(Image source: Genpact homepage.)
Genpact (New York), a global professional services firm focused on delivering digital transformation, has announced that its Claims Manager platform is now integrated with Claim Genius (Iselin, N.J.), an AI-based claims solution for auto insurance.
“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,” comments Reetika Fleming, head of HFS Research’s () analytics, insurance, and finance and accounting practice. “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.”
Genpact’s Claims Manager, powered by Genpact Cora, addresses the inefficiencies of insurance claims operations, which 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 asserts that Claims Manager 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, according to the vendor. 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 percent, Genpact says, having 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,” comments Sameer Dewan, global business leader, insurance, Genpact. “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. 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.”
Genpact reports that the addition of Claim Genius to the claim service ecosystem extends the capabilities and depth of innovation Genpact’s Claim Manager offers insurers, including the following as described by the vendor:
- 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,” comments 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.”