Leading actuarial, financial, and pension consulting company lowers costs, improves turnaround, boosts quality
Towers Watson* is a global leader in actuarial and pension benefit consulting. With more than 15,000 associates in more than 36 offices worldwide, the company offers consulting and technology services in the areas of benefits, talent management, compensation, and risk and capital management.
Towers Watson uses publicly available financial data in its research, financial and economic models, and publications. The company collects and manipulates data, but these are not its core competencies. Moreover, these processes are expensive when performed in-house, even using Towers Watson’s dedicated BPO center in India. Tower Watson needed to outsource its data collection and manipulation to a BPO company with some financial data processing expertise. It also needed a contractor that could accommodate uneven workloads due to quarterly reporting by publicly listed corporations.
IIMI assigned a dedicated team of accountants for the assignment. In consultation with the client, IIMI developed a process manual to standardize data across various companies. IIMI also engaged a separate team for quality control.
Towers Watson achieved numerous benefits:
• Reduced data collection costs
• Increased accuracy to more than 99.95 percent across all data points
• Achieved more reliable and meaningful information after data collection due to IIMI’s normalization and standardization processes
• Reduced lead times for financial report releases from months to weeks
• Freed internal research personnel to focus on higher value tasks
• Expanded its research universe for the particular project from a handful of Global Fortune 100 companies to the FTSE100, FTSE Europe, Bombay Stock Exchange and so forth
• Leveraged IIMI’s skill sets to its other offices worldwide
* now Willis Towers Watson
With corporate headquarters in the US, a marketing office in Singapore, and eight service locations in Asia, IIMI has been a worldwide leader in BPO services since 1996. IIMI has 3500 full-time employees and can manage virtually any labor-intensive data entry and conversion processes, financial and accounting services, and much more at a fraction of the cost of doing the work in-house.