Genpact Acquires Inspection-as-a-Service Vendor OnSource

The latest in a series of Genpact acquisitions, OnSource’s IaaS product will leverage Genpact Cora, the company’s artificial intelligence-based digital platform.

(Image source: OnSource homepage.)

Genpact (Hamilton, Bermuda) has announced that it has acquired OnSource (Braintree, Mass.), provider of a leading Inspection-as-a-Service (IaaS) product for property/casualty insurance carriers and their customers. Genpact characterizes the transaction as building upon its recent acquisition of BrightClaim and National Vendor, which significantly expanded the company’s U.S. claims management capabilities. The company did not disclose the terms of the deal.

Stephen Applebaum, Managing Partner, Insurance Solutions Group.

 “We can fully expect to see claim services and information providers continue to do tuck-in InsurTech acquisitions like these as persistently long insurance sales cycles vex startups and as providers seek to expand their service offering choices and formats,” comments Stephen Applebaum, Managing Partner, Insurance Solutions Group (Chicago). “As insurers seek to reduce the number of vendor connections they support—even as they seek more innovative, that is faster, cheaper claims solutions—they encourage these M&A transactions and integrations with their preferred partners.”

“When added to Genpact’s AI and other claims processing technologies plus the field claims inspection/remediation capabilities of Brightclaim—property and auto—and National Vendor—contents—and now the OnSource crowdsourced mobile image and video field claims inspection network and IP, Genpact has become a truly full service claims services provider and is positioned for the expected future demand for these ‘InsureTech’ capabilities,” Applebaum adds.

Ongoing Strategy to Drive Digital-Led Innovation

Genpact places the acquisition within what it calls its ongoing strategy to drive digital-led innovation and digitally-enabled intelligent operations for clients around the world. The company says that it is investing in leading technologies that reimagine the customer experience and radically change how companies compete. “OnSource uses advanced technologies—such as real-time browser-based communication, self-service applications, and drones—to put consumers in control of their insurance claims and fundamentally transform the process for insurance carriers,” a Genpact statement says.

The OnSource IaaS product will leverage Genpact Cora, Genpact’s artificial intelligence-based digital platform, according to the Genpact statement. The integration of Genpact Cora and the OnSource product into Genpact’s end-to-end claims management capabilities will allow carriers to seamlessly write accurate estimates and manage supplements in a much quicker and more collaborative manner, resulting in significantly higher customer satisfaction, according to the vendor.

“OnSource has helped us improve our productivity, reduce our cycle times, and tap into loss adjustment expense, while we have simultaneously improved our quality and service levels. They have a well-run, very professional leadership team that I’m proud to partner with,” comments Mark Hogue, director of material damage, salvage, and total loss, SafeAuto.

Genpact pitches the OnSource IaaS product as offering carriers various innovative benefits, including the following:

  • Self-service applications: intuitive smartphone apps that capture HD photos, videos, and written descriptions;
  • On-demand field service: immediate response inspection model utilizing more than 17,000+ photo field inspectors; and
  • Unmanned Aerial System (UAS): cutting-edge drone technology for use in property claims and other use cases when an aerial view is needed.

    Sasha Sanyal, SVP, Insurance, Genpact.

“Insurance carriers have been struggling to improve upon the costs, capacity, and cycle time associated with traditional methods of obtaining appraisals in order to meet ever-increasing customer demands for ease and speed,” comments Sasha Sanyal, senior VP,  Insurance, Genpact. “OnSource’s innovation and ability to disrupt insurance claims operations to both save insurance carriers time and resources, and provide a seamless customer experience, is a critical addition to our digital-led insurance service offerings.”

“With Genpact’s comprehensive claims management capabilities, we are excited to join the team to deploy our products for many more insurance carriers,” comments Tim Schneider, CEO, OnSource. “We know that the industry is ready for these capabilities, and the traction of our digital inspection product proves that it drives significant efficiencies for carriers and exceeds customer expectations in the claims and pre-insurance inspection processes.”

Genpact Acquires BrightClaim for End-to-End Claims Management Expertise

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For over a decade he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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