HfS Research, a leading industry analyst firm, has ranked Genpact (NYSE: G), a global professional services firm focused on delivering digital transformation, as a leader among insurance service providers.
The HfS Blueprint Report for Insurance as-a-Service evaluates 16 service providers in the insurance industry, as recognized by client feedback and HfS analysis in terms of market size, trends, and strategic direction, with a specific focus on innovation and execution. Genpact achieved the highest ranking for innovation in the Winner’s Circle, underscoring the company’s success in driving digitally-led innovation and digitally-enabled intelligent operations that deliver business impact for clients’ transformation initiatives.
Acquisitions in digital and domain
HfS recognizes Genpact’s digital technology strengths and domain expertise. The report also cites Genpact’s intelligent automation and analytics capabilities, and the company’s artificial intelligence (AI)-based Genpact Cora platform. HfS commends Genpact for its forward-thinking investment strategy, including the recent acquisitions of BrightClaim, National Vendor, and OnSource, which enhance Genpact’s end-to-end claims management capabilities. In addition, HfS acknowledges the acquisitions of Rage Frameworks and TandemSeven that boost Genpact’s expertise in AI and design thinking.
“Genpact is one of the forerunners in connecting the dots between advanced digital technology and industry domain context,” said Reetika Fleming, research director, Insurance and Analytics, HfS Research. “Genpact is a leader in intelligent automation in the insurance industry, particularly for property and casualty carriers. The service provider has demonstrated how it has started to successfully collaborate with clients to determine which processes to automate, how to integrate technology, and where and when to innovate with new operating and technology models.”
Insurance innovation leader
The report recognizes Genpact’s ability to deliver end-to-end digital transformation. For example, Genpact used its predictive analytics and intelligent workflow capabilities, combined with its deep industry expertise in handling thousands of new business submissions daily, to help a global commercial insurer better prioritize its underwriting submissions. This improved the customer experience, while at the same time growing the company’s business by 15-20 percent.
Genpact also worked with a leading property and casualty carrier to transform its complicated claims management processes. By implementing intelligent automation, and using predictive analytics to assist in preventing fraudulent claims, Genpact helped the insurer streamline operations and reduce losses. This led to improved customer satisfaction and more than $40 million in business impact.
“Business models are dramatically changing for insurers, and increasing regulatory scrutiny and rapid technological changes are forcing the industry to adapt quickly,” said Sasha Sanyal, business leader, Insurance, Genpact. “Insurance companies are looking for partners – not simply vendors – to help them grow and transform. Our top spot in innovation from HfS reflects Genpact’s continued investment in both advanced technology and domain expertise to drive meaningful impact for our clients.”