INSURANCE
Genpact helps Fortune 500 financial services
provider streamline processing of business annuities,
generating US$75 million in additional cash flow
A Fortune 500 financial services provider needed to streamline how it processed business annuity contracts amid customer complaints about
long delays. Genpact was engaged to redesign the insurer’s workflows for processing annuity contracts.
Client
A Fortune 500 financial services provider
annuities, resulting in duplicate work
Industry
• The insurer sold more than 3,000 fixed business annuities with an average cash
Insurance
value of $250,000, yet roughly 40% of the new policies weren’t processed
Business need addressed
correctly during the first touch
A leading underwriter of business
annuities needed help streamlining how
it processed new policies amid customer
complaints about delays
Genpact solution
Genpact helped the insurer streamline
its workflows, generating sharp
improvement in first-time resolutions
Business impact
• Cash flow and liquidity
• Growth and scalability
• Customer satisfaction
• Many cases were escalated due to licensing issues
• Customer satisfaction plunged amid chronic delays in issuing new business policies
Genpact remapped the client’s workflows for improved
• A special queue was created in the common workflow where the new business
annuities team could send all cases with licensing issues, making the process
scalable and designed to deliver optimally
• Genpact’s licensing team changed its work shifts to align with the work hours of
the client’s annuities team
Business impact delivered
Genpact’s solution delivered results, with first-time resolutions increasing from 60%
to 90%, generating $75 million in cash flow improvements.
About Genpact
For more information, contact:
Genpact is a global leader in business process management and technology services, leveraging the power
of smarter processes, analytics and technology to help its clients drive intelligence across their enterprise.
Genpact provides a portfolio of process-driven services strengthened by its industry vertical domain expertise,
analytical insights, and intelligent technology solutions for better business outcomes.
[email protected]
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