Genpact offers a unique approach to New Business and Underwriting that emphasizes our commitment to process excellence and helps clients transform their new business operations. With over 12 years of serving insurance entities to back our solution, we provide the knowledge and tools to maximize your business processes and free you to focus on your business priorities. Our transformative solutions include application imaging, indexing and data entry, requirements gathering and underwriting support services.
Genpact processes new business applications with accompanying underwriting services for all types of Property & Casualty contracts, from simple personal lines through highly complex reinsurance.
Genpact Transformational New Business and Underwriting solutions provide support for the entire insurance life cycle, from application to issue, including:
- Application submission and documentation
- Risk clearance
- New business underwriting support
- Pricing quote – Catastrophe and non-CAT
- Policy issuance and maintenance
- Policy review
Our customer service capabilities extend to all major languages (Japanese, Chinese, French, Spanish, and English) with worldwide, “right shore” delivery and licensed TPA capability to assist with underwriting and customer service.
Our proprietary Smart Enterprise Processes (SEPSM) framework of innovative customer lifecycle analytics, process reengineering, Six Sigma-trained staff, and proprietary tools standardizes and streamlines insurance processes end to end. Our focus on greater effectiveness and higher customer satisfaction drives greater revenue and improved working capital for significant overall business impact.
People
Our attrition rates are best in class, arising from considerable investment in industry training. Our staff has earned over 2,800 insurance and actuarial certifications, including LOMA, IIA, AAPA, FINRA Series 6, FINRA Series 7, AICPCU, and Actuarial Exams. Through this insurance certification path, Genpact employees have ample opportunities to develop into product subject matter experts. In addition to industry trained associates, we have over 200 doctors, nurses and pharmacists to support and add value to underwriting processes.
Process
The overall focus of our commitment to business process management is to deliver bottom line business impact. SEPSM’s key practices of standardization, benchmarking, reengineering and analytics provide measurable, metric-driven results that increase baseline as well as year-on-year productivity. Our approach improves working capital, reduces fraud, and raises customer satisfaction, leading to higher revenue. Our emphasis on outcomes is enhanced by pricing models that incentivize continuous improvement and maximum performance.
Technology
With over 3,000 successful migrations behind us, Genpact is a leader in providing seamless transitions and effective operations. Our platform-agnostic approach helps us align with the client’s preferred sales, distribution, and administration platforms and offers experience with Vantage, LifeComm, Life 70, Cyberlife and Ingenium. This commitment to partnering with our clients gives them the tools they need to meet their business goals and helps them intelligently manage costs through greater efficiency and effectiveness across the value chain.
The North American operation of a leading top-10 carrier needed help with servicing their expanding business for direct and independent producers including large commercial risks. We quickly established a 150-person team who exceeded the SLAs and met the client baselines at a 100% level within 3 months of taking over the affected operations. This was due to a strong partnership with the client regarding governance and communications. Pleased with the results, the client is now working with us to expand our support into additional work streams and other global locations.