Genpact Partners with Claim Genius to Future Proof Claims Management for P&C Insurers

Rhea-AI Summary

Genpact announced the integration of its Claims Manager platform with Claim Genius, enhancing the insurance industry's claims processing through AI technology. This collaboration aims to streamline auto claims, reducing processing time and costs by up to 50%. The integration addresses inefficiencies in traditional claims management, offering improved customer satisfaction and operational efficiency. This initiative represents Genpact's commitment to digital transformation in the insurance sector, providing a more intelligent and seamless claims experience.

Positive

• Integration with Claim Genius enhances AI capabilities in claims processing.
• Potential cost reductions up to 50% in claims processing time.
• Improved efficiency and customer satisfaction due to streamlined processes.
• Offers a comprehensive solution with real-time analytics and insights.

Negative

• None.

NEW YORK, Feb. 3, 2022 /PRNewswire/ -- Genpact, a global professional services firm focused on delivering digital transformation, today announced its Claims Manager platform is now integrated with Claim Genius, the insurance industry's full-service, AI-based claims solution for auto insurance, paving the way for one of the industry's most intelligent, frictionless claims process.

"Genpact's Claims Manager is a great example of how different technology combinations must fit together to solve a specific business challenge from beginning to end. The solution not only helps automate and streamline the insurance claims process but makes it more intelligent through the use of AI and analytics," said HFS Research analyst Reetika Fleming, who leads analytics, insurance, and finance and accounting research. "Genpact's broad integration and expansion of its Claims Manager offering connects the dots for the industry, helping to provide a more seamless approach to the entire process of managing claims."

Insurers' claim operations typically involve manual processes and legacy systems, and lack integration across carriers and vendors. For example, insurance companies spend substantial money and resources on investigating, processing, and settling auto claims through a variety of manual and partially automated channels that don't always connect or communicate efficiently. This process is not just cumbersome for adjusters, but creates significant dissatisfaction for customers at the exact time when they most need their insurance company to be responsive and helpful.

Genpact's Claims Manager, powered by Genpact Cora, streamlines these complexities across the entire claims lifecycle to improve quality of service and allow adjusters and managers to serve the customer more effectively and efficiently. Claims Manager, brings together the latest technologies, data and advanced analytics to aid these improved outcomes. With the integration of Claim Genius and its enhanced AI capabilities, Claims Manager will be able to offer seamless virtual auto inspections reducing processing time and cost up to 50%. These step change improvements will have a direct impact on improving both the adjuster and customer experience.

"The insurance industry has been evolving swiftly on the tail of the pandemic, to remain agile and competitive in this newly tech-led field, companies need to embrace digital transformation. To better serve customers around the world, insurers can rely on Genpact's advanced claims management offering to drive better experience while being more effective and efficient in the entire claims process," said Sameer Dewan, Genpact's global business leader for insurance. "Our relentless pursuit of optimizing the experience for claims managers, adjusters, and customers begins with our rich partner ecosystem to create powerful and tangible combinations of data and technological advancements."

The addition of Claim Genius to the claim service ecosystem extends the capabilities and depth of innovation Genpact's Claim Manager offers insurers, including:

• Straight-through processing and low-touch claims handling through remote inspections and automated estimates
• AI and advanced analytics enabling early identification of severity, subrogation, fraud recognition, and litigation
• Full claim lifecycle workflow and dynamic operations management enabling service level agreement tracking and monitoring, as well as enforcing compliance
• Open architecture for ease of integration and connection with client and partner applications, systems, and platforms 
• Increased management visibility and insights into operations
• Access to continuing innovations in computer vision and machine learning advances with the Claim Genius partnership

"Our vision is to make touchless claims a reality and we want to work with the best in the insurance ecosystem to help solve for the many challenges facing the insurance industry," said Raj Pofale, Founder & CEO, Claim Genius. "Integrating our proven and powerful AI engine with Genpact's Claims Manager will give insurance companies an agile and intelligent system with a significant upside in efficiency and accuracy to enhance the customer experience and claim outcomes. It's a win-win for everyone."

With the continued pressures on carriers to innovate and automate in order to better adjudicate, it is important to partner with companies offering ways to accelerate what is possible. Genpact's growing ecosystem and its Cora platform represent that connection companies need to better serve customers, compete in the marketplace, and deliver on ever increasing expectations. 

Visit https://www.genpact.com/cora/claims-manager to learn more.

About Genpact 
Genpact (NYSE: G) is a global professional services firm that makes business transformation real. Led by our purpose -- the relentless pursuit of a world that works better for people -- we drive digital-led innovation and digitally enabled intelligent operations for our clients. Guided by our experience reinventing and running thousands of processes for hundreds of clients, many of them Global Fortune 500 companies, we drive real-world transformation at scale. We think with design, dream in digital, and solve problems with data and analytics. Combining our expertise in end-to-end operations and our AI-based platform, Genpact Cora, we focus on the details – all 100,000+ of us. From New York to New Delhi, and more than 30 countries in between, we connect every dot, reimagine every process, and reinvent the ways companies work. We know that reimagining each step from start to finish creates better business outcomes. Whatever it is, we'll be there with you – accelerating digital transformation to create bold, lasting results – because transformation happens here. Get to know us at Genpact.com and on LinkedIn, Twitter, YouTube, and Facebook. 

About Claim Genius
Claim Genius, Inc. is a rapidly emerging global InsurTech leader of AI-based claims solutions advancing the automotive industry based in Iselin, New Jersey, USA with development centers in Nagpur & Hyderabad, India. Our patent-pending artificial intelligence image analysis and predictive analytics provides an instant damage assessment, condition, and damage estimate from uploaded videos or photos through our easy-to-use FNOL mobile app technology. Claim Genius's mission is to reduce claims processing time, increase companies' profitability, and revolutionize the claims experience for customers worldwide. Claim Genius Makes Touchless Claims A Reality™

Media Contact: 

Sarah Joyce 
sarah.joyce@genpact.com 
+1 (626) 379-9829 

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SOURCE Genpact

FAQ

What is Genpact's new partnership with Claim Genius about?

Genpact's new partnership with Claim Genius focuses on integrating their Claims Manager platform to enhance claims processing efficiency in the auto insurance sector through AI technology.

How does the integration of Claims Manager and Claim Genius affect claims processing costs?

The integration aims to reduce processing time and costs by up to 50%, making the claims process more efficient.

When was the partnership between Genpact and Claim Genius announced?

The partnership was announced on February 3, 2022.

What benefits does Genpact's Claims Manager provide to insurance companies?

Genpact's Claims Manager offers improved operational efficiency, enhanced customer satisfaction, and real-time analytics for better claims management.