Electronic Chat with Russ Bostick
- Electronic Chat with Rock Schindler
- Electronic Chat with John Siegman
- Electronic Chat with Martin Burlingame
- Insurtech Landscape 2019: Top 5 Takeaways
- Grinnell Mutual Tackles Massive Transformation -- in Stride
- A Candid Conversation with Paul Mang
- SageSure Insurance Managers Improved Competitiveness by Consolidating Payments to a Single Digital Platform
- Digital Does Matter in Insurance-- And Insurers are Missing the Mark
- The 22nd-Century Insurer: Taking a Cloud-First IT Approach
- The September/October 2019 issue of ITA PRO magazine is now available in digital format here:
- ITA Pro Magazine May/June 2019
- Spotlight on the 2019 IASA Conference
- ValueMomentum Selects Erie as Site of Regional Development Center
- Capgemini and Majesco Become Alliance Partners
- Electronic Chat with Dr. Dan Shoham
- Electronic Chat with Todd Greenbaum
- Martha Notaras: The “Outsider” with an Amazing Inside View
- Electronic Chat with Larissa Tosch
- Martha Notaras Will Join ITA LIVE 2019 as a Keynote Speaker
- Five Things to Consider When Evaluating Your Cyber Risk
- ITA Pro Magazine, January/February 2019
- Synergy Between Insurers' IT and Analytics Teams Key to Operationalizing Insights, Says Novarica
- Major Ransomware Attack Could Hit U.S. with $89B In Economic Damages
- ITA Announces 1st of Three Keynote Speakers at ITA LIVE 2019
- Electronic Chat with Jeroen Morrenhof
- Legacy Systems Are Dead. Really? Don't Count On It.
- Now Accepting Nominations for the 2019 ITA Bridge Awards
- It's time to register for ITA LIVE!
- Registration is Now Open for ITA LIVE 2019!
- What to Expect from a Digital Experience Platform Implementation
- ITA Pro Magazine September Edition is Now Available
- It's National IT Professionals Day
- Save the Date for ITA-LIVE 2019
- OneShield Software and UrbanStat Work Together to Improve Real-Time Analytics and Risk Decision-Making
- ITA LIVE 2019 - SAVE THE DATE!
- Insurance Technology Association Announces New Editor-in-Chief
- August 2018 Edition ITA Pro Magazine is Now Available
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Arturo Hires New General Counsel
- Zurich NA Adds Chisel AI for Underwriting
- Insurity Acquires AuSuM Systems
- Method Insurance to Streamline Underwriting with Origami Risk
- BrokerTech Ventures Launches BTV LATAM Partnership, Adds UNICO Group as Broker Partner
- Roost Rolls Out White-Label Home Security Solution
- Norway’s Gjensidige Pensjonsforsikring Selects Sapiens Digital Solution
- Insurium Names Insurtech Veteran Jeremy Williams CEO
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA LIVE 2020
ITA LIVE 2020 –SAVE THE DATE!
April 5th – 7th, 2020
The Diplomat Resort
Become a member today to receive updates – www.itapro.org/MR
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE
Successful implementation requires balancing operational and emotional issues... READ MORE
- Vendor Views