LONDON, UK, April 5th, 2022 – Global professional service firm Genpact (NYSE: G) today announced that it has selected ACORD Solutions Group, the industry-owned technology subsidiary of ACORD, the standards-setting body for the global insurance industry, as its strategic partner to streamline data validation and reconciliation.
As a member of ACORD Solutions Group’s Licensed Integrator Partner program, Genpact will leverage the capabilities of ADEPT (ACORD Data Exchange Platform & Translator) to integrate into its own digital ecosystem and underwriting platforms throughout the Commercial, Specialty and London Market landscape. Through this integration, Genpact will deliver a holistic, end-to-end data reconciliation and validation solution for Global Reinsurance and Large Commercial (GRLC) insurance clients to maximize digitized data exchange within distribution, marketing, underwriting, claims, billing, and technical accounting.
“Accurate and speedy actualization of data is non-negotiable in today’s global insurance marketplace. Seconded by the need for concise and communicative customer experience, the opportunity to partner with ACORD and its capabilities will further ensure end-users are able to capitalize on the most efficient process to move a policy through its lifecycle,” said Yasir Andrabi, Senior Vice President - Strategy, Growth and Insurance Solutions. “By digitizing operations and customer engagement, insurers can improve customer and user experience, find new growth opportunities, make confident decisions backed by data, analytics, and business insights.”
One of the fundamental challenges insurers face today is the struggle with copious amounts of unstructured data that live within the multitude of legacy systems. When multi-platform data is not integrated, users from all business functions spend a tremendous amount of time reconciling complex data issues that result in excruciatingly long lead times and an overall poor customer experience.
To combat this industry-wide issue, Genpact will also incorporate ADEPT’s integrated ACORD Transcriber solution to enhance and broaden its existing data extraction and automated data population capabilities. Further supporting clients in their journey to connect disparate systems, the integration will more deeply leverage existing data and drive:
- Time and cost efficiencies by creating a centralized data validation platform for the policy lifecycle that will further empower brokers, underwriters, underwriting support, claims adjusters, managers, external vendors, and downstream partners such as billing, collections and technical accounting personnel.
- Real-time policy data comparisons across various transactions in the insurance ecosystem, such as new business policy processing, submission quoting, renewals and endorsements, by providing an integrated interface for data reconciliation.
- Superior customer experience and ability to service customers through a single aggregation layer for real-time data validation, leading to improved speed-to-outcome, enhanced audit trail and compliance.
“We are delighted to welcome Genpact to the Licensed Integrator Partner program,” said Chris Newman, ACORD’s Managing Director – Global. “Genpact shares in ACORD’s vision to transform the global insurance industry through innovation and next-generation solutions, and we are pleased to work alongside them in this effort.”
“The partnership between ACORD Solutions Group and Genpact enables insurers to put their customer and employee experience at the heart of their digital transformation strategies,” Andrabi added. “Value Add Accelerators such as ADEPT and its integrated translation and data extraction capabilities, combined with Genpact’s transformation solutions, address underlying connectivity and integration challenges to enable automation, straight-through processing, and a seamless customer and internal stakeholder experience.”
To learn more about Genpact in the insurance industry, click here.