Genpact leading Insurance BPO: NelsonHall
Business process management company Genpact Limited, on Thursday announced it was named a 'leader' in industry analyst firm NelsonHall's two recently-released NEAT rankings in the insurance market, Life, Annuities and Pensions (LA&P) BPO and Property and Casualty (P&C) Insurance BPO, here.
NelsonHall's vendor evaluation and assessment tool, or 'NEAT' score, is based on a combination of analyst assessments of a vendor's 'ability to deliver immediate client benefits' and feedback from clients on levels of partnership and 'ability to meet future client requirements'.
NelsonHall said that the continued regulatory changes has caused an inflection in the LA&P market, forcing insurers to reduce core administration costs and make improvements to overall operational processes, which is driving the related BPO market.
In addition, P&C insurers face additional challenges in reducing time to market and risk associated with new product introduction, improving the combined ratio (CR) and establishing a presence in emerging markets. These factors also spur the need for BPO services.
NelsonHall estimated that Genpact serves approximately 25 insurance BPO clients across 13 countries and out of eight delivery centers.
The firm further noted that Genpact's LA&P capabilities address the market's challenges through significant investments in its Smart Enterprise Processes (SEPSM) proprietary business process management methodology and Smart Decision Services offerings.
In addition, Genpact's extensive use of workflow across all transactional processes and strong policy administration capabilities has helped deliver quantifiable benefits to its clients.
Genpact is strengthening its F&A services to its existing life insurance BPO clients, especially in areas such as GAAP, and will be further enhancing its analytics services in the areas of claims analytics, operations analytics and predictive modeling.
As the need for P&C transformation and comprehensive services drives P&C BPO requirements, NelsonHall reported that Genpact's end-to-end P&C BPO services are bolstered by SEPSM, Six Sigma expertise, and experience in providing a broad range of services to clients.
Genpact plans to make investments in analytics, claims and underwriting support, operational consulting, and loss prevention to further enhance its P&C BPO services.
Fiona Cox, research analyst, NelsonHall said, "Genpact is one of a handful of service providers that has the experience of providing a broad range of BPO services in both the LA&P and P&C insurance sectors. In both sectors, its services often include the provision of analytics, either for improving process effectiveness or to support the client's business outcomes: as an example of the latter, Genpact was one of the first BPO vendors to provide CAT modeling as part of a wider service."
"In its P&C BPO business, Genpact's clients commend its claims management capabilities. In its LA&P BPO business, Genpact has strong policy administration capabilities and its clients value Genpact's ability to run SEPSM projects to streamline sub-processes. It continues to invest in tools to increase the level of automation in service delivery," said Cox.
Scott McConnell, senior vice president and global business development leader, Insurance, Genpact said, "Genpact is honored to be named a leader by objective analysis performed by NelsonHall in their two insurance rankings, as it demonstrates that we can deliver significant impact by helping clients to identify and increase efficiencies to support growth as well as manage risk for increased profitability, stronger controllership and regulatory compliance."
McConnell added, "These rankings further validate that our insurance domain expertise, technology and analytics help our insurance clients compete in a volatile environment because we provide them the ability to anticipate change and become more agile by transforming their operations."
(Posted on 21-03-2014)