NEW YORK, March 20, 2014 /PRNewswire/ -- Genpact Limited (NYSE: G), a global leader in transforming and running business processes and operations, today announced it was named a "leader" in industry analyst firm NelsonHall's two recently-released NEAT rankings for the insurance market: Life, Annuities and Pensions (LA&P) BPO and Property and Casualty (P&C) Insurance BPO.
NelsonHall's vendor Evaluation and Assessment Tool, or "NEAT" score, is based on a combination of analyst assessments of a vendor's "ability to deliver immediate client benefits" and feedback from clients on levels of partnership and "ability to meet future client requirements." NelsonHall cites that continued regulatory changes has caused an inflection in the LA&P market forcing insurers to reduce core administration costs and make improvements to overall operational processes, which is driving the related BPO market. In addition, P&C insurers face additional challenges for reducing time to market and risk associated with new product introduction, improving combined ratio (CR) and establishing a presence in emerging markets. These factors also spur the need for BPO services.
NelsonHall estimates that Genpact serves approximately 25 insurance BPO clients across 13 countries and out of eight delivery centers. The firm further states that Genpact's LA&P capabilities address the market's challenges through significant investments in its Smart Enterprise Processes (SEPSM) proprietary business process management methodology and Smart Decision Services offerings. In addition, Genpact's extensive use of workflow across all transactional processes and strong policy administration capabilities has helped deliver quantifiable benefits to its clients. Genpact is strengthening its F&A services to its existing life insurance BPO clients, especially in areas such as GAAP, and will be further enhancing its analytics services in the areas of claims analytics, operations analytics and predictive modeling.
As the need for P&C transformation and comprehensive services drives P&C BPO requirements, NelsonHall reports that Genpact's end-to-end P&C BPO services are bolstered by SEPSM, Six Sigma expertise, and experience in providing a broad range of services to clients. Genpact plans to make investments in analytics, claims and underwriting support, operational consulting, and loss prevention to further enhance its P&C BPO services.
"Genpact is one of a handful of service providers that has the experience of providing a broad range of BPO services in both the LA&P and P&C insurance sectors. In both sectors, its services often include the provision of analytics, either for improving process effectiveness or to support the client's business outcomes: as an example of the latter, Genpact was one of the first BPO vendors to provide CAT modeling as part of a wider service. In its P&C BPO business, Genpact's clients commend its claims management capabilities. In its LA&P BPO business, Genpact has strong policy administration capabilities and its clients value Genpact's ability to run SEPSM projects to streamline sub-processes. It continues to invest in tools to increase the level of automation in service delivery," said Fiona Cox, research analyst, NelsonHall.
"Genpact is honored to be named a leader by objective analysis performed by NelsonHall in their two insurance rankings, as it demonstrates that we can deliver significant impact by helping clients to identify and increase efficiencies to support growth as well as manage risk for increased profitability, strong controllership and regulatory compliance," said Scott McConnell, senior vice president and global business development leader, Insurance, Genpact. "These rankings further validate that our insurance domain expertise, technology and analytics help our insurance clients compete in a volatile environment because we provide them the ability to anticipate change and become more agile by transforming their operations."
NelsonHall is the leading global BPO and IT outsourcing research & analysis firm with analysts across the U.S., U.K. and Continental Europe.
Founded in 1998, The Company takes a global approach to analysis of vendors and outsourcing markets and is widely respected for the quality and depth of its research.
NelsonHall also offers a suite of "speed-to-source" tools, (NEAT), that assist buy-side executives in saving time and money, while enhancing the quality of their sourcing decisions, in business process outsourcing and IT outsourcing evaluations.
In particular, NelsonHall helps organizations ensure that key BPO and ITO sourcing decisions are based on industry reality not market hype, providing the detailed and objective market and supplier knowledge required for sourcing success through its sourcing tools, online information, and unrivalled analyst access.
Genpact Limited (NYSE: G) is a global leader in transforming and running business processes and operations, including those that are complex and industry-specific. Our mission is to help clients become more competitive by making their enterprises more intelligent through becoming more adaptive, innovative, globally effective and connected to their own clients. Genpact stands for Generating Impact – visible in tighter cost management as well as better management of risk, regulations and growth for hundreds of long-term clients including more than 100 of the Fortune Global 500. Our approach is distinctive – we offer an unbiased, agile combination of smarter processes, crystallized in our Smart Enterprise Processes (SEPSM) proprietary framework, along with analytics and technology, which limits upfront investments and enhances future adaptability. We have global critical mass – 64,000+ employees in 24 countries with key management and corporate offices in New York City – while remaining flexible and collaborative, and a management team that drives client partnerships personally. Our history is unique – behind our single-minded passion for process and operational excellence is the Lean and Six Sigma heritage of a former General Electric division that has served GE businesses for more than 15 years. For more information, visit www.genpact.com. Follow Genpact on Twitter, Facebook, and LinkedIn.
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