The road to open finance
Open finance is an opportunity to build on the concept of Open Banking and allow consumers and SMEs to share their data with Third Party Providers (TPPs) who can use the data made available to develop innovative products and services for their customers. Insurers should be at the forefront of this development with opportunities for more accurate underwriting and better service delivery for customers. The insurance industry can use open finance to deliver customized and personalized products and enhance customer experience through personalized product pricing and gap analysis. The whitepaper co-written by EXL and Moneyhub explores the challenges, opportunities and next steps for the insurance industry.
Authors:
Raghav Jaggi
Global Insurance F&A Leader and Co-Head General Insurance, EXL
Raghav is responsible for EXL’s Insurance Finance & Accounting Business and Co-Leads the Global General Insurance Business. Prior to his current role, Raghav was the Global Lead Partner for EXL’s strategic accounts and Co-Head for EXL’s Insurance Transformation business. He has extensive experience in implementing and managing strategic client engagements across Target Operating Models, Digital, Data and Analytics. Raghav has been with EXL for 17 years and has worked across Asia, Europe and Americas. He is based in New York City. Raghav completed his Bachelors from St. Stephen’s College, Delhi University and attended the Advanced Management Program at Kellogg School of Management.
Mohit Manchanda
Head of Insurance, UK & Europe, EXL
Mohit is Vice President and Head of Insurance practice for UK & Europe which includes Operations Management, Digital Transformation, Analytics, Risk Management and Regulatory Compliance. In his role, Mohit is responsible for shaping the overall strategy and growth of Insurance business and owns the full P&L responsibility including sales, client relationship management, product development, partnership & alliances and acquisitions. Mohit has 20+ years of experience in business management across multiple Industry verticals including Insurance, Banking & Capital Markets, Professional Services, Utilities, Travel, Retail, Hospitality and Manufacturing. Mohit has held multiple roles during his tenure at EXL including setting up the Consulting and Finance & Accounting practice across US, UK & Europe and APAC region. Prior to EXL, Mohit worked with two of the Big 4 accounting firms and is a Chartered Accountant by profession.
Prakhar Agrawal
Practice Director, Risk & Compliance, EXL
Prakhar leads the Risk & Compliance Consulting practice for EXL’s Insurance business in UK & Europe. He takes keen interest in and monitors changing risk and regulatory landscape in insurance industry, with an intent to create and deliver solutions for clients. With 17 years’ professional experience, Prakhar brings expertise around risk management, regulatory compliance, operational resilience, privacy & data protection, and data security. He has been with EXL for over 14 years and has worked across UK, Europe, USA and APAC, with a particular focus in Insurance. He has authored several whitepapers/articles, many of which have been published by leading insurance and GRC journals, and has also participated as a speaker in many industry forums including webinars, roundtables, and panel discussions. He is based in London.
Vaughan Jenkins
Business Development Director, Moneyhub
Vaughan is Moneyhub’s Business Development Director. Moneyhub is the leading Open Finance platform and powers a number of propositions for clients including Aon, Mercer and SEI. His background is in management consultancy and developing engaging personal finance applications. He was an Advisory Board member of the UK Financial Capability Strategy and has led consulting projects for the FCA, including the set-up of the Regulatory Sandbox. He has also worked with The Pensions Advisory Service and NEST Pensions as a consultant. He was also co-author of FinTech Circle’s best-selling Insurtech Book, writing about platform opportunities in reassurance markets.