Genpact has announced its collaboration with Amazon Web Services (AWS) and Amazon Business to redefine the property loss replacement and claims management approach.
Leveraging its extensive claims management expertise, Genpact is integrating Amazon Bedrock's generative AI capabilities and Amazon Business procurement API integrations to streamline the claims submission process.
This advanced pricing automation workflow aims to reduce the submission timeline from weeks to days, focusing on efficient replacement item identification and timely delivery of policyholder estimates.
Sameer Dewan, global operating officer at Genpact, emphasised the transformative impact of AI on the insurance industry, stating, “AI is fundamentally reshaping the landscape of the insurance industry. Our Genpact AI-driven automated pricing workflow, powered by AWS, is transforming the research, significantly reducing the time adjusters spend investigating by as much as 75 percent. By automating routine tasks and enhancing decision making, our AI solution is empowering smarter pricing decisions, expediting claims settlements, and bringing about a profound transformation in the customer experience."
Genpact aims to deliver measurable value to its clients through ongoing innovation. Future plans involve the integration of additional AI services into the automated workflow, including real-time summaries of market values for claimed contents and optimal action recommendations for further processing.
Recently, Genpact also announced an expanded collaboration with AWS aimed at revolutionising financial crime risk operations through the integration of generative AI and LLMs. The partnership entails the integration of Genpact’s cloud-based financial crime suite, riskCanvas, with Amazon Bedrock, yielding significant efficiencies and benefits for clients, including Apex Fintech Solutions.
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