News
URS Outsourcing Contract for Xchanging
20 Feb 2002
Underwriting Risk Services Ltd. (URS) has outsourced all accounting, market documentation preparation and processing to Xchanging, including credit control and settlement and distribution of funds to the supporting markets. All claims settlements from the supporting markets to URS will also be the responsibility of Xchanging.
URS represents Talbot Underwriting (formerly Alleghany), which operates Syndicate TAL 1183 at Lloyd’s, as well as a number of third party syndicates.
Nick Hales, managing director of URS, said today: “We are delighted with the response that we have had from Xchanging. They have taken time to understand our business and determine what is important to us.
“This investment in time and effort will ensure a seamless transition into the new processing framework. We hope this is the first phase in utilising the various services provided by Xchanging to our benefit.”
John Benjamin, managing director of Xchanging Insurance Services, said: “This is another example of the innovation moving into the back office in insurance. In the last three months, Xchanging has secured a number of contracts which show that brokers and underwriters want greater value from support services and they believe outsourcing specialists will do the job better.