Property & Casualty Solutions: Claims Management Excellence A leading area of spend for insurance companies with increasing impact on both the bottom line and customer satisfaction is claims management. With over 10 years experience in Property and Casualty claims, Genpact provides end-to-end solutions that streamline and integrate enterprise wide claims processes to identify and remove inefficiencies. With over 1,800 staff dedicated to the Property and Casualty industry, we are able to bring considerable expertise to bear on the most difficult claims challenges as evidenced by our effective handling of over 1,000,000 claims transactions annually. Today, most claims executives agree that over 4-5 percent of claims have leakages in individual or interconnected processes; if addressed, it could lead to potential savings opportunities of $100 million for a company with $2 billion in paid losses. Yet most companies have not institutionalized enterprise process controls for creating feedback mechanisms that address entry errors, fraud, gaps in payment practices and reinsurance recoveries. Genpact’s deep commitment to process development, combined with our emphasis on Lean Six Sigma, has enabled our customers to achieve control over their claims processes resulting in a real impact on bottom line outcomes. Our Approach Genpact’s approach is based on unparalleled depth and breadth in understanding the end-to-end claims processes beginning with FNOL all the way through to recovery and closure. We have identified the key metrics for leakages in these processes and how to resolve them in a way that leads to significant achievement of desired business outcomes. More than 50 percent of claims delays relate to process design, adherence and missing controls that can be resolved with information available within the organization. Furthermore use of non-standard processes and absence of identified parameters to flag areas such as potential fraud and third party subrogation contribute to these delays. Another key problem area is dependence on manual processes as well as a lack of standard process guidelines that create an inability to detect errors and overpayments. This is usually tied to the lack of a feedback loop which could detect and expose missing fraud flagging, poor performance by third party suppliers as well as subrogation identification. Finally this lack of enterprise process flow results not only in problems with timely claims settlement but negatively impacts the entire process flow all the way through reinsurance and retro recovery. Genpact responds to these industry problems in two innovative ways. The first of these is through our leadership in Claims Administration. Through excellence in process management, Genpact streamlines operations and provides deep insights into areas such as FNOL, treaty verification, payments, reserves, case closure and recoveries. The second area is our Metric Driven Recovery approach. Our rigorous discipline applied to the claims recovery process increases profitability particularly in the areas of fraud prevention and subrogation. With over 200 associates dedicated to insurance analytics—90 percent of whom are Masters and PhD in Quantitative Sciences or Management—we provide key insights and best practices to our clients enabling us to drive continuous and sustained improvement. Our people are a crucial factor in Genpact’s success. We have best-in-class attrition rates due to industry leading practices including significant investment in insurance training with our staff earning over 1,200 industry certifications. A competency and skills framework has been developed for the Property and Casualty industry and training is required for supervisory managers as well as domain experts. In addition to industry trained associates, we have over 200 doctors, nurses and pharmacists to support and add value to clients’ claims processes. With an emphasis on continuous process improvements, Genpact delivers real business impact. Our end-to-end thinking is enhanced by our standardization, benchmarking, reengineering and analytics practices which provide measurable metric driven results. Adding in our unique gain share mechanism, we create real incentives and provide business impact that extends to the baseline as well as year-on-year productivity gains. Client Successes A top ten carrier was facing an issue with deteriorating claims cycle time. Genpact used its analytical capabilities to create an action plan that focused claims handlers' time on core activities with accompanying work flow process improvements that led to a 21 percent improvement. In another example, we received an innovation award from our customer for building a fraud detection engine that enabled this major carrier to gain control of this key process. Working with another one of the world’s largest insurers, we were able to improve their subrogation processing results by over 40 percent.