Genpact, AWS collaborate to redefine insurance claims lifecycle

Genpact (G) announced it is working with Amazon Web Services (AMZN) and Amazon Business to introduce a transformed approach to property loss replacement and claims management. Genpact is leveraging its extensive claims management expertise as well as Amazon Bedrock generative AI capabilities and Amazon Business procurement API integrations, including pricing information, to reduce the claims submission process from weeks to days. This initiative is streamlining replacement item identification and enabling more efficient and timely delivery of policyholder estimates. Amazon Bedrock is a fully managed service that provides access to foundation models from leading AI companies through an application programming interface to build and scale generative AI applications. “AI is fundamentally reshaping the landscape of the insurance industry,” said Sameer Dewan, Global Operating Officer, Genpact. “Our Genpact AI-driven automated pricing workflow, powered by AWS, is transforming the research, significantly reducing the time adjusters spend investigating by as much as 75 percent. By automating routine tasks and enhancing decision making, our AI solution is empowering smarter pricing decisions, expediting claims settlements, and bringing about a profound transformation in the customer experience.”