How an insurer accelerated time to market with Genpact and AWS

The client – a seasoned player in the insurance industry – was on a mission. After four decades in the industry and ready licenses to operate in over 45 US states, the company was looking to disrupt the fixed annuity insurance business. Its vision encompassed developing an innovative product machine, building personalized strategic distribution relationships, and redefining the experience not just for customers but also for agents and agencies – and achieving it all at top speed.

The firm's tech-oriented leadership realized that to meet its ambitious goals and to respond swiftly to the highly competitive market's needs warranted an innovative technology platform that could deliver the data, insights, and capabilities. Moreover, this digital solution would provide a competitive edge over traditional insurance companies running on legacy systems.

The company partnered with Genpact to work toward creating a cutting-edge digital platform to drive its ambitious business goals. Genpact approached the challenge by combining its data, tech, and AI expertise, deep-rooted industry knowledge, and partnership with AWS.

While its zero tech debt was an advantage, it also meant starting from the ground up. Our teams worked together on:

1. Integrating services in a cloud-native environment

   Two AWS services – Bedrock and Lambda – enabled us to create an intelligent document management system and integration hub. These tools were crucial to establishing an innovative and scalable technology platform and for providing deep insights into customer behavior, market trends, and risk assessment.

2. Creating a unified experience for agents and customers

   Legacy user interfaces in the insurance sector tend to focus heavily on sales-related customer relationship management (CRM) systems. Instead, we built a robust digital dashboard that supports agent engagement and operations. This includes a document management system that enables agents to track details related to important responsibilities, such as policy administration, compliance, and customer service.

   Additionally, insurance agents need real-time data on everything from policy document generation and agent certifications to commissions and payment settlement schedules. We custom-designed the Agent 360 portal using the foundational agile strategic transformation (FAST) process, which accelerates assessment, analysis, and design for creating a detailed roadmap for digital transformation.

   We are also using FAST for the next phase of its project, which is developing a Customer 360 view. The goal is to improve customer interactions with automation, access to real-time data, and generative AI.

3. Enabling speed-to-outcome solutions

   We utilized AWS OpenSearch to develop a scalable, intelligent management system for indexing all its policy-related documents. Additionally, we integrated generative AI capabilities to utilize natural language processing, enabling agents to generate contextually accurate responses to their queries. Furthermore, we deployed an event-driven system that automates key processes, including signature capture and customer communications.

   An essential component of this solution is Amazon Connect, which provides the ideal foundation for developing an automated call center and self-service capabilities. This omnichannel system enables its agents to support customers seamlessly across platforms and devices.

By tapping into Genpact's data, technology, and AI expertise, along with the power of AWS, the client was able to create an innovative technology platform that helped it go to market with its new products in just 10 months – and at 80% of the budgeted cost. The infrastructure it developed with Genpact helped the company earn B++ (good) and BBB (good) ratings from a leading credit rating agency. But market response is the real indicator of success – new business has flowed in at 25% over targets since the new products launched.

What's more, our collaboration with AWS accelerated the firm's AI journey and now provides deep data and insights into daily operations, customer behavior, market trends, and risk assessment, poising it for future growth and success