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Insurance Business Process Management

In the current volatile and complex environment, a key to insurers’ competitiveness 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.

Our solutions, steeped in our Lean Six Sigma heritage applied to business processes, benefit from the IP crystallized in our proprietary Smart Enterprise Processes (SEPSM) methodology. By applying our 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. We do so through our global outsourcing delivery capabilities that follow a “right shore” approach, our analytics and business intelligence, as well as technology and process design capabilities. Our confidence in our ability to drive significant business impact enables us to offer outcome-based pricing models that incentivize maximum performance.

Today Genpact works with 20+ clients, including six Fortune 500 insurers, a leading global reinsurer, five leading U.S. personal and commercial insurers, a leading broker, and five leading global life insurers.

Property & Casualty

Genpact's property and casualty solutions provide enterprise solutions for personal, commercial, and reinsurance companies. We have developed unique operational solutions for the brokerage community to address its specific needs. Our expertise in claims management benefits all lines by reducing cycle times and encouraging long-term customer loyalty.

Key solutions include:

Underwriting:

Our clients achieve a competitive advantage through Genpact’s process excellence in new business, renewals, underwriting support, pricing, catastrophe modeling and support, and the integration of outside services.

Policy administration solutions:

Drawn from Genpact’s deep understanding of major administration processes, system capabilities, and years of experience in helping insurance companies identify and increase efficiencies in critical areas of endorsements, cancellations, customer service, premium audits, premium collection, and disbursements.

Risk management, actuarial, and analytics services:

Help provide business insights 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.

Enterprise finance and accounting:

Improve cash flow and increase customer satisfaction by streamlining finance and accounting processes and integrating enterprise-wide billing and collection, application, and reconciliation.

Leadership in claims administration:

Applies Genpact’s excellence in claims management services to 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.

Comprehensive reinsurance:

Capitalizes on Genpact’s end-to-end view of operations, which is ideally suited to all aspects of reinsurance, including contract setup, certificate verification, bordereau generation, cash application, and disbursements.

Life Insurance Solutions

We serve companies that provide the following products:

  • Whole, universal, and variable life
  • Term and other protection products
  • Fixed and variable deferred/immediate annuities
  • Retirement services and investment management support (401k plans, superannuation products, etc.)

Genpact’s key life insurance process service offerings include the following:

Application to Issue (A2I) Solution:

Helps life insurers reduce lengthy processing times and high costs per benefit by elevating process performance to best-in-class standards. This comprehensive policy administration solution streamlines performance from application through servicing and final disbursement, paving the way toward greater customer loyalty and bottom-line growth.

Transformational New Business Approaches:

Offer unique ways to transform new business operations for application imaging, indexing and data entry, requirements gathering, and underwriting support.

Differentiated Customer and Policy Administration Solutions:

Help our clients achieve cost efficiencies and improve customer retention through our expertise in managing insurance processes, both non-financial and financial transactions, including in-force policy illustrations, coverage changes, and fund reallocations.

Enterprise Finance and Accounting:

Helps clients improve cash flow and increase customer satisfaction through Genpact’s expertise in streamlining and integrating enterprise-wide billing and collections, application and reconciliation. Our finance and accounting (F&A) outsourcing services provide maximum scalability and performance, reducing costs and providing greater accuracy and control through process standardization and greater use of automation.

Efficient Distribution and Compensation Management:

Drives sales force effectiveness, producer satisfaction, and cost efficiencies for all channels of distribution. Our forward-thinking approach encompasses on-boarding service and compensation management, including career and independent agents, brokers, and insurance marketing organizations.

Risk Management, Actuarial and Analytics:

Provide decision-enabling business insights that enhance reporting and decisions about new products, markets, and growth. Our global delivery structure, enterprise risk management consulting expertise, and the depth of our end-to-end analytics and actuarial services enable more informed decision-making for insurers. Rapid product development services enable clients to achieve fast and successful product launches through Genpact’s actuarial services, market assessment, competitor mapping, and pricing support.