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THE INSURANCE SUPPLY CHAIN
Today’s dynamic and interconnected insurance business landscape has led to complex supply chains spanning across continents, increasing the number of potential points of failure as global threat vectors such as cyber risks become more and more sophisticated.
SUPPLY CHAINS ARE AT THE FOREFRONT OF REGULATORY AGENDA
CONTACT US AND LEARN MOREMohit Manchanda (Head of Insurance, UK and EU) [email protected] +44.7958.400.440
Prashant Chaturvedi (VP and Leader, Finance Transformation) [email protected] +44.7899.022.926
Prakhar Agrawal CIPT, CISM,CISA (Practice Director, GRC) [email protected] +44.7913.123.672
EXLSERVICE.COM | ©2020 EXLSERVICE HOLDINGS, INC. ALL RIGHTS RESERVED
Managing Third Parties from Risk to Resilience
DO YOUR THIRD PARTIES STRENGTHEN OR WEAKEN YOU?
Whether you are a carrier, broker, or any other party in the insurance value chain, supply chain resilience is a critical element of overall operational resilience.
What can firms learn from this current situation and ensure
they are better prepared for future disruptions?
MANY INSURANCE FIRMS LACK CONTROL OVER THEIR SUPPLY CHAIN
There is no centralised view or visibility into third
and fourth parties
Current processes are fragmented, manual, and rely
on complex spreadsheets
Limited insights and analytics are available around supplier
risk and performance
Citing that supply chains are among the leading causes of operational disruptions, regulators are enforcing rules and guidelines for insurance firms to effectively manage risks posed by third and fourth parties
Standardised information
gathering questionnaires
Automatically build third-party
inventory via smart data harvestin
g
from survey questionnaires
Rich library of assessment
questionnaires based on
leading standards
Automatic response
evaluation and risk scorin
g
Centrally monitor all
issues and collaborate on
remediation or risk acceptance
Pre-populate information fro
m
past assessments and review
only what’s changed
Rapid deployment:
showcase ROI, then scale
up for your wider needs
Accessible to third
parties with no loss of
information in emails
Dynamic workflows to
mimic (or enhance) your
existing processes
Assess inherent risk,
residual risk and overall
supplier criticality
Initiate one-tim
e or
a recurring schedule
assessments
Follow up with onsite
or remote audits
Pre-contract due diligence and onboarding
Inventory creation and maintenance
Risk assessments and due diligence
Issue management and remediation
Ongoing monitoring and audits
OUR RISK & COMPLIANCE CENTER OF EXCELLENCE
• Over 3 million hours delivered
BEST-IN-CLASS TECHNOLOGY • Deep automation, analytics
and ease of use
INSURANCE DOMAIN EXPERTISE WITH 650+ CLIENTS GLOBALLY
• Leader & Star Performer (“Everest Group PEAK Matrix® 2020)
OUR TPRM* SOLUTION
This results in lack of confidence in a supplier’s continued ability to support firms’ critical business services
OUR SOLUTION DIFFERENTIATORS
[ [
Retail brokers Aggregators
MGAs and delegated
authorities CarriersReinsurance
brokers ReinsurersLost
adjusters TPAs
Cloud and hosting providers
Outsourcing partners
Technology partners
Facilities suppliers
InsurTech firms
List goes on...
The PRA1 and the FCA2 expect insurance firms to comply with a wide range of requirements throughout the lifecycle of their third party arrangements. EIOPA3 and EBA4 bring much needed rigor to outsourcing, cloud and data security.
The implications of not doing the adequate due diligence for supply chain are massive. Whether there is a disruption or a data breach, BIG BRANDS PAY THE BIG BUCKS.
COVID-19 is acting as a catalyst for insurance firms to exercise more control over their third and fourth parties and enhance overall resilience.
EXL brings together risk and compliance expertise, deep insurance domain knowledge and best-in-class technology to provide clients with a HOLISTIC SOLUTION to effectively manage this transition.
SUBJECT MATTER EXPERTISE
OUR THIRD PARTY RISK MANAGEMENT SOLUTION
Seamless collaboration and audit trails
BEST-IN-CLASS TECHNOLOGY PLATFORM
Real-time reporting and MI
Measurable risk insights at vendor,
product, or portfolio levels
Analyse trends and
performance and do peer
comparisons
EFFECTIVE THIRD-PARTY GOVERNANCE IS A COLLABORATIVE EFFORT
Our solution brings together all relevant parties on a common platform to provide for an integrated effort and allow the seamless exchange of information
MAKE SUPPLY CHAIN YOUR STRENGTH. SCHEDULE A DEMO TODAY.
Governance and
accountability
Record-keeping (outsourcing and cloud
registers)Pre-contract due diligence
Contractual agreements and clauses
Risk assessments and audits
Specific risk mitigation (concentration risk and
vendor lock-in)
Exit planning Sub-outsourcing and intra-group
outsourcing
K E Y R E Q U I R E M E N T S F O R I N S U R A N C E F I R M S
Third parties
Procurement and third- party risk
BCP/DR and resilience
Business operations
Data protection and legal
Information security
Risk and compliance
audit
Supplier relationship
managers
• Enterprise-level control and visibility: no more silos
• Tremendous efficiencies and reduced costs of managing third-party risk
• Granular risk intelligence to drive decision making
• Better compliance preparedness
• Powerful UI for third parties to share information
KEY BENEFITS
1. PRA - Prudential Regulatory Authority 2. FCA - Financial Conduct Authority 3. EIOPA - European Insurance and Occupational Pensions Authority 4. EBA - European Banking Authority
* Third Party Risk Management
RAPID AND MODULAR• Preloaded content libraries
and modular constructs
COVID-19 is already highlighting the widespread uncertainties caused by supply chains and the reactive approach firms usually take towards them.