(Image source: Root Insurance homepage.)
Genpact (New York), a global professional services firm, and Root Insurance, a Columbus, Ohio-based startup insurer, have announced a partnership aimed at furthering Root’s stated vision of reinventing the auto insurance industry. The partnership focuses on optimizing efficiency of claims processing, with the goal of further improving the Root customer experience, as well as driving competitive growth.
Describing itself as the first licensed insurance carrier in the United States powered entirely by mobile technology, Root’s business model bases rates primarily on an individual’s driving behavior. The company says its members expect an easy digital experience, and with Genpact’s expertise in digital innovation and focus on a seamless consumer experience, it expects to streamline claims processes in many cases from multiple days to only hours.
“Root continues to grow rapidly. As we expand within the United States, we need a flexible and nimble business partner who shares our desire to disrupt the insurance market,” comments Dan Manges, co-founder and CTO, Root Insurance. “As a digital transformation leader with deep experience in the insurance industry, Genpact has proven to be a partner that can easily integrate its capabilities with our technology to simplify processes and help us improve service to our customers.”
A joint statement says that Genpact’s comprehensive insurance process solutions help Root deliver a best-in-class digital experience though a streamlined touchless claims process. Genpact says it brings best practices in insurance operations from its expertise working with numerous leading carriers. As a result, the statement says, Root is able to more quickly scale its business and maintain an aggressive growth and innovation strategy.
Disrupting the Industry by Using Driver Behavior
“Traditional insurers have long been hindered by static pricing models and expensive operations that aren’t scalable. Root is disrupting the industry by using data and driver behavior to offer more accurate premiums, while simplifying the claim process and putting their members in control,” comments Sasha Sanyal, global business leader, Insurance, Genpact. “We share Root’s vision to leverage the power of technology and data to better serve customers in today’s digital economy. Genpact is helping Root scale innovation to not only improve the member experience, but also create new business models to better compete in a rapidly evolving market.”