Personal Insurance Underwriting
Generating Insurance Impact
Genpact offers a unique approach to new business and underwriting that is informed by our commitment to process excellence, helping clients to be more competitive by designing, transforming, and running their operations. With over a decade of experience in the insurance industry, we help companies with business process solutions, including outsourcing, that comprise application imaging, indexing and data entry, requirements gathering, and underwriting support services.
Our unparalleled depth in this space is due to a long history of providing end-to-end solutions and a team of dedicated and experienced life and annuity professionals. We provide support across application to issue, including mailroom receipt, imaging and indexing, new business data entry, underwriting support, policy issue, document compilation, printing, and delivery.
Our customer support 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 service.
We focus on seamless transitions and operations with an industry-leading toolkit. Our commitment to high standards has led to an exemplary compliance record.
Our best-in-class attrition rates are due to industry-leading practices, including significant investment in industry training. Our staff has earned more than 1,200 industry certifications, and we employ more than 40 Fellows of the Life Management Institute (FLMIs). We follow a “license to operate" methodology where training is mandatory for all associates, reinforcing our standard process excellence toolkits through on-the-job learning. In addition to industry-trained associates, we have over 200 doctors, nurses, and pharmacists to support and add value to our clients' underwriting processes.
At Genpact, our focus has been on transforming and running business processes and operations specific to the Insurance industry vertical. Focused on enabling stronger growth, Genpact works with 20+ clients, including six Fortune 500 insurers, generating an impact of $500 million+ for the Insurance industry.
A leading life and annuity company was experiencing challenges in taking applications from its producers. Genpact services helped reduce first-pass errors by 80% with recommended process improvements, reduced the inaccurate scanning of new businesses by 60%, and reduced not-in-good-order (NIGO) claims from 33% to 11% by creating and implementing a form redesign initiative.
Created LOMA-compliant processes for a leading life and annuity company. This helped in speeding up the on-boarding of new agents through training in underwriting and compliance standards, which led to acceleration in revenue generation by $6 million per month.