Insurance

While recent market conditions have challenged the insurance industry, forward-looking companies are still finding opportunities for growth by becoming agile and innovative. Genpact Insurance Solutions are both market-leading and science-driven, providing competitive advantage in day-to-day operations offering you a proven path toward growth.

Helping you enter new markets, meet regulatory requirements, and maintain customer loyalty through new products and superior service are the foundations of Genpact’s insurance offerings. Our solution, founded in the science of our proprietary Smart Enterprise Processes (SEP^SM) methodology, intelligently manages costs by optimizing end-to-end business processes, increasing effectiveness and earning customer trust that leads to higher revenues. By applying our best-in-class customer life cycle analytics, we can predict and guide customer behavior, reduce fraud, help manage risk, and provide timely business intelligence that lets you move quickly and confidently to seize opportunities.

With a global delivery capability, a “right shore” approach, and deep domain expertise, we are one of the few providers able to combine experience in analytics, business intelligence, legacy systems, and re-engineering to deliver market-leading solutions that help you foresee, respond and adapt to market change—wherever you operate.We are so confident of our ability to drive significant business impact that we offer outcome-based pricing models that incentivize maximum performance.

Genpact's life and annuity clients include several top-20 life/annuity companies, a top-three reinsurer, the retirement services and insurance divisions of major financial institutions, a top-three global broker, and efforts with LOMA and LIMRA. We provide enterprise solutions across a wide spectrum of products:

Whole life
Universal Life
Variable Life/Universal Life
Term and other Protection Products
Fixed and Variable Deferred/Immediate Annuities
Retirement Services & Investment Management Support (401k plans, superannuation products, etc.)

Key Genpact service offerings include:

Application to Issue (A2I) Solution Application to Issue (A2I) Solution helps life insurers beat lengthy processing times and the high cost per benefit placed by elevating process performance to best-in-class standards. This comprehensive solution streamlines the end-to-end process, 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 Servicing helps you 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 Genpact you improve cash flow and increase customer satisfaction through Genpact’s expertise in streamlining and integrating enterprise-wide billing and collection, application and reconciliation.

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 servicing and compensation management, including career, independent agents, brokers and insurance marketing organizations.

Risk Management, Actuarial and Analytics to help provide decision enabling business insights is a key Genpact strength, taking the burden off you so that you can focus on your business priorities. Our global delivery structure and the depth of our end-to-end analytics and actuarial services enable more informed decision-making for insurers. Rapid Product Development services enable you to achieve rapid and successful product launches via Genpact’s actuarial services, market assessment, competitor mapping and pricing support.

Genpact's Property and Casualty solutions provide enterprise solutions for personal, commercial and reinsurance companies through a multi-country delivery model. For the brokerage community, we have developed unique operational solutions addressing their specific needs.

Key solutions include:

Excellence in Underwriting allows you to achieve competitive advantage through Genpact’s process excellence in new business, renewals, underwriting support, pricing, cat modeling and support and integration of outside services.

Complete Policy Administration Services are drawn from Genpact’s deep understanding of major administration processes, systems’ 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 disbursement.

Risk Management, Actuarial and Analytics help provide business insights across customer lifecycle via actuarial services, market assessment, competitor mapping, risk/operational analytics and portfolio monitoring to improve business effectiveness and enable smart decisions. Shortened Product Development Cycle Time enables companies to achieve rapid and successful product launches with Genpact’s actuarial services, market assessment, competitor mapping and quick response to changing market conditions and pricing models.

Enterprise Finance and Accounting solutions improve cash flow and increase customer satisfaction through streamlining and integrating enterprise-wide billing and collection, application and reconciliation.

Leadership in Claims Administration applies Genpact’s excellence in process management to streamline operations and provide deep insights into areas like 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 recovery process to increase profitability in the areas of fraud prevention and subrogation.

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

NG Insurance Summit 2013: Genpact is the Silver Sponsor at the event
Genpact is the Silver Sponsor of the NG Insurance Summit 2013. The event will bring together decision makers from across the US Insurance sector to meet with solution providers. The summit will feature insurance firms that are adopting new technologies and management strategies in order to squeeze unnecessary costs out of the system, improve productivity and meet demands of future regulatory changes. As a Silver Sponsor, Genpact will host a workshop for these proactive firms on Building a Business Case for Process Enabled Technology. Genpact will present a shared success story of a P&C insurance firm transitioning to a new operating model, the challenges they are jointly overcoming and the business outcomes they are targeting.

March 11-13, 2013, The Island, Newport Beach, California

visit: http://www.nginsurancesummit.com/