(Humpback whale breaching. Photo credit: Whit Welles.)
Pacific Life has partnered with Genpact to help transform the insurer’s business processes and help expand the customer base for its recently launched mass market term life product, according to a vendor announcement. Genpact has been given responsibility for Pacific Life’s new business data entry, producer onboarding and record keeping, commission balancing, premium handling and reconciliation, and mail room functions, including managing Pacific Life’s document management operations in Lynchburg, Virginia.
“Genpact’s successful track record in transforming many life insurers’ business models to drive substantial growth with greater speed-to-market, increased productivity, and improved cost efficiencies is a key factor in why we partnered in our product expansion initiative,” comments Mike Shadler, VP, Pacific Life. “We are building a world-class, scalable operation as we enter additional markets and continue to grow, and Genpact is a critical part of our operational capability.”
Pacific Life is taking advantage of Genpact’s Lean Digital approach, which combines process-centric technologies, design thinking methodologies, and what the vendor calls deep domain expertise to transform operations through the middle and back office, and achieve significant measurable impact in driving growth, business agility, and cost efficiency. Genpact is also applying what it characterizes as cutting-edge dynamic workflow capabilities and other digital technologies to help Pacific Life more quickly expand its innovative products and services.
New Business Strategy
“Genpact looks forward to helping Pacific Life accelerate its pace of change as it embraces this new business strategy,” comments Mohit Thukral, senior vice president and business leader, Banking, Financial Services, and Insurance, Genpact. “The combination of our global delivery capabilities, domain and process expertise, data analytics, and digital technologies better position Pacific Life for growth, and help the company enhance customer service and stay competitive.”