Life and Annuity: Differentiated Customer & Policy Servicing Through 12 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 expertise to their business processes, freeing our clients to focus on more strategic goals. We improve customer retention 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 include in-force policy illustrations, coverage changes and fund re-allocations. We handle over 2 million policies annually for all types of insurance contracts, including Whole Life, Term, Endowment, Long Term Care, Fixed/Variable Universal Life, Fixed/Variable Immediate and Deferred Annuities. Our Approach: The Science Behind Process Genpact’s 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. This includes: Processing for financial transactions: Loans, partial withdrawals, and surrender quotes and processing Tax and compliance including TEFRA, TAMRA & MEC calculations 1035 Exchanges and other coverage changes Post-issue illustrations Settlements and Claims, including Long Term Care Processing for non-financial transactions: Name and address changes Beneficiary and ownership changes Premium accounting, Policy charges Complex policy changes/ cancellation Our global delivery model uses a “right shore” approach uniquely tailored to your requirements. Our capabilities, rare in the industry, are based on a framework of deep domain expertise coupled with experience in analytics, business intelligence, legacy systems, and re-engineering that together improve working capital and increase revenue through smart use of our best-in-class customer lifecycle analytics models. 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, with more than 40 FLMIs. We worked with LOMA to develop a competency and skills framework specifically for the Life & Annuity 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. In addition to industry-trained associates, we have over 200 doctors, nurses and pharmacists who support and add value to our clients' underwriting processes. Process Genpact is focused on delivering maximum business impact. Our proprietary Smart Enterprise Processes (SEPSM) framework combines standardization, benchmarking, reengineering and analytics practices to produce continuous improvement and drive measurable, metric-driven results. Through outcome-based and gain share pricing models, we create real incentives and provide business impact that extends to the baseline as well as year-on-year productivity gains. Technology We focus on seamless transitions and operations with an industry-leading toolkit refined on over 3,000 successful migrations. Our platform-agnostic approach helps us align with the client’s administration platforms and offers experience with Vantage, LifeComm, Life 70, Cyberlife and Ingenium. Client Successes A leading Life and Annuity company was experiencing problems in agency and customer satisfaction due to a backlog in its processing workflow. Genpact provided life and annuity processing support, handling over 2 million policies annually for all types of insurance contracts. These included whole life, term, endowment, long term care, fixed/variable universal life, fixed/variable immediate and deferred annuities. We generated more than 7,000 checks per month and applied more than $2 billion in annuity premiums. With Genpact’s analytics and reengineering, the speed of policy issuance was reduced from weeks to days, impacting customer retention by over $100MM in annuity assets under management.