Catastrophe Insurance - Services for Insurers | Genpact
  • Solution overview

Catastrophe insurance claims

How Genpact helps insurers tackle catastrophe insurance claims

As catastrophic events increase and catastrophe seasons get longer, more people are claiming on their insurance. Insurers, stretched to their limits, are scrambling to quickly assess and pay claims so customers can get back to their businesses and lives.

The challenge: Strong headwinds for claims organizations

But insurers face bigger problems than just increasing volumes of claims. First, there are increasing regulatory requirements, which coupled with pressure from local, state, and federal governments to quickly resolve claims are piling pressure onto insurers. It's not economical for claims organizations to keep a high level of staff throughout the year, so they have to predict and surge in line with demand – but that can prove tough, and the consequence of getting it wrong? Pressure on costs and unhappy customers who could leave the business. Even if claims organizations get it right and staff their teams well throughout the catastrophe season, they still have to make substantial time and financial investments to train new adjuster resources to address nationwide shortages and get them quickly up to speed. Using experienced staff to monitor new hires can impact daily claims and business-as-usual deliverables.

The solution: A holistic, scalable cat claims response

Genpact offers a range of services so claims organizations who need either holistic solutions or guaranteed, flexible capacity, can meet these challenges head-on.

TPA services

Our complete turnkey operation for third-party administrator (TPA) services and claims field staffing services can scale to meet demand and can be used for selected tasks only or for end-to-end handling if needed. This means claims organizations can target areas of weakness in their operations or surge staff during, for example, storm season.

The turnkey solution includes reserved white space offices, a dedicated first notice of loss center, and seasoned, licensed claims adjusters. We also offer a strong leadership team and field managers, along with a management and dedicated training team so that new staff can get up to speed quickly. And our claims workflow solution with Xactware and CoreLogic means claims can settle smoothly and quickly.

Claims field services

Genpact offers both traditional and digital routes for field operations based on the claims organization's preference and the severity of its claims. We guarantee a pool of in-person adjusters who are fully credentialed and specifically trained for catastrophic events. And we offer dedicated field managers and temporary field offices so that claims organizations can respond at speed and maintain visibility and efficiency in-location.

We also offer intelligent digital solutions that fit seamlessly with claims organizations' existing operations:

  • Our self-service app and network of inspectors are ideal for addressing large volumes of low severity claims and freeing up experienced staff to handle severe and complicated claims
  • We can also deploy a drone network on-demand to assess damage and send data to our in-house estimate-writing team, meaning the organization saves on time usually spent getting pictures and information from customers or the costs of traveling out to assess damage in person
  • Our data and analytics services can even provide claims data as catastrophic events unfold and offer insights through analytics – meaning claims companies have a jump on submissions
  • Our contractor network offers an end-to-end assessment service, using credentialed inspectors, review by licensed adjusters, and an emergency service, repair, or restoration service

Our work in action: Settling claims, improving customer confidence

Our solutions significantly impact claims organizations' efficiency, reputation, and ongoing abilities. For example, during recent multiple storms in multiple states, Genpact helped eight catastrophe claims organizations with key staff shortages and an unstable workforce to handle unprecedented demand in a short space of time.

Using our network of insurance adjusters, we ramped up the organization's workforce by 100% in a period of two weeks. We added strategic field offices in multiple locations near affected areas and quickly rolled out digital assets to handle high volumes of claims inspections.

Using this holistic approach, we helped our client settle 40,000 claims over a short period, improved their customers' confidence, and ensured that adjusters were well trained for future readiness.

The impact: Happier customers, more control over costs

Over many years, Genpact has shown that by using our advanced, flexible, and scalable solutions, clients can expect:

  • A 60% boost to adjuster efficiency due to careful auditing of bids and submitted invoices
  • A 20% rise in bid accuracy by directly managing repair and replacement using our network of credentialed contractors
  • A 20% higher customer satisfaction score, meaning more repeat business

Genpact's managed services capabilities, strong insurance expertise, and operational excellence framework all combine to offer claims organizations multiple options for handling the strong headwinds in the industry. All signs indicate insurers are only going to get busier and need to strategically prepare to meet surges in demand, keep customer sentiments friendly, and settle claims quickly, accurately, and fairly at the toughest of times for those making them.

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