Genpact ReFinder

If you knew that there were millions of dollars that your company had lost because of faulty systems and processes but that you could recover that money, why wouldn't you act?

Many insurance companies lose money this way because they've failed to identify or calculate viable reinsurance claims. But recovering those amounts can prove challenging. Why?

Because reinsurance is a complicated business. The contracts often involve convoluted, multiparty arrangements, and not every insurer has IT systems specifically designed to log, process, and send claims to its reinsurer. And when carriers have merged with or acquired other companies, there could even be multiple systems in place. In addition, many insurers don't have the headcount or the expertise to handle the tricky process of combing through legacy data to identify recoverable losses.

But there is value locked away in that data – a lot of value. And it can be recovered.

Genpact can tailor its ReFinder solution to fit the needs of insurers of any size to mine legacy claims data for missed reinsurance claims and then win them back for clients to reinvest or boost their bottom line.

Working in close collaboration with each client, we use our time-tested methods to set a timeline for recovery. Then, we use proprietary analytical models to scrutinize the data for claim leakage, continuously improving our modeling along the way. Our experts review each high-probability claim identified and submit the researched cases for client review and approval. All that remains is for the client to bill and collect in good faith.

ReFinder recovers an average of $5 million for our insurance clients. What's more, we provide root cause analysis so that clients can prevent future leakage. And our engagements are quick, with the data mapping and modeling stage typically lasting only three months.

With ReFinder's combination of proprietary analytical modeling and insurance expertise, insurers can anchor their reinsurance recovery process firmly in the digital age.