Life, Annuity & Retirement Solutions: Differentiated Customer & Policy Servicing As a pioneer in the business of managing insurance processes, Genpact helps companies achieve cost efficiencies and improve customer retention through its global expertise. This experience goes beyond cost effective measures to the heart of process management, with innovative analytics, people and technology delivering continuous process improvements. Our end-to-end solutions provide services such as: in force policy illustrations, coverage changes and fund re-allocations. With over 1,200 staff dedicated to life & annuity processing, 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 Genpact is dedicated to providing unparalleled depth and breadth in customer and policy servicing. Our end-to-end processing includes exceptional reengineering, analytic, compliance and technology capabilities delivered by a dedicated team of experienced life and annuity professionals to handle all your major transactions. Processing for financial transactions include: Loan, 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 include: Name and address changes Beneficiary and ownership changes 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. This commitment to high standards has lead to a compliance record with audit results that are the same as or better than pre-transition outcomes. Our best in class attrition rates are due to industry leading practices. These include significant investment in industry training with our staff earning over 1,200 industry certifications with more than 40 FLMI’s. 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. This has lead to a “License to Operate” methodology where training is 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 to support and add value to client’s underwriting processes. With an emphasis on continuous process improvements, Genpact delivers business impact. Our end-to-end thinking is enhanced by our standardization, benchmarking, reengineering and analytics practices that provide measurable metric-driven results. Adding in our unique gain share mechanism, we create real incentives and provide business impact that extends to the baseline as well as year-on-year productivity gains. 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 was able to provide 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 $100 million in annuity assets under management.