Everest Group, has placed Genpact in its Leader’s quadrant in the 2018 PEAK Matrix for Property & Casualty (P&C) insurance service providers. Genpact achieved the greatest positive year-on-year movement on the PEAK Matrix, and also received a Star Performer designation. The report evaluates 18 P&C insurance industry service providers in terms of vision, capability, market impact, and other areas. Everest Group emphasizes Genpact’s digital technology investments, including Genpact Cora, its artificial intelligence (AI)-based platform, and the company’s recent strategic P&C sector acquisitions.In the past year, Genpact has acquired BrightClaim, National Vendor, and OnSource, which enhance Genpact’s end-to-end claims management capabilities.
“Genpact has a combination of innovative services across the P&C insurance value chain, deep domain knowledge and process expertise, and ongoing commitment to investing in digitaltechnology,” said Skand Bhargava, practice director, Everest Group. “Thesecapabilities have enabled Genpact to solidify its position in the P&C insurance market through increased market adoption and value delivered.”
Digital innovations drive business impact for P&C insurers
Genpact helps P&C insurers transform their operations to drive meaningful business impact and better serve customers. For example, Genpact automated 50 percent of a global commercial carrier’s quote submissions which increased revenue, enhanced customer
satisfaction, and achieved greater underwriter capacity and productivity. Genpact’s natural language processing and related AI technology, coupled with the company’s deep industry expertise, helped the insurer reimagine operations for competitive growth.
Genpact also leveraged robotic process automation technology, powered by Genpact Cora, to transform a global P&C insurer’s operations. Automating approximately 60 percent of the claims processes lets adjusters focus their time on more complex, value-added activities to
deliver better customer service. In addition, the insurer boosted productivity by 40 percent, and increased accuracy and scalability. Operations also now run 24 hours a day, seven days a week, delivering faster resolution of claims and improving customer satisfaction.
“We believe the era of touchless claims is on the horizon, where manual intervention in most cases is replaced by sophisticated use of sensors, drones, computer vision and other AI, and additional advanced technologies,” said Sasha Sanyal, business leader, Insurance,
Genpact. “We’re at the forefront of helping make tomorrow’s possibilities a reality for our clients and their customers. Our investments in digital capabilities enable intelligent automation of every step in the claims process, and transform operations to help insurers grow their business and deliver better customer service.”