Software - Growing insurer concern at Xchanging market forum

 Xchanging the business process and technology services provider and integrator, is planning enhancements to its services for underwriters in response to increasing market concern over issues with credit control.

 
 Late settlement of premium is negatively affecting underwriting organisations’ cash flow and investment income. Xchanging calculates that around 60% of premium is settled after the agreed terms of trade. As a result, there is increased demand for transparency of credit positions and for improvements in both cash flow and management information.

 
 At a recent Xchanging credit control forum to discuss market issues and requirements, delegates from underwriting organisations also agreed that reducing exposure to bad debt was a priority.

 
 Xchanging currently offers outsourced credit control services to reduce underwriting organisations administrative burden and cost by chasing, tracking, and monitoring overdue premium and by providing interactive analytical reporting. New reporting enhancements are currently being developed by Xchanging in collaboration with its underwriting customers, extending the scope of credit control performance analytics and building on its existing range of reporting applications.

 
 Service Development Manager David Gosden said: “The issues around credit control are becoming more pressing for underwriting organisations. There is a greater emphasis on cash flow as well as an expectation of increased regulatory pressure to manage credit risk. Xchanging provides outsourced services that manage these issues while removing cost and administration and we are working closely with the market to provide our customers with the most robust solutions possible into the future.”