The auto insurance market in the US is estimated to be worth more than $300 billion in 2020. The Insurance Information Institute recorded that in 2018 – the latest year for complete data – the average collision claim was $3,574, the average comprehensive claim was $1,833, property claims were at $3,841, and bodily injury claims were at $15,785. The same dataset showed that around 9% of total insurance policyholders made a claim. In short, that's a lot of money. But behind the numbers sits a tough reality. People have accidents, their vehicles get damaged, and sometimes they get hurt. The process of making and settling a claim shouldn't add to the stress. But often, it does. And that may force customers to find best customer service in this highly competitive industry.
At Genpact, we have built a unique third-party administration (TPA) solution for insurers to make sure the auto claims cycle is frictionless, fair, and fast. Insurers can be confident that their customers are getting the best service possible.