Genpact Underwriting Manager Solution

Genpact's Underwriting Manager is a modular, Generative AI powered solution that blends deep analytics with process automation to deliver straight through processing and business insights for key activities within the commerical underwriting lifecycle. It is designed to support insurance organisations focus on growth and profitability through science, at scale. Our Delegated Underwriting Manager solution delivers modular capabilities that support the transformation of Delegated Underwriting and Claims lifecycles such as Digital Onboarding and Audit | Intelligent Bordereaux Processing | Exposure Management | Breach monitoring | Reconciliation and Reporting | Intelligent workflow

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Overview

Genpact's Underwriting Manager solution, powered by Gen-AI, is compatible with existing policy admin systems and technologies, delivering seamless digital experiences and automation for critical stages of the underwriting lifecycle. Digital interventions include a dynamic workflow, data solutions, earnings engines, currency converters, data extraction, augmented intelligence, reporting dashboards and optimised connectivity to carrier platforms or third party services. Focal areas are -

Submission Management and Pre-Bind Analytics

Ingest structured and unstructured broker/agent submissions, delivering structured output and indicative quotes either straight through or supported by the underwriter. Full automation is provided for risk ingesting, risk quality assessment, underwriting guidelines vetting, pricing/rating, exposure management and data cleansing, responding to brokers and agents, binding and generating contracts.

Post-Bind and Renewals Analytics

Fully or partially automate mid-term adjustments, monitor account and portfolio performance, track and execute renewals in line with policy and state regulatory requirements, recommend renewal approach based on performance, elasticity and portfolio distribution, reconcile premiums pre renewals, bind and isue renewal contracts.

Delegated Authority Analytics

Digitised broker/agent and coverholder onboarding and audit solutions, AI enabled bordereaux mapping and ingestion from structured and unstructured content with inbuilt exposure and authority validations, comprehensve portfolio-wide exposure management, multi-faceted data reconcilation and a reporting suite delivering portfolio insights featuring standardised and bespoke reports, with output adaptable to specifc markets, geographies and states, as required.

Benefits:

Annual market penetration of up to 5% through straight-through end-to-end processing
Cost reduction of up to 60% compared to manual risk processing
100% enhanced governance and controls to avert underwriting breaches
2%-3% Loss Ratio Improvement through portfolio enhancement analytics
Accelerated portfolio risk insights with trend and pattern recognition

Some of the AWS products utilized in the Genpact Underwriting Manager Solution include AWS API Gateway, AWS Lambda, AWS S3 Bucket, AWS Bedrock, AWS SNS & SQS, AWS Comprehend, AWS DynamoDB, Amazon CloudWatch & CloudTrail.

Highlights

Our solution offers a single screen to manage, track, and process underwriting processes from multiple sources into back-end systems, reducing data re-keying, lowering operational costs, and freeing up underwriter capacity. It features automated submission intake triage, allocation, tracking, and management to ensure nothing falls through the cracks, with AI-driven underwriting guideline checking to reduce risk and drive compliance. Additionally, it is Policy Administration System agnostic.
Enhanced organizational stability, as industry challenges such as seasonality in processing peaks, dependencies on a workforce and the negative impacts from attrition and recruitment bottlenecks are significantly mitigated.
Shifts focus of Delegated Authority oversight from manual processing to actionable portfolio data insights whilst reducing cost of operations by more than 60%.

Details

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Genpact

Pricing

Custom pricing options

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Pricing is based on your specific requirements and eligibility. To get a custom quote for your needs, request a private offer.

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Support

Vendor support

Application support ensures seamless day-to-day system operations within a fully managed hosted environment, specifically for live production environments using Genpact solutions. This support is distinct from Product Support and Updates service, focusing on providing new versions, updates, error resolutions, and releases for the Genpact Underwriting Manager platform that Underwriting Manager relies on. Both application and product support adhere to stringent SLAs and are delivered as a one-stop-shop. A specialized team within Genpact, trained in the Underwriting Manager, provides this application support to ensure efficient system use and operation in live settings

For Genpact Underwriting Manager Solution questions, please contact: Don Okolie (don.okolie@genpact.com )

For AWS questions, please contact our AWS Alliance Team at: chad.hamel@genpact.com