Reinsurance News

The claims revolution is underway, but still a long way to go: Genpact’s Saye

11th February 2022 - Author: Steve Evans

To improve claims processes across the insurance and reinsurance industry and deliver higher customer satisfaction, technology must be embraced, and modern software tools integrated into company processes, Jeff Saye, Global Practice Leader for Insurance Claims, Genpact told us in an interview.

jeff-saye-genpactDiscussing the need for a digital-first, future-focused approach to claims, Saye highlighted the importance that the customer comes first.

“Even though we have seen great strides in the industry toward a more digital process over the last two years, the claims process is still lengthy and costly,” Saye explained to us, adding, “We still see a lot of manual, human labor-intensive transactions across the claim lifecycle.”

“Optimal claim processes will allow insurers to improve the customer experience while protecting loss outcomes and reducing expense,” Saye told Reinsurance News.

The claims side of the industry’s processes has often been overlooked and in recent years the wave of interest in insurtechs has often focused on the sales and distribution piece of the insurance and reinsurance market chain.

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But insurers and reinsurers both have a significant amount to gain from smoothing their customers claims interactions to deliver a more seamless experience and improved satisfaction, Saye believes.

At the same time there has been an explosion of new digital claim solution offerings, which can make it challenging for carriers to choose a solution that meets their needs.

Genpact has its own digital claims solution, Claims Manager, which Saye told us offers “a robust end to end system of engagement.”

Claims Manager supports the full claim lifecycle workflow and has been designed with a bottom-up approach deliver a solution that can be configured to the unique needs of an insurer.

Genpact’s solution utilises artificial intelligence, advanced analytics, and digital technologies to enhance accurate decision making, work assignments and tracking, enabling the claims operation to be run seamlessly.

It also integrates with other industry leading solutions thanks to its published API’s and existing integrations, Saye added, while it also enforces best-practices through the use of workflows, tracking, SLA monitoring and compliance enforcement.

Saye firmly believes that what the industry needs is a “low-touch claims handling” approach, with rich analytics that help to identify severity, fraud, subrogation, and litigation threats early on.

Most importantly, Genpact’s Claims Manager “drives flexibility and speed to market” as well as modernising claims operations, Saye told us.

“While carriers are pushing to become more streamlined by embracing digital claim solutions, they are bombarded with so many offerings that they struggle to embed the proper technologies needed to drive process changes,” Saye explained, adding, “A better claims process will aide reinsurers by providing clearer insights into the claims and risks that they are reinsuring, allowing them to understand the loss faster and more efficiently by utilizing tech such as data extraction, AI, and analytics to quickly compile key data from submitted losses.”

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