Revolutionizing Insurance Claims: Genpact and AWS Collaboration

Yug Damor

Dec 3, 2023 — 1 min read

Genpact and AWS Transforming Insurance Claims

Genpact and Amazon Web Services (AWS) have joined forces to revolutionize the insurance claims process. They're incorporating advanced technologies like generative AI and Amazon Business tools to make the process more efficient.

Streamlining Claims with Advanced Technology

Genpact, a leader in claims management, is utilizing Amazon Bedrock's generative AI and Amazon Business procurement tools.
The goal is to simplify the claims submission process, reducing the processing time from weeks to just days.
The focus is on quick identification of replacement items and prompt delivery of estimates to policyholders.

AI's Impact on Insurance Industry

Sameer Dewan, the global operating officer at Genpact, emphasizes the transformative role of AI in insurance.
The AI-driven pricing system, powered by AWS, reduces adjusters' investigation time by up to 75%.
Automation of routine tasks and improved decision-making lead to smarter pricing decisions and faster claims settlements, enhancing the overall customer experience.

Continuous Innovation and Future Plans

Genpact is committed to ongoing innovation and plans to integrate more AI services into their automated workflow.
Future enhancements include real-time market value summaries for claimed items and optimal action recommendations in claims processing.

Expanding Collaboration for Financial Crime Risk Operations

Recently, Genpact and AWS announced an expanded collaboration to revolutionize financial crime risk operations.

Integration of Genpact's cloud-based financial crime suite, riskCanvas, with Amazon Bedrock.
Significant efficiencies and benefits for clients, including Apex Fintech Solutions.

Conclusion

Genpact and AWS are bringing innovation to insurance and financial services through these advanced technologies, ensuring a positive impact on the industry.

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