Amazon Business and Genpact are innovating to transform personal property claims processing

A challenging customer experience

Contents insurance, or personal property insurance – a policy that helps replace or reimburse the loss of personal belongings by perils such as a fire, flood, or theft – presents unique challenges to insurers. Customers distressed by the loss of their personal belongings expect a smooth, speedy resolution to their claim. At the same time, the insurance company goes through a cumbersome process to evaluate the claim. This typically involves:

• Claim intake: Contacting the insured to explain the claims process
• Investigation and validation: Investigating the loss by identifying the cause, perusing recorded statements, looking at photos, requesting documents to create an inventory of damaged items​
• Assessment: Intensive manual research into the like, kind, and quality (LKQ) of household items from several retailer websites to value contents and property accurately
• Evaluation: Reviewing documentation to determine the amount of recoverable depreciation minus deductible​ that the customer is eligible for
• Review: Contacting the customer to review the settlement and address any concerns or disputes​
• Settlement: Issuing the settlement letter and processing the payment by issuing and mailing a paper check

The traditional process requires the adjuster to parse through data, documents, recordings, and photos from multiple sources, delaying the settlement and increasing the risk of inaccuracies. This traditional process involves many steps, unpredictable timelines and can leave the customer feeling stressed and uncertain about their insurance claim. 

What if all of this could be streamlined? Everyone wins.

Amazon Business and Genpact have combined forces to develop a solution that streamlines the entire claims process. The Genpact Contents solution enables automation from inventory creation through settlement, allowing insurers to deliver a seamless digital experience to customers as well as adjusters.

Key digital innovations include:

• Integration with Amazon Business for the insured to purchase the damaged items and restore it to pre-loss condition at speed and ease
• Mobile app and web portal for field reps and insured to submit inventory
• Speech to text technology to extract items data from recorded audio files or unstructured inventory list for easy transcription
• Genpact’s proprietary CORA Orchestration: Claims Manager is powered by AWS Generative AI technology that enables a dynamic workflow solution with full integration with estimating platforms and APIs to connect with carrier’s claims platform
• Automated pricing for Like, Kind, and Quality research via Generative AI technology

This provides insurers with the capability to process claims with minimal human intervention and reduce overall cost by up to 50% while improving turnaround times. Additionally, this improves indemnity accuracy by 2-3% through expanded Like, Kind, and Quality research via breadth of websites analyzed. This results in a better customer experience, providing a swift, seamless claims process for the customer.

A real-world example

A well-known global insurer has significantly enhanced its claims process using AI to improve speed, transparency, and accuracy. Faced with growing daily claims volumes and inefficient manual processes that created delays and gave customers unclear updates, the company needed a new approach. Genpact listened to the needs and requirements of the insurer and developed a workflow and user-friendly application that delivers faster, more accurate claims resolutions. 

Genpact innovated by leveraging Amazon Business’ innovation architecture that provides a wide portfolio of APIs and workflow integration points for pre-purchasing, purchasing, and post-purchasing experience. Additionally, Genpact combined its data, technology, and process expertise with AWS AI technology to transform the end-to-end experience with smooth claims resolution and an effortless shopping journey.

Thanks to AI, the global insurer is now reducing claims processing times by more than 50%, enabling the company to settle claims faster. Genpact also improved accuracy by 4-5%, resulting in millions of dollars in annual savings. In a highly competitive market, this gives the insurer an edge by enhancing both employee and customer satisfaction while demonstrating its innovative technical capabilities.

Genpact

Genpact is a global professional services and solutions firm delivering outcomes that shape the future. With 125,000+ people across 30+ countries, Genpact serves and transforms leading enterprises, including the Fortune Global 500, with its deep business and industry knowledge, digital operations services, and expertise in data, technology, and AI.

Amazon Business, Genpact, and AWS collaborate and empower businesses to modernize and innovate at scale.