Actuarial outsourcing attracts Caliber Point

MUMBAI, INDIA: Caliber Point Business Solutions Ltd., a BPO service provider and a Hexaware Technologies subsidiary, announced a partnership with ReAct Consulting International, Inc. to provide actuarial process outsourcing services. ReAct, a US-based company, provides consulting services in all facets of life, accident & health actuarial and underwriting, both in the US and internationally. Axiom Actuarial Consulting, LLC (a sister concern of ReAct) offers a variety of actuarial, financial and strategic services with a focus on healthcare and special risk, adds a press release.

This alliance is designed to provide actuarial and data management services utilizing a cost efficient delivery model, enabling customers to effectively deploy their valuable actuarial resources to strategic tasks. As a part of this collaboration, React and Axiom Actuarial Consulting, LLC will provide the subject matter expertise, consulting services and front-end client management. Caliber Point will provide the service delivery model, utilizing their well tested proficiency in business process outsourcing. This new service offering will leverage Caliber Point's existing infrastructure and will provide customers an access to a large and growing pool of actuarial talent.

Outsourcing also allows end-users to better manage the seasonal variations in work flows and optimize their existing actuarial staffing. Additionally, this service delivery model can reduce the operational costs by 40 to 50 per cent.

"Last year we augmented our services portfolio by adding analytics. This current addition of Actuarial Services definitely helps us move-up the value chain in terms of service offerings. In this context, this partnership is an exciting catalyst that ramps-up our delivery capabilities, on top of what we already offer." said R U Srinivas, CEO, Caliber Point.

Commenting on the partnership, Michael A. Kemp, Founder of ReAct Consulting said, "We are pleased and excited to have formed this alliance with Caliber Point. We believe that Caliber Point's demonstrated capabilities in the business process outsourcing arena coupled with their strong focus on quality, process and governance are well suited to creating an attractive value proposition for our clients. Providing high quality actuarial process outsourcing through a cost effective delivery model allows risk taking organizations to redeploy valuable actuarial resources to strategic tasks. In a world with ever increasing focus on risk management and rapidly changing product focus, actuarial talent is a premium resource best directed to activities producing a commensurate return on those costs."

Some of the services available through this partnership include reserving and valuation, experience monitoring and analysis, pricing, model development and maintenance, financial reporting support and data management.

In the US Insurance market, Caliber Point aims to cater to the needs of the increasing demand for actuarial support, which is a consequence of business challenges such as enterprise risk management and the recent healthcare reform. Whereas in other markets this partnership will leverage the strong presence and expertise of ReAct in the actuarial domain.