Genpact Launches Genpact RapidReplace with Amazon Business to Transform Personal Property Contents Claims
- Reduces claims settlement time from 12 days to under 3 days
- Reduces adjusters' investigation time by 75%
- Integration with Amazon Business provides efficient item matching and fast delivery
- Improves operational efficiency through automation and established procurement processes
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Insights
Genpact's AI-powered RapidReplace solution transforms insurance claims processing, reducing settlement time from 12 to 3 days through Amazon Business integration.
Genpact's launch of RapidReplace represents a significant technological advancement in the insurance claims process. The solution addresses a critical pain point in the industry—48% of US adults report struggling with insurance claims, with one-fifth specifically dissatisfied with processing times. By reducing fulfillment time from up to 12 days to just 3 days or less, this solution delivers substantial operational improvements.
The integration with Amazon Business creates a powerful synergy that leverages both companies' strengths. Genpact contributes its expertise in generative AI and data extraction to compile and match damaged items with like-kind-and-quality replacements, while Amazon Business provides its vast product database and established logistics network for efficient delivery.
This innovation fits within Genpact's broader Claims Manager platform, which already demonstrated efficiency improvements by reducing adjusters' investigation time by up to 75% through previous AWS collaborations. The solution tackles several insurance industry challenges simultaneously: claims leakage (undetected fraud or overpayment), operational inefficiency, and customer satisfaction.
For insurers, RapidReplace offers potential cost savings through automation and streamlined procurement, while delivering the increasingly important benefit of improved customer experience in an industry where satisfaction metrics often lag behind other sectors. By enabling straight-through processing, Genpact is moving the insurance industry closer to the digital transformation seen in other financial services.
AI-powered fulfillment solution accelerates property claims settlement time from weeks to days, enhancing customer experience
"When individuals lose belongings to fires, floods, or theft, they expect immediate and accurate claims resolution," said Adil Ilyas, Global Business Leader for Insurance at Genpact. "Through our collaboration with Amazon Business, we're bringing a simple and convenient customer experience to claims management. Genpact RapidReplace combines gen AI, digital platforms, and process expertise to reduce manual tasks, improve cycle times, and deliver superior outcomes to customers in need. This is the new era of claims resolution: faster, smarter, and more efficient."
Traditional property contents fulfillment is often slowed down by manual reviews, increasing costs for insurers and leading to potential claims leakage and customer dissatisfaction. In fact, a recent Genpact study found that
Genpact RapidReplace helps improve this process, reducing fulfillment time from up to 12 days to three days or less. The solution leverages data extraction and generative AI to compile a list of damaged or lost items and match them with like-kind-and-quality (LKQ) replacements faster than ever. Genpact RapidReplace integration with Amazon Business further enhances efficiency by utilizing Amazon Business' powerful search tools to identify LKQ replacements and global logistics network to enable fast delivery to policyholders.
Key benefits of Genpact RapidReplace:
- Drastically reduces settlement time
- Improves customer experience with quick and accurate replacement of items via Amazon Business' fast, flexible delivery
- Drives cost efficiency through automation and well-established procurement processes
"Genpact RapidReplace demonstrates how Amazon Business and Genpact are driving innovation in the insurance industry," said Stephanie Lang, Director, Amazon Business. "By automating the property loss replacement process, from inventory to settlement, this solution is transformative for insurers looking to deliver a swift and seamless claims process for adjusters and customers."
Genpact RapidReplace is the latest innovation in Genpact Claims Manager, an end-to-end claims servicing platform that orchestrates claim setup, segmentation, and fulfillment. Genpact previously announced a collaboration with Amazon Web Services (AWS), utilizing Amazon Bedrock's generative AI capabilities to enhance property contents inventory creation and LKQ pricing. By reducing adjusters' investigation time by up to
For more information about Genpact's work in the insurance industry, visit this overview on genpact.com.
About Genpact
Genpact (NYSE: G) is an advanced technology services and solutions company that delivers lasting value for leading enterprises globally. Through our deep business knowledge, operational excellence, and cutting-edge solutions – we help companies across industries get ahead and stay ahead. Powered by curiosity, courage, and innovation, our teams implement data, technology, and AI to create tomorrow, today.
Get to know us at genpact.com and on LinkedIn, X, YouTube, and Facebook.
MEDIA CONTACT:
Geraldine Lim
Genpact Media Relations
+1-951-318-3494
geraldine.lim@genpact.com
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SOURCE Genpact
FAQ
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