Genpact helping its clients to insure customers for life
Genpact is a global professional services firm making business transformation real for some of the world’s largest organisations. Led by its purpose - the relentless pursuit of a world that works better for people - its 100,000+ employees drive data-led innovation and digitally enabled intelligent operations for clients.
Genpact is focused on delivering ESG outcomes for both itself and its ecosystem of shareholders, stakeholders, employees, and the communities it operates in.
As the global business leader for insurance, Sameer Dewan leads a team dedicated to delivering a portfolio of services and continuous growth for insurers, brokers, and MGAs across the world.
State of flux from transactional to lifelong customer journeys
The role Genpact plays - as detailed in its report Insurance In The Age of Instinct - is to help the insurance industry tackle challenges such as changing consumer expectations, the explosion of data, and a fast-moving technology landscape with future-fit operating models that support growth.
“How insurers respond today will lay the foundation for future resilience, and Genpact is a key partner in helping organisations connect, predict, and adapt to become instinctive insurers and lifelong protectors in their customers’ lives,” adds Dewan.
With the accelerating impact of risks such as climate change, the emergence of insurtechs, and changing customer preferences Dewan believes that insurers require a very different level of insights and an enhanced use of data and analytics.
“Insurers need help to be able to offer the right products at the right price and meet customer demands for personalisation. The cloud offers huge potential for carriers to enhance data and interrogate it for faster, sharper insights and drive hyper-customisation,” he said.
Partnership with The Standard
The Standard provides insurance, retirement and investment products and services, with total assets under administration of USD$45.36 bn.
Genpact creates value for them as an extension of The Standard’s team, enabling growth with agile operating models that can scale up to meet demand and running operations to ensure they deliver value.
As the partnership continues to grow, Dewan is enthusiastic about what they can achieve together: “We started by assessing the current state of operations and customer journeys and the choke points in each. This led to a redesigned operating model, with customer journeys at the heart of designing the new process - driving a better customer experience and growth. But transformation is not a ‘one and done’ project, we also created a transformation roadmap to consciously and continuously drive improvements, meeting The Standard’s goals of growth and profitability over the long term.” said Dewan.