Insurance

Life Insurance

Generating Life Insurance Impact

At Genpact, we architect the Lean DigitalSM enterprise for life insurers by combining design-thinking principles and Lean approaches with digital technologies, analytics, and deep domain expertise. Our approach reimagines organizations beyond the front, middle and back office to create end-to-end digital solutions that deliver business outcomes and help run 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 strengths in process efficiency and effectiveness, we provide life insurance solutions that help companies achieve best-in-class outcomes worldwide.

Solutions

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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
  • Long term care
  • Retirement services and investment management support- 401k plans and superannuation products

Our services include:

New Product development, actuarial and marketing support
Genpact's offerings across actuarial functions cover a range of services from low to high complexity levels and includes:

  • Pricing and product development- price monitoring, benchmarking, rate indications impact studies, model development, inforce illustrations
  • Predictive modeling- claims experience, risk differentiation and data imputation, model optimisation and re calibration, solvency II model development (ICA)
  • Valuation- loss monitoring, loss triangle diagnostics, projections, assessing reserve adequacy- calculations and reporting
  • Economic capital management- modeling, credit VaR analysis, interest rate analysis and reporting
  • Portfolio analytics- commission structures, growth strategy implementation, exposure zonal rating, portfolio monitoring, producer performance analysis

New Business and Underwriting
We provide support across applications to issue, including:

  • Document management- mailroom receipt, imaging and indexing, outbound mails
  • New business data entry
  • Cash application
  • Underwriting support, underwriting, policy completions, case management
  • Policy issue, document compilation, printing, and delivery

Our call center capabilities extend to all major languages (Japanese, Chinese, French, Spanish, Hindi and English), with worldwide delivery and licensed third-party administrator (TPA) capabilities to assist with underwriting and customer services for new customers and brokers/ agents

Contact Centre & Policy Administration
Multi lingual, multi modal interactions including Voice (Inbound/Outbound), chat, SMS, Web, E-mail, Fax and whitemail. Contact centre capabilities include:

  • Retention calls
  • Rate action calls
  • Customer service and broker calls
  • Claims intake and claims calls

Policy administration activities include:

  • Processing of financial and non-financial transactions
  • Premium accounting and policy charges
  • Complex policy changes/cancellations/withdrawals/surrenders

Distribution & Compensation
Agent appointment and terminations/renewals (including complying with state-specific requirements)

  • Agent and hierarchy setup
  • Administration and commission coding
  • Record maintenance
  • Commission calculations and accounting
  • Correction and replacement of policy

Claims

  • Claims intake and setup
  • Claim adjudication and support
  • Payments

Finance & Accounting

  • Accounts reconciliation
  • Tax and statutory reporting
  • Expense accounting and analysis
  • Treasury
  • Financial planning and analysis
  • Accounts payables and receivable
  • Closing and reporting- STAT, GAAP and management reporting and disclosures

Risk
Genpact services include component packaging for market risk management, credit risk management, continuous transaction monitoring and operational risk management solutions.

Transformation Offerings

  • Delivering key business outcomes – reduction in Total cost of operations - cost to serve, cost to acquire, increasing placement rates, reduction in application to issue time, enhancing agent and customer satisfaction, claims cycle time and cost per claim
  • Establishing LEAN, Operations culture at client organization
  • Robotic Process Automation capabilities – reconciliation/legacy platform conversions
  • Enterprise Performance Analytics dashboards for CXOs

Impact

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 over 20 major clients, including six Fortune 500 insurers, generating an impact of $500 million for the insurance industry.

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