Xchanging and Pega Bring Innovation to the Global Insurance Market
So the power of Pega and Netsett is that for intra-group transactional processes, we can take millions of transactions and auto-match them together. This is a process that can take many weeks or even months within brokers and carriers, and we do that within seconds.
The Business Issue
Xchanging is a global provider of technology enabled business services with an expertise in Insurance. They manage the bureau service for Lloyds of London which controls more than £30bn of annual premiums globally. In order to keep up with the increasing volume and complexity of claims and premium processing, Xchanging needed a solution that improved efficiency and regulatory compliance while enabling tighter controls on client money and capital.
Xchanging leveraged Pega 7 to create Netsett, a central accounting and net settlement service for the global insurance market. With Pega, Xchanging improved operational efficiencies for their customers in cash allocation, reconciliation and policy administration by 50%. Pega’s automation enables Xchanging to auto-match and process millions of transactions in seconds. Xchanging also offer their customers the flexibility of running applications on premise, on the Pega Cloud or a combination the two.
Working with Pega, Xchanging:
- Improved client operations by 50%
- Improved regulatory control
- Increased application security
- Reduced transaction settlement time from months to seconds