Life, Annuity & Retirement Solutions: Enterprise Billing & Collections Genpact provides companies the ability to improve cash flow and increase customer satisfaction. With over 10 years experience in life insurance billing and collections, we provide end-to-end solutions that streamline and integrate enterprise wide Billing and Collections, Application and Reconciliation. We focus on creating deep customer relationships by providing unparalleled response to culture and customer needs. Our solutions include our pragmatic reengineering, innovative analytics, compliance and technology offerings, giving clients the benefit of seeing business processes at a granular level. This attention to even the most minute drivers increases efficiency and effectiveness of enterprise wide billing and collections, providing results in bottom line impact. With a staff supporting over 20 languages, we can help with document management, accounts reconciliation, GAAP wizard, inter-company settlement, consolidation support, accounts receivable and accounting closing reporting backed by state of the art BPM tools. Our Approach Our approach to Life Insurance Enterprise Wide Billing & Collections relies on our unparalleled depth and breadth in finance and accounting. Our 1,800-plus staff handle over 15 million invoices, by supporting services such as document management, collections, SCM/HRO and others. With a Virtual Captive Model of Engagement, we establish a partnership with our clients and a deep relationship that provides unparalleled cultural responsiveness. Our goal is to blend seamlessly into the organization by aligning with the client’s platform. In doing so, we have refined our industry leading toolkit in over 3,000 successful migrations to provide increased efficiency, greater profitability and a successful compliance record. In all cases our audit results are better or the same as pre-transition results. This kind of operational excellence also includes innovative Human Capital Development practices. In addition to standard process excellence toolkits that are reinforced through learning, training is mandatory for all associates and includes university courses and specialized training for supervisory managers and domain experts. This investment in human capital development leads to best-in-class attrition rates attained through our industry leading practices and execution. The overall focus of our approach and commitment to business process management is to deliver bottom line business impact. We provide the key tools, such as signature verification, accuracy enhancer and duplicate audit tools, and couple it with key practices such as process excellence roadmaps and end-to-end metrics that drive significant results. This approach emphasizes our commitment to baseline as well as year on year productivity. Client Successes A leading Life and Annuity Insurer was experiencing challenges in capital allocation throughout their organization. Genpact quickly produced a process excellence roadmap with a focus on end-to-end metrics. Immediate improvements followed with $63 million in working capital released, $10 million NI in dynamic discount capture and the successful implementation of BPM tools creating a further $4.1 million NI impact. Another industry leading company was experiencing challenges in their general account, closing and reporting approach putting them at a distinct competitive advantage against their peer group. Genpact used our industry leading processes, coupled with our cutting edge BPM tools, to provide productivity and controllership gains for accounts reconciliation, GAAP, inter-company settlement and consolidation support. Our focus on E2E metrics resulted in a 96 percent reduction in open items. In addition, these measures reduced NVA steps of reporting by 85 percent and manual journal entries by more than 75 percent.