Genpact Limited has announced its offering that streamlines the application-to-issue (A2I) processes for life insurance companies.  Genpact’s A2I solution saves life insurance companies time and money by streamlining these critical processes to work together more efficiently and effectively, which has already been proven with existing clients.

 Life insurance companies face a number of business challenges, including increasing costs per benefit placed, high cycle times of up to 90 days, slow underwriting processes, high customer attrition rates, and legacy systems integration and data validation issues. To address these barriers to success, Genpact bases its A2I offering on its Smart Enterprise Processes (SEP) framework, which is a unique and scientific approach to managing and measuring the effectiveness of business processes.  Genpact A2I SEPSM focuses on vital business outcomes including cost, placement rate, prospect case flow and margins through a comprehensive diagnostic workflow which examines each A2I step in granular detail – application submission, documentation and application review, underwriting, policy issuance and delivery, payment processing, and final disposition.

 Genpact’s A2I SEP solution leverages the diagnostic results to build a roadmap to optimize the processes, using a scalable infrastructure, automation of manual steps, database integration, document management, technology standardization, and deep insurance industry expertise.  As a result, Genpact can help bring cycle times to best-in-class levels of 15-30 days, increase accuracy of reporting, eliminate costs, and increase placement rates, which translates into millions of dollars of incremental revenue for the insurance operation. 

 Genpact’s global insurance practice is driven by a team of professionals who hold over 2,800 insurance certifications, including LOMA, IIA, AAPA, FINRA Series 6, FINRA Series 7, AICPCU, and actuarial exams, of which LOMA certifications are 1,200.