Insurance

Insurance Finance & Accounting

Generating Insurance Impact

CFO's want to advance finance through operational excellence, convergence with actuarial & risk management and the capture and translation of data into analytics. Genpact addresses this with its approach to finance transformation which is holistic and links a company's finance strategy and vision to its target operating model and service delivery model.

For over a decade, Genpact has been working with Life Insurers, Property & Casualty Insurers, Insurance Brokers and other Industry service organizations in billing, collection, finance, and accounting-related functions to architect Lean DigitalSM enterprises by combining design-thinking principles and Lean approaches with digital technologies and analytics. Our approach reimagines organizations beyond the front, middle and back office to create end-to-end digital solutions that deliver business outcomes. The result has been improved cash flow and increased customer satisfaction through end-to-end process improvements that streamline and integrate enterprise-wide billing, collections, applications, and reconciliations.

The Genpact billing and collections service leverages the power of Lean DigitalSM, an innovative combination of process transformation, technology, and customer analytics. This framework drives more transparent operations, with fewer disputes and higher customer satisfaction. By increasing efficiency and effectiveness, we drive down costs, support revenue growth, and enhance controllership.

Solutions

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With the science of process backed by state-of-the-art Business Process Management (BPM) tools, our services span:

  • General Accounting and closing
  • Account Reconciliation
  • Generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS) reporting and disclosures
  • Statutory and Regulatory reporting
  • Management Reporting
  • Financial Planning & Analysis
  • Tax & Billing
  •  Assumed and Ceded Reinsurance
  • Expense accounting and analysis
  •  Accounts receivable and payables
  • Document Management
  • Treasury
  • Actuarial

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.

Impact

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:

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