HfS Research has positioned Genpact as a leader among insurance service providers.
The HfS Blueprint Report for Insurance as-a-Service assesses 16 service providers in the insurance business, as recognized by client feedback and HfS analysis in terms of market size, trends, and strategic direction, with a specific focus on innovation and execution.
Genpact attained the uppermost ranking for innovation in the Winner’s Circle, underlining the company’s achievement in driving digitally-led innovation and digitally-enabled intelligent operations, which deliver business impact for clients’ transformation initiatives.
Acquisitions in digital and domain
HfS identifies Genpact’s digital technology strengths and domain expertise. The report also cites Genpact’s intelligent automation and analytics capabilities, and the company’s artificial intelligence (AI)-based Genpact Cora platform.
HfS praises Genpact for its forward-thinking investment strategy, together with the recent acquisitions of BrightClaim, National Vendor, and OnSource, which enhance Genpact’s end-to-end claims management capabilities.
In addition, HfS recognizes the acquisitions of Rage Frameworks and TandemSeven that enhance Genpact’s expertise in AI and design thinking.
“Genpact is one of the forerunners in connecting the dots between advanced digital technology and industry domain context,” said Reetika Fleming, research director, Insurance and Analytics, HfS Research. “Genpact is a leader in intelligent automation in the insurance industry, particularly for property and casualty carriers. The service provider has demonstrated how it has started to successfully collaborate with clients to determine which processes to automate, how to integrate technology, and where and when to innovate with new operating and technology models.”
Insurance innovation leader
The report recognizes Genpact’s ability to deliver end-to-end digital transformation. For example, Genpact used its predictive analytics and intelligent workflow capabilities, combined with its deep industry expertise in handling thousands of new business submissions daily, to help a global commercial insurer better prioritize its underwriting submissions. This improved the customer experience, while at the same time growing the company’s business by 15-20 percent.
Genpact also worked with a leading property and casualty carrier to transform its complicated claims management processes.
By implementing intelligent automation, and using predictive analytics to assist in preventing fraudulent claims, Genpact helped the insurer streamline operations and reduce losses. This led to improved customer satisfaction and more than $40 million in business impact.