Patni Computer Systems, one of the leading IT-ITES services provider is all set to provide consulting, risk management and actuarial services for insurance and financial services companies in an onshore and off-shore delivery model by expanding its Actuarial Centre of Excellence (ACE).

The centre provides actuarial expertise to the financial services companies in US, India and Europe. This helps the companies to provide an optimized and cost-effective solution for improved financial performance to the customers, as announced in a release by the company.

Patni has one of the largest off-shore actuarial operations in India and services several global insurance companies. The services provided by the company include consulting to loss-monitoring, reserving, pricing, profitability analysis, experience analysis and statutory reporting. These services are available to clients in a third-party or shared services construct.

The IT firm helps companies to reduce the cost per valuation by 50 per cent, augment the actuarial and modeling capabilities, improve turn-around time, streamline valuation methodologies and deliver error free valuations. The company serves its clients with a global delivery model which functions 24*7.

According to the release, Patni has developed numerous solution accelerators that speed time-to-benefit. "Insurance and financial services companies need to focus on efficient and transparent risk management while controlling costs," Patni's Head (Global BPO Business) Sanjiv Kapur said.

"We are happy to join forces with Patni. Our aim is to enable companies to mitigate risks across the enterprise in a cost-effective manner while delivering long-term value to our clients," Actuarial Risk Management's Founder and Patni's North American member of ACE, Corwin Zass, said. Patni leverage its ACE charter members to augment onshore delivery capability.