LONDON, UK, July 25, 2023 – ACORD Solutions Group, the industry-owned technology subsidiary of ACORD, the standards-setting body for the global insurance industry, today announced that Genpact, a global professional services firm focused on delivering outcomes that transform businesses, has fully integrated ACORD Transcriber into its digital platforms. This will enable Genpact to enhance its automated data extraction capabilities and digitised solutions for clients across the global insurance ecosystem.
ACORD Transcriber is a document digitisation solution that automates the extraction, download, and population of data from structured and unstructured insurance industry forms and documents, including Market Reform Contracts (MRCs).
With the completed integration of ACORD Transcriber, Genpact’s clients across the global industry are now enabled to receive structured data from ACORD Forms and MRCs via Genpact’s own systems, including its underwriting workbench built on its AI-based digital business platform, Genpact Cora.
“Data holds the untapped potential to fuel innovation and drive customer-centricity in the insurance industry,” said Yasir Andrabi, Insurance Strategy and Solutions Leader, Genpact. “Leveraging ACORD Transcriber, we are able to better harness a vast sea of information to enable us to extract invaluable insights and focus on structural and foundational data sets used by AI to drive real value for our clients.”
“Through successful integration of ACORD Transcriber, Genpact clients throughout the industry can realize significant time and cost savings benefits, eliminating manual processes, optimising efficiencies, and increasing accuracy of their data,” said Chris Newman, Executive Vice President and Global Managing Director, ACORD. “We are pleased to support leading industry partners like Genpact and continue to reach insurance stakeholders around the world with solutions that help drive the industry forward.”
In 2022, ACORD Solutions Group announced that Genpact, a Licensed Integrator Partner, had selected them as a strategic partner to enhance and broaden its existing data extraction and automated data population capabilities, specifically leveraging ACORD Transcriber.
To learn more about Genpact in the insurance industry, click here.