NEW YORK, Jan. 4, 2017 /PRNewswire/ -- Genpact (NYSE: G), a global leader in digitally-powered business process management and services, is partnering with Pacific Life Insurance Company, a leading U.S. insurer and Fortune 500 company, to help transform Pacific Life's processes and help expand the customer base for its recently launched mass market term life product.
Genpact is responsible for New Business data entry, producer onboarding and record keeping, commission balancing, premium handling and reconciliation, and mail room functions, including managing Pacific Life's document management operations in Lynchburg, Virginia. The relationship builds on Genpact's process expertise in operations for large global insurers and its proven capabilities as a third party administrator.
"Genpact's successful track record in transforming many life insurers' business models to drive substantial growth with greater speed-to-market, increased productivity, and improved cost efficiencies is a key factor in why we partnered in our product expansion initiative," said Mike Shadler, vice president, Pacific Life. "We are building a world-class, scalable operation as we enter additional markets and continue to grow, and Genpact is a critical part of our operational capability."
Pacific Life leverages Genpact's unique Lean DigitalSM approach that combines process-centric technologies, design thinking methodologies, and deep domain expertise to transform operations through the middle and back office, and achieve significant measurable impact in driving growth, business agility, and cost efficiency. Genpact is using its cutting-edge dynamic workflow capabilities and other digital technologies to help Pacific Life more quickly expand its innovative products and services.
"Genpact looks forward to helping Pacific Life accelerate its pace of change as it embraces this new business strategy," said Mohit Thukral, senior vice president and business leader, Banking, Financial Services, and Insurance, Genpact. "The combination of our global delivery capabilities, domain and process expertise, data analytics, and digital technologies better position Pacific Life for growth, and help the company enhance customer service and stay competitive."
About Pacific Life
Offering insurance since 1868, Pacific Life provides a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2016 is compiled by Pacific Life using the 2016 FORTUNE 500® list.
Genpact (NYSE: G) stands for "generating business impact." We are a global leader in digitally-powered business process management and services. We architect the Lean DigitalSM enterprise through our patented Smart Enterprise Processes (SEPSM) framework that reimagines our clients' operating models end-to-end, including the middle and back offices. This creates Intelligent OperationsSM that we help design, transform, and run. The impact on our clients is a high return on transformation investments through growth, efficiency, and business agility. For two decades, first as a General Electric division and later as an independent company, we have been passionately serving our clients. Today, we generate impact for a few hundred strategic clients, including approximately one-fifth of the Fortune Global 500, and have grown to over 75,000 people in 25 countries, with key offices in New York City. The resulting business process and industry domain expertise and experience running complex operations are a unique heritage and focus that help us drive the best choices across technology, analytics, and organizational design. For additional information, visit www.genpact.com. Follow Genpact on Twitter, Facebook, LinkedIn, and YouTube.
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