Through 11 years as a pioneer in the business of managing insurance processes, Genpact has helped insurers achieve cost efficiencies and improve customer retention by applying our global expertise to their business processes, freeing our clients to focus on more strategic goals. We raise customer retention and loyalty and provide significant business impact through aggressive fraud mitigation and enhanced customer satisfaction arising from our exceptional handling of new business and policy servicing. Our end-to-end solutions encompass in-force policy illustrations, coverage changes and fund reallocations. We handle all types of insurance transactions from simple personal lines to complex commercial lines, all the way up to reinsurance processing.
Genpact Differentiated Customer & Policy Servicing is designed not only to boost revenue through enhanced customer satisfaction and retention, but to help you intelligently manage costs by optimizing processes from end-to-end of the insurance value chain.
Sample transactions include:
- New business and quoting
- Renewals
- Cancellations and reinstatements
- Policy maintenance
- Endorsement processing
- Premium audit and loss runs
- Policy holder customer service in all major global languages
- Rate filings
Our global delivery model uses a “right shore” approach uniquely tailored to your requirements. Our capabilities, rare in the industry, are based on our proprietary Smart Enterprise Processes (SEPSM) framework of deep domain expertise coupled with experience in analytics, business intelligence, legacy systems, and re-engineering. Our solution improves working capital and increases revenue through smart use of our best-in-class customer lifecycle analytics models to predict and guide customer behavior.
Our solution rests on:
People
We have made significant investment in industry training. In addition to our embedded Six Sigma culture that drives process efficiency end to end, our staff has earned over 1,200 industry certifications. We have developed a competency and skills framework specifically for the Property & Casualty industry, and require training for supervisory managers as well as domain experts. Our “License to Operate” methodology makes training mandatory for all associates, reinforcing our standard process excellence toolkits through on-the-job learning. Our attrition rates are best in class.
Process
Genpact is focused on delivering maximum business impact. Continuous improvement derives from SEPSM’s combination of standardization, benchmarking, reengineering and analytics practices that provide measurable, metric-driven results. Through outcome-based pricing models, we create real incentives and provide business impact that extends to the baseline as well as year-on-year productivity gains.
With a comprehensive approach to reinsurance, Genpact’s end-to-end view of operations is ideally suited for all aspects of reinsurance, including contract setup, certificate verification, bordereau generation, cash application and disbursements.
Technology
We focus on seamless transitions and operations with an industry-leading toolkit refined on over 3,000 successful migrations. This experience, combined with our platform-agnostic approach and extensive experience on leading platforms such as CSC and others, exemplifies our determination to align with your administration platforms. Genpact has a successful compliance record and audit results that are the same or better than pre-transition outcomes.
One of the industry’s fastest-growing companies turned to Genpact to provide service levels able to meet the increasing demand on their shared service center. Genpact rapidly created a dedicated organization of over 400 professionals who exceeded tough SLA requirements as well as industry benchmarks. All of this was done while maintaining high quality and end customer satisfaction.
Our focus on process excellence through an end-to-end process view incorporating Six Sigma and a strong business process management methodology has been cited by the client as reason for our-and more importantly-their success.