NEW YORK, June 27, 2018 /PRNewswire/ -- Everest Group, a leading consulting and research firm, has placed Genpact (NYSE: G), a global professional services firm focused on delivering digital transformation, in its Leader's quadrant in the 2018 PEAK MatrixTM for Property & Casualty (P&C) insurance service providers.
Genpact achieved the greatest positive year-on-year movement on the PEAK Matrix, and also received a Star Performer designation. The report evaluates 18 P&C insurance industry service providers in terms of vision, capability, market impact, and other areas. Everest Group emphasizes Genpact's digital technology investments, including Genpact Cora, its artificial intelligence (AI)-based platform, and the company's recent strategic P&C sector acquisitions. In the past year, Genpact has acquired BrightClaim, National Vendor, and OnSource, which enhance Genpact's end-to-end claims management capabilities.
"Genpact has a combination of innovative services across the P&C insurance value chain, deep domain knowledge and process expertise, and ongoing commitment to investing in digital technology," said Skand Bhargava, practice director, Everest Group. "These capabilities have enabled Genpact to solidify its position in the P&C insurance market through increased market adoption and value delivered."
Digital innovations drive business impact for P&C insurers
Genpact helps P&C insurers transform their operations to drive meaningful business impact and better serve customers. For example, Genpact automated 50 percent of a global commercial carrier's quote submissions which increased revenue, enhanced customer satisfaction, and achieved greater underwriter capacity and productivity. Genpact's natural language processing and related AI technology, coupled with the company's deep industry expertise, helped the insurer reimagine operations for competitive growth.
Genpact also leveraged robotic process automation technology, powered by Genpact Cora, to transform a global P&C insurer's operations. Automating approximately 60 percent of the claims processes lets adjusters focus their time on more complex, value-added activities to deliver better customer service. In addition, the insurer boosted productivity by 40 percent, and increased accuracy and scalability. Operations also now run 24 hours a day, seven days a week, delivering faster resolution of claims and improving customer satisfaction.
"We believe the era of touchless claims is on the horizon, where manual intervention in most cases is replaced by sophisticated use of sensors, drones, computer vision and other AI, and additional advanced technologies," said Sasha Sanyal, business leader, Insurance, Genpact. "We're at the forefront of helping make tomorrow's possibilities a reality for our clients and their customers. Our investments in digital capabilities enable intelligent automation of every step in the claims process, and transform operations to help insurers grow their business and deliver better customer service."
See these links for more information about Genpact's insurance capabilities, Genpact Cora, and the Everest Group report.
Genpact (NYSE: G) is a global professional services firm that makes business transformation real. We drive digital-led innovation and digitally-enabled intelligent operations for our clients, guided by our experience running thousands of processes for hundreds of Global Fortune 500 companies. We think with design, dream in digital, and solve problems with data and analytics. We obsess over operations and focus on the details – all 78,000+ of us. From New York to New Delhi and more than 20 countries in between, Genpact has the end-to-end expertise to connect every dot, reimagine every process, and reinvent companies' ways of working. We know that rethinking each step from start to finish will create better business outcomes. Whatever it is, we'll be there with you – putting data and digital to work to create bold, lasting results – because transformation happens here. Get to know us at Genpact.com and on LinkedIn, Twitter, YouTube, and Facebook.
View original content with multimedia:http://www.prnewswire.com/news-releases/genpact-secures-leader-and-star-performer-spots-on-everest-groups-property--casualty-insurance-peak-matrix-300673030.html