Patra Continues Strong and Sustained Growth
EL DORADO HILLS, Calif.--(BUSINESS WIRE)--May 14, 2019--
Patra’s recent investments in new global operations have set the foundation for its continued growth and a successful start to 2019. To support the company’s scaled operations, Patra recently opened two new processing centers, setting the stage for its increased production. Further success for Patra, a leading provider of technology-enabled business process solutions for the insurance industry, was highlighted by increases in its number of transactions, such as certificate processing and policy checking, and more efficient overall processing times for clients.
Ongoing company progress is largely attributable to the two centers opened in 2018: a new center in Vizag, India, Patra’s second office in the city and its fourth in India, and a location in Manila, Philippines, its first in the country. Patra’s processing centers in India, including the new Vizag center, provide processing and transactional support while the Manila location will help support direct customer contact and service operations. These additions have allowed the company to fulfill increased demand for its core services.
“Opening these two processing centers has been critical to our continued success and ability to service our expanding customer base,” said Matt Easterlin, COO of International Operations. “The new centers support our commitment to bringing efficiencies to the insurance industry while providing us with the resources and talent to continue meeting the processing and service demands of our customers.”
The addition of the new global processing centers has been a success; the company has established its initial team at the Philippines location, and Patra’s India operations, which also include offices in Raipur and Bangalore, grew by nearly 27 percent with the addition of the new center in Vizag. The boost provided by the new centers has led to processing times that are up to 23 percent more efficient. The India centers are handling more than 10k transactions per day, and checked 90k policies in Q1 alone, an increase in output of 45 percent from the prior year, all incorporating SOC 2 verified third party security protocols.
The company, which has experienced rapid growth over the last few years, has seen a sustained increase in its client base. It attributes those increases to an exemplary customer retention rate, efforts to broaden into new markets, including a recent expansion into the carrier market, and growing its service offerings.
“Over the years, we’ve taken a comprehensive approach toward Patra’s growth,” said Patra CEO John Simpson. “Instead of only looking to increase the number of customers interested in our services, we’re focused on increasing and improving the services we’re able to offer. This will help us not only broaden our client base and ensure longstanding relationships with current and future customers, but also allow us to set the pace and direction in which the industry is moving.”
Patra now operates nine facilities and employs more than 3,000 people worldwide. The company is committed to all its global employees and the communities in which it operates; its global offices feature best-in-category amenities, state-of-the-art technology, and close proximity to a strong talent base. Patra is focused on job creation, and expects to create an additional 1,500 new jobs globally over the next three years.
Patra powers insurance processes by leveraging people and technology, supporting insurance organizations as they sell, deliver and manage policies and customers. Patra’s team of global experts allow brokers, MGAs, wholesalers and carriers to capture the Patra Advantage – profitable growth and organizational value. This is accomplished through the deployment of Patra’s proprietary Insurance Process Delivery System – an integrated portfolio of outsourced services, insurance specific workflows and technology. Learn more at patracorp.com.
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CONTACT: Aaron Samson
KEYWORD: UNITED STATES ASIA PACIFIC NORTH AMERICA CALIFORNIA PHILIPPINES INDIA
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT SOFTWARE PROFESSIONAL SERVICES FINANCE INSURANCE
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PUB: 05/14/2019 01:11 PM/DISC: 05/14/2019 01:11 PM