(Atlanta skyline by Anish Patel.)
Genpact (Hamilton, Bermuda), a global professional services firm, has acquired BrightClaim (Atlanta) and its associated company National Vendor, both providers of claims solutions to the U.S. property/casualty insurance market. The vendor describes the acquisition as marrying domain expertise with advanced technologies to fundamentally change how insurers manage the claims process, allowing carriers to create a seamless claims experience for their customers. Morgan Partners acted as an advisor to Genpact on the transaction. Genpact did not disclose the terms of the deal.
BrightClaim and National Vendor specialize in property claims management for both structural and contents losses. Their services include loss adjusting, contents management services, end-to-end management of liability claims and managed repair services through a national contractor network. BrightClaim and National Vendor have a large client base including half of the top 20 auto and property insurers and an extensive network of insurance adjusters, according to a Genpact statement. As part of the transaction, Genpact will acquire delivery centers in Atlanta, Ga. and Austin, Texas, increasing its U.S. footprint.
“A growing digital-native customer base and the ubiquity of data are driving the need for innovation at an unprecedented pace and fundamentally changing the insurance claims operating model,” comments Mohit Thukral, senior VP and business leader, Banking, Financial Services and Insurance, Genpact. “With the added U.S. onshore capabilities and domain expertise from BrightClaim and National Vendor, we are enhancing our ability to help insurance clients infuse digital technologies and analytics into their operations to create a sustainable competitive advantage for them.”
A Genpact statement suggests that the acquisition will strengthen the vendor’s ability to address deficiencies in the typical claims process, which Genpact notes involves numerous touch points and manual interventions and lacks real-time analytical insights that drive decision making. This set of challenges causes long claims cycle times, higher settlement costs, and a lack of transparency for customers throughout the claims process, the vendor says. With its own analytics and digital capabilities and the deep insurance claims expertise integrated from BrightClaim and National Vendor, Genpact asserts that it will be able to provide solutions that will:
- reduce overall claims costs by up to 40 percent through its Lean process design, digital technologies and smart shore delivery model;
- improve customer experience and satisfaction by 10-20 percent through multi-channel intake, automated status updates, and proactive communication, with process design and system automation that enable faster processing and settlement; and
- reduce loss cost by 3-5 percent through improved recovery and fraud prevention that leverage predictive analytics.
“We are looking forward to joining Genpact and combining our solutions with their digital-led intelligent business process management capabilities, existing claims management services expertise, analytics, and global delivery to provide true end-to-end claims services,” comments Howard Rogers, CEO, BrightClaim. “Together we will help transform P&C claims for our growing client base.”