Insurance Finance & Accounting
Generating Life Insurance Impact
For over a decade, Genpact has been working with insurers to design, transform, and run billing, finance, and accounting-related functions. The result has been improved cash flow and increased customer satisfaction through end-to-end process improvements that streamline and integrate enterprise-wide billing and collections, application, and reconciliation.
The Genpact billing and collections service leverages the power of our Genpact Intelligent OperationsSM, an innovative combination of process transformation, technology, and customer analytics. This framework drives more transparent operations, fewer disputes, and higher customer satisfaction. We strive to increase efficiency and effectiveness driving down costs, enabling revenue growth, and enhancing controllership.
With the science of process backed by state-of-the-art Business Process Management (BPM) tools, our services span:
- Document management
- Accounts reconciliation
- Generally accepted accounting principle (GAAP) disclosures
- Tax and statutory reporting
- Expense accounting and analysis
- Accounts receivable
- Closing and reporting
Partnering for Success: Through our “virtual captive" engagement model, we partner with our clients to build a team that blends seamlessly into their organizations. Our innovative human capital development practices continuously enhance our ability to deliver.
Robust Technology: Our industry-leading proprietary F&A toolkit has been refined through over 3,000 successful migrations. We provide key tools, such as signature verification, an accuracy enhancer, and duplicate audit tools, and couple them with process excellence roadmaps and end-to-end metrics that drive material results.
At Genpact, our focus has been on transforming and running business processes and operations specific to insurers. Focused on enabling stronger growth, Genpact works with 20+ clients, including six Fortune 500 insurers, generating an impact of $500 million+ for our clients in the industry. Successes include:
A leading life and annuity insurer experienced challenges in capital allocation throughout its organization. Genpact quickly produced a process excellence roadmap focused on end-to-end metrics. Immediate improvements followed, with US$63 million in working capital released, $10 million net income in dynamic discount captured, and successful implementation of BPM tools creating a further $4.1 million in net income.
An industry-leading insurer's general account, closing, and reporting approach put it at a distinct disadvantage against its peer group. Genpact's proven processes, coupled with our cutting-edge BPM tools, provided productivity and controllership gains for accounts reconciliation, GAAP, inter-company settlement, and consolidation support. Our focus on end-to-end metrics resulted in a 96% reduction in open items. In addition, these measures reduced non-value-added (NVA) reporting steps by 85% and manual journal entries by more than 75%.