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Patni to focus on Actuarial BPO

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CIOL Bureau
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PUNE, INDIA: Patni Computer Systems, Ltd. has announced expansion of its “Actuarial Centre of Excellence” (ACETM) to provide consulting, risk management and actuarial services for Insurance and Financial services companies in an onshore and offshore delivery model. ACETM provides proven Actuarial expertise and a rich pool of seasoned actuarial consultants in the US, India and Europe to provide customers an optimized and cost-effective solution for improved financial performance. Patni runs one of the largest offshore actuarial operations in India and services several global insurance companies.

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ACETM, as claimed in a press note, offers a wide range of services from consulting to loss monitoring, reserving, pricing, profitability analysis, experience analysis and statutory reporting. Retirement and Pensions actuarial services also include accounting and funding valuation, and plan conversion series. These services are available to clients in a third-party or shared services construct.

"Leveraging a global 24x7 delivery model, Patni is currently helping several companies reduce the cost per valuation, augment the actuarial and modeling capabilities, improve turnaround time, streamline valuation methodologies and deliver error-free valuations. Our services enable companies to reduce their operating costs by 40-50 per cent. In addition, the Patni team has significant experience and capabilities in client implementation and the capability to quickly take on and implement new clients. Patni has also developed numerous solution accelerators that speed time-to-benefit." says the company.

Sanjiv Kapur, SVP and Head of Patni’s Global BPO business said, “Insurance and Financial services companies increasingly need to focus on efficient and transparent risk management while controlling costs. As a trusted partner, we provide end-to-end outsourced actuarial and analytics services on a variable cost basis in an on-shore off-shore delivery model to augment clients’ in-house efforts and resourcing. Our services enable clients to significantly reduce operating costs while focusing on predictive modeling and other value-added analytics that are currently compromised. In our efforts to continuously expand our services portfolio to meet growing customer needs, we plan to extend actuarial services for other Industry segments as well.”

Mike Fitzgerald, Senior Analyst in Celent's Insurance practice says, “Actuarial BPO will rise as North American firms expand activity in sophisticated pricing methodologies and the scarcity of actuarial talent in North America continues….This will not be a displacement of resources, but additions to capacity and extensions of insurers' teams.”