MORE JOBS FOR INDIA.
BANGALORE -- The world's largest property title insurance company Fidelity National Financial (FNF) will increase its headcount in India this year as it transfers more work from the US to its captive centre based in Bangalore.
The centre currently has 800 employees who work in three teams -- business process outsourcing (BPO), knowledge process outsourcing (KPO) and IT operations. The Indian unit is the only captive centre for the $6-billion FNF. "Currently we service around 22% of the entire volume of back office work for FNF. The parent company which is now seeing greater value in the work being done in India plans to boost work here," said Sameer Dhanrajani, country head of FNF India.
Dhanrajani said that the KPO and IT teams that currently have around 50 employees each will both double their headcounts by the year-end. A decision on the increase in BPO headcount, which stands at around 620 currently, will be made in April. FNF India started in 2006 as a back-office for the parent company performing basic data-oriented work related to maintaining property repositories. This was devoid of any research or analytics. Progressively the company has been tasked with higher-end work.
The IT business was added in mid-2010. This is said to be unlike most other captive centres of financial services firms who are focused on data related work. Goldman Sachs and Aviva are amongst those that have such centres. The KPO team offers its services in the areas of escrow, post closing, corporate tax and accounts payable. The IT team works on areas such as offshore applicationB development and management (ADM), as well as software quality assurance and testing. The BPO services centre around transaction related services and data research. Increasing headcount in offshore destinations like India has been a matter of huge controversy in the US. Dhanrajani said that Fidelity has been conservative as far as offshoring is concerned, being a late entrant in India.
"Improved margins and bottomlines are important in the business that we are in. However we respect the sentiments in the US and are thus taking a measured approach while bringing more jobs to India," he said. It's estimated that offshoring to India could bring a cost advantage of at least 30%.