Genpact, an agentic and advanced technology solutions company, announced the launch of the Genpact Insurance Policy Suite. It is aimed at the commercial and speciality insurance segments. It is part of Genpact’s Service-as-Agentic-Solutions™ portfolio.
The suite aims to utilise AI technology to help insurance companies reduce repetitive tasks, speed up processes, and provide better data insights.
“We created the Genpact Insurance Policy Suite with underwriters in mind. This way, they can spend more time on important tasks like giving faster quotes, building better relationships with brokers, and increasing the number of successful insurance deals,” said Jinsook Han, Chief Strategy Officer at Genpact. “We know that insurance processes can be complicated, so our solution includes features that help track changes and provide clear insights for both carriers and underwriters.”
The Genpact Insurance Policy Suite utilises Microsoft Azure AI to assist in managing underwriting tasks, facilitating a smoother transition from initial application to final insurance deal completion. The suite includes four parts, each using specialized AI agents to analyze and summarize information. This helps reduce manual work, find mistakes, and speed up decision-making and quoting.
Genpact believes that companies using this suite can look forward to:
– Higher underwriting capacity with up to 90% of submissions processed automatically.
– Faster market entry with a reduction of up to 75% in time compared to current manual methods.
– Improved financial performance with costs lowered by up to 50%.
“By launching the Genpact Insurance Policy Suite, Genpact is expanding its presence in the industry and showing the power of Microsoft’s Azure AI technology,” said Hemanth Sundararaj, Global Financial Services Sales Leader at Microsoft. “By combining Azure AI tools with Genpact’s deep knowledge of insurance, this suite will help carriers speed up their processes, improve their business performance, and create a better experience for everyone involved.”
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