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| | Property & Casualty Solutions:
Claims Management Excellence
| | | Genpact Claims Management, based on 12 years of experience in Property and Casualty claims, streamlines and integrates enterprise-wide claims processes to identify and remove inefficiencies that impact both the bottom line and customer satisfaction. Our science of process and Six Sigma-driven framework of reengineering, technology, and industry-leading customer lifecycle analytics closes process gaps, reduces fraud, and raises customer satisfaction, leading to long-term loyalty and revenue growth.
Our deep commitment to process development, combined with our science-driven approach, has enabled our customers to achieve control over their claims processes, resulting not only in a real impact on bottom line outcomes, but greater freedom to focus on strategic business goals instead of struggling with day-to-day operations.
| | | | Our Approach | | | Genpact Claims Management is based on deep understanding of the end-to-end claims process, drawn from handling over 1,000,000 claims transactions annually. Our expertise begins with FNOL and extends all the way through to recovery and closure. We have identified the key metrics for leakages in these processes and how to resolve them in a way that leads to significant achievement of desired business outcomes.
Using a global delivery organization and a “right shore” approach, Genpact’s Claims Management solutions directly address identified process challenges such as:
- Claims delays related to process design, adherence and missing controls
- Delays arising from use of non-standard processes and the absence of identified parameters to flag areas such as potential fraud and third party subrogation
- Dependence on manual processes and a lack of standard process guidelines, which create an inability to detect errors and overpayments. This is usually tied to lack of a feedback loop which could detect and expose missing fraud flagging, poor performance by third party suppliers, and subrogation identification.
- Lack of enterprise process flow, resulting not only in problems with timely claims settlement but negative impact on the entire process flow all the way through reinsurance and retro recovery
Genpact’s proprietary Smart Enterprise Processes (SEPSM) framework combines customer lifecycle analytics models, reengineering, and technology to address these challenges. For Property & Casualty claims, this manifests in: - Superior Claims Management: Through excellence in process management, Genpact streamlines operations and provides deep insights into areas such as notice of loss, treaty verification, payments, reserves, case closure and recoveries. Our methodology improves working capital through aggressive fraud mitigation and manages costs through end-to-end optimization of the entire claims process.
- Metric-Driven Recovery: Process science driven SEPSM rigor applied to the claims recovery process, increases profitability, particularly in the areas of fraud prevention and subrogation. Over 200 of our Insurance professionals are dedicated to insurance analytics, 90% of whom hold Masters and PhDs in Quantitative Sciences or Management. They drive continuous improvement as well as increased revenue through application of our best-in-class customer lifecycle analytics models and development of best practices.
Our industry-leading processes are supported by proprietary tools that automate and standardize processes for overall greater efficiency and effectiveness. They are used by a highly-motivated and skilled team leveraging our significant investment in insurance training. Our staff has earned over 2,800 insurance and actuarial certifications. We have developed a competency and skills framework for the Property and Casualty industry, and training is required for supervisory managers as well as domain experts.
In addition to industry-trained associates, we have over 200 doctors, nurses and pharmacists to support and add value to clients’ claims processes.
Genpact’s focus is on delivering real business impact. We are so confident in our ability to do so that we offer outcome-based pricing models that incentivize maximum performance.
| | | | Client Successes | | |
A top-10 carrier was facing an issue with deteriorating claims cycle time. Genpact used our analytical capabilities to create an action plan that focused claims handlers' time on core activities, with accompanying work flow process improvements that led to a 21% improvement.
We received an innovation award from our customer for building a fraud detection engine that enabled this major carrier to gain control of this key process.
Working with another one of the world’s largest insurers, we were able to improve their subrogation processing results by over 40%.
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 Genpact Factsheet |
| Quick facts about our services portfolio, clients, global presence, awards and accolades and other information |
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| A snapshot of Genpact's unique legacy, history of innovation, differentiators, and our global approach to servicing clients’ needs |
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