Key takeaways
- Cognizant and Venbrook partner to modernize P&C claims processing for enhanced efficiency.
- Introduce an AI-powered TPA claims solution to digitize the claims value chain.
- Cognizant will provide comprehensive services including claims processing and compliance.
- The partnership aims to reduce operational costs and improve customer satisfaction.
- TPA market projected to reach $795 billion by 2032, highlighting growth potential.
Cognizant and Venbrook Group have entered into a new agreement and strategic partnership for insurance claims processing services to modernise the property and casualty (P&C) claims lifecycle. The collaboration aims to boost efficiency and lower costs for carriers.
Venbrook is a P&C claims third-party administrator (TPA) and private insurance brokerage in the US. The deal expands its relationship with Cognizant as both a services provider and go-to-market partner.
The partnership will introduce an agentic AI-powered TPA claims solution, co-developed by both firms. The platform will digitise key parts of the claims value chain for P&C carriers, addressing the growing demands of the TPA market.
Under the agreement, Cognizant will deliver claims processing, policy administration, financial operations and compliance services. It will work alongside Venbrook’s nationwide network of licensed adjusters.
Cognizant cited Allied Market Research, which projects the TPA market to reach $795 billion by 2032.
The joint solution will integrate agentic AI to handle complex claims tasks and orchestrate workflows. Generative AI will support customer communications and compliance, while predictive modelling will enable proactive decision-making.
The operating model is designed to shorten claims processing times, improve accuracy, detect fraud earlier, and help operations scale during volume spikes. It also aims to raise customer satisfaction and reduce operational costs.
“This is a much-needed solution in our industry, the first-of-its-kind, and will be valuable to our clients who rely on us to deliver efficiency, transparency and results,” said Jason Turner, founder and CEO of Venbrook. “Together we can help carriers address critical challenges within the claims process to reduce costs, scale quickly during peak seasons and improve accuracy to deliver measurable savings and a better customer experience.”
Ganesh Ayyar, president of intuitive operations, automation and industry solutions at Cognizant, said, “By combining our agentic AI and generative AI solutions with Venbrook’s proven TPA expertise, we’re delivering a solution that transforms operations and elevates the customer experience for carriers and policyholders alike.”
