Life, Annuity & Retirement Solutions: Transformational New Business, Underwriting Approaches 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 10 years experience in the insurance industry, we help companies with solutions that include application imaging, indexing and data entry, requirements gathering and underwriting support services. With over 1,200 staff dedicated to life & annuity processing, Genpact processes 500K-plus new business applications annually for all types of Life & Annuity contracts including: Whole Life, Term, Endowment, Long Term Care, Fixed/Variable Universal Life, Fixed/Variable Immediate and Deferred Annuities. Our Approach Genpact’s unparalleled depth and breadth in new business processing includes a history of providing end-to-end solutions and a team of dedicated and experienced life & annuity professionals. We provide support for the entire life cycle from application to issue including mailroom receipt, imaging and indexing, new business data entry, underwriting support, policy issue, document compilation, printing and delivery. Our call center capabilities extend to all major languages (Japanese, Chinese, French, Spanish, and English) with worldwide delivery and licensed TPA capability to assist with underwriting and customer service. 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 led 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 including significant investment in industry training with our staff earning 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. This has led 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 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 challenges in taking applications from its producers. We reduced first pass errors by 80 percent with recommended process improvements, reduced inaccurate scanning of new business by 60 percent and reduced NIGOs from 33 percent to 11 percent through creating and implementing a form redesign initiative. For another carrier we created LOMA compliant processes to speed the on boarding of new agents through training on underwriting and compliance standards which led to an acceleration of revenue generation by $6 million per month.