Generating Life Insurance Impact
At Genpact, we focus on achieving best-in-class outcomes by helping life insurers design, transform, and run their enterprise life insurance processes. Our unique metric-driven approach concentrates on innovation, risk management, regulatory responses, and continued process improvements to provide greater competitive advantage. With our strength in process efficiency and effectiveness, we provide life insurance solutions that help companies achieve best-in-class outcomes worldwide.
Genpact supports life insurers through multi-country outsourcing and process transformation. We service the following lines:
- Whole life, universal life, variable life, term life, and other types of protection products
- Fixed and variable deferred/immediate annuities
- Retirement services and investment management support, e.g., 401k plans and superannuation products
Our services include:
Customer & Policy Administration
- Processing for financial transactions
- Processing for non-financial transactions
- Premium accounting and policy charges
- Complex policy changes/cancellations
Distribution & Compensation
- Agent appointment and terminations/renewals (including complying with state-specific requirements)
- Agent and hierarchy setup
- Administration and commission coding
- Record maintenance
- Correction and replacement of policy
Finance & Accounting
- Document management
- Accounts reconciliation
- Generally accepted accounting principle (GAAP) disclosures
- Tax and statutory reporting
- Expense accounting and analysis
- Accounts receivable
- Closing and reporting
Genpact services include component packaging for market risk management, credit risk management, continuous transaction monitoring and operational risk management solutions.
New Business Underwriting
We provide support across applications to issues, 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 third-party administrator (TPA) capabilities to assist with underwriting and customer services.
Rapid Product Development
Genpact provides actuarial services, market assessments, competitor mapping, and pricing models to enable companies to achieve rapid and successful product launches
At Genpact, our Intelligent OperationsSM enable clients to upgrade business processes and operations and become more agile competitors. Within the insurance industry, Genpact works with 20+ major clients, including six Fortune 500 insurers, generating an impact of $500 million for the insurance industry.
Genpact helped a leading insurer improve solvency by $83 million by developing and implementing a predictive modeling tool for annuity lapses, which helped the business improve its forecasting projections by more than 25%
By employing standard analytics and transformation services, Genpact was able to improve a client's liquidity by $600 million annually.