Genpact RapidReplace: A gen AI-driven solution disrupting contents fulfillment

Navigating the aftermath of a property loss can be daunting for both the end customer and the insurer.

For customers, it's a time of distress and uncertainty as they grapple with the emotional and financial impact of the loss. As an insurer, it's time to deliver on the promise of coverage.

That sounds straightforward. Yet, we've seen that from the first notification of loss until a file is closed, contents fulfillment can take up to 12 days.

That's a long time to leave a customer hanging while adjusters, content handlers, and others pore over policies, claims forms, supporting evidence, and correspondence. Manual document entry and data from disparate sources complicate matters, increase the likelihood of mistakes, and make the replacement procedure less transparent to customers.

When customers experience lightning-fast service and personalization from other industries, they no longer tolerate delays from too many touchpoints and human error. These inefficiencies also eat into your business's bottom line. Lengthy replacement processes stack up costs, increase the potential for claims leakage, and lead to disgruntled customers who leave.

Insurers today need to distinguish themselves in a highly competitive market using the latest practices, including responsible AI, to provide excellent replacement services. To rise to the top, you need highly efficient straight-through processing (STP).

The need of the hour? A property loss replacement process that is:

• Quick and efficient
• Reliable
• Transparent

And we set out to design a solution that does just that.

We have partnered with Amazon Business to develop Genpact RapidReplace, a breakthrough application that uses generative AI to improve straight-through processing and cut down the fulfillment process to just three days or fewer.

Genpact RapidReplace is a part of Genpact Claims Manager, our end-to-end claims servicing platform that orchestrates claim setup and segmentation and fast-tracks fulfillment.

Here's how it works:

Genpact RapidReplace uses a combination of digital interventions, including generative AI and data extraction, to prepare a list of damaged or lost contents items and match them with like kind and quality (LKQ) replacements in the blink of an eye.

The application is fully integrated with Amazon Business, allowing customers to access the Amazon store, zero in on appropriate LKQ replacements, and make a purchase. Once the choice is made, Amazon Prime's delivery service takes over. Once the choice is made, Amazon Prime's delivery service takes over. Renowned for its speed and efficiency, Prime helps policyholders get their replacement goods as quickly as possible.

The solution replaces many manual and labor-intensive tasks, reducing cycle time and dramatically improving accuracy.

Genpact RapidReplace is a game changer.

It saves your customers time and effort. They do not have to keep track of endless receipts anymore. It offers them a wider range of LKQ replacement options and allows them to move on with their lives quickly after a loss.

For you, the insurer, Genpact RapidReplace is a leap forward.

The application automates many energy-consuming and error-prone manual tasks, enhancing accuracy and efficiency. And with support from Genpact's experienced claims management team, you gain a significant reduction in cycle times and loss adjustment expenses (LAEs). It can also help lower fulfillment indemnity, reduce claims expense costs, and increase customer satisfaction.