Xchanging launches insurance & procurement offerings in Asia

Xchanging is boosting its presence in Asia by launching Netsett, a global reinsurance and accounting net settlement service; and Vault, a technology-enabled procurement platform designed to manage sourcing project workflow.

Xchanging Asia Pacific has a headcount of 4,500 in 18 offices, servicing over 250 clients.

Xchanging Asia Pacific has a headcount of 4,500 in 18 offices, servicing over 250 clients.

Xchanging is introducing these two core offerings as part of its global services, as a result of its strategic commitment to grow its Asian capabilities.

Joe Poon, President of Xchanging Asia Pacific.

Joe Poon, President of Xchanging Asia Pacific.

These solutions are built upon the principles and benefits enjoyed by both the London insurance market and organisations using procurement to improve project workflow tracking respectively.

Netsett

Based on an existing service in the London insurance market, Netsett – a netting and settlement solution – was designed with the aim of improving the accounting and settlement of payments between participants in the global insurance and reinsurance community.

By simplifying the netting and settlement between entities, the platform allows insurance groups to reduce the amount of working capital needed whilst improving transparency and control.

Vault

Following its initial launch in 2012, Xchanging is also introducing Vault to the South East Asia market.

“As more multinational companies expand into Asia, they require global standards to ensure that their businesses are aligned with regulatory compliance,” said Joe Poon, President, Asia Pacific, Xchanging.

Vault is a technology-enabled procurement platform designed to manage sourcing project workflow across organisations.

Vault measures, tracks and reports realised savings at both a commodity and business unit level.

A common complaint among Chief Financial Officers is that they do not have sufficient insight into projected savings from the management information currently provided by Chief Procurement Officers.

Vault enables organisations to capture business needs and monitor them throughout project milestones to track savings to the bottom line.

“Netsett and Vault are platforms that not only provide businesses a methodology to improve their efficiency but also ensure that there are clear structures and systems in place to measure results and support business outcomes,” Poon added.

In response to the region’s growing demand for its core offerings, Xchanging has invested heavily in its manpower and resources.

About 30 percent of Xchanging’s current senior executive team in the region are recent hires from diverse backgrounds.

This reflects the goal of a fast growing company aspiring to meet the market demands for innovation in the industry.

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