Generating Insurance Impact
The key to insurers’ competitiveness in a volatile market is greater flexibility and agility. Genpact’ s insurance business process solutions, including outsourcing, technology, and transformation, can create an advantage in day-to-day operations and offer a solid foundation for profitability and growth by helping clients enter new markets, meet regulatory requirements, and maintain customer loyalty through new products and superior service.
Genpact architect the Lean DigitalSM enterprise by combining design-thinking principles and Lean approaches with digital technologies, analytics, and deep domain expertise to run processes more efficiently and effectively.
Our solutions, supported by our Lean Six Sigma heritage, benefit from our proprietary Smart Enterprise Processes (SEPSM) methodology. Using customer lifecycle analytics, we can optimize claims efficiency and cost, predict and guide customer behavior, reduce fraud, help manage risk, and provide timely business intelligence that allows clients to seize opportunities quickly and confidently. Our services include:
Property & Casualty Claims Management
Genpact’s claims management services help streamline operations and provide deep insights into areas like first notice of loss (FNOL), treaty verification, payments, reserves, case closure, and recoveries in emerging areas such as fraud detection and supply chain management. Metric-driven recovery applies Genpact’s rigorous discipline to the claims management process to reduce costs and increase effectiveness in the areas of fraud prevention and subrogation.
Property & Casualty Underwriting
Genpact’s underwriting services help achieve a competitive advantage through process excellence in new business, renewals, underwriting support, pricing, catastrophe modeling and support, and the integration of third-party services.
Genpact supports life insurers through multi-country insurance process outsourcing and process management. Some of our key life insurance process service offerings include the following: Application to Issue (A2I), Distribution and Compensation Management, and Rapid Product Development.
Analytics & Actuarial
Genpact provides Data-to-InsightSM analytics across the customer lifecycle through actuarial services, market assessment, competitor mapping, risk/operational analytics, and portfolio monitoring to improve business effectiveness and enable smart decisions. Shortened product development cycle times allow companies to achieve rapid and successful product launches, thus enabling a quick response to volatile market conditions.
Insurance Finance & Accounting
Genpact is a market leader in Finance and Accounting (F&A)business process management, with over 16 years of extensive experience. Our comprehensive insurance finance services encompass the entire end-to-end F&A process for insurers and leverage our Systems of EngagementSM technologies.
IT for Insurance
Genpact is a global IT services provider that plans, designs, and implements organizational IT strategies and manages mission-critical IT infrastructure for global clients and helps clients extract maximum value from their IT investments.
Genpact provides solutions for streamlining operations, uncovering previously missed cessions, or exiting legacy liabilities to help companies unlock value across the reinsurance value chain.
A message from Tiger Tyagarajan, President & CEO of Genpact
Focused on enabling stronger growth through more scalable operations, Genpact works with 20+ clients, including six Fortune 500 insurers, generating an impact of $500 million+ across the insurance industry.
Leading insurer transforms claims function to capture $48 million business impact
18% gain in FP and A productivity and 44% reduction in management reports within 6 months using Business Intelligence
A global insurance company was growing at a 30% plus rate, and required operational support for that growth in its global operations. Genpact’s partnership enabled the company to realize gains in operational efficiency, underwriting capacity, quality, and productivity, generating a business impact of more than $10 million in the first year and more than $50 million projected annually for year two and beyond.
Genpact services help a leading global auto insurer to cut annual expenses by $12.5 million and reduce total loss leakage by $2.5 million through better recovery decisions and liability flagging. A streamlined organizational alignment and increased process automation also led to a 20% increase in processing capacity.
Genpact helped a major Australian P&C insurer identify the potential to increase productivity by 15% a year through a more effective claims-settlement process.
Insights from Genpact