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Copyright © 2019 Everest Global, Inc.
This document has been licensed for exclusive use and distribution by Genpact
EGR-2019-28-E-3133
®
™
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Everest Group PEAK Matrix™ for Property and Casualty
(P&C) Insurance BPO Service Providers 2019
Focus on Genpact
April 2019
2Copyright © 2019, Everest Global, Inc.
EGR-2019-28-E-3133
®
Introduction and scope
Everest Group recently released its report titled “Property and Casualty (P&C) Insurance BPO – Service Provider Landscape
with Services PEAK MatrixTM Assessment 2019”. This report analyzes the changing dynamics of the P&C insurance BPO
landscape and assesses service providers across several key dimensions.
As a part of this report, Everest Group updated its classification of 26 service providers on the Everest Group PEAK Matrix™ for
P&C insurance BPO into Leaders, Major Contenders, and Aspirants. The PEAK Matrix is a framework that provides an objective,
data-driven, and comparative assessment of P&C insurance BPO service providers based on their absolute market success and
delivery capability. Everest Group also identified 5 service providers as the “2019 P&C insurance BPO Market Star Performers”
based on the strongest forward movement demonstrated on the PEAK Matrix year-on-year.
Based on the analysis, Genpact emerged as a Leader. This document focuses on Genpact’s P&C insurance BPO experience
and capabilities and includes:
⚫ Genpact’s position on the P&C insurance BPO PEAK Matrix
⚫ Detailed P&C insurance BPO profile of Genpact
Buyers can use the PEAK Matrix to identify and evaluate different service providers. It helps them understand the service
providers’ relative strengths and gaps. However, it is also important to note that while the PEAK Matrix is a useful starting
point, the results from the assessment may not be directly prescriptive for each buyer. Buyers will have to consider their
unique situation and requirements, and match them against service provider capability for an ideal fit.
Source: Everest Group (2019) unless cited otherwise
3Copyright © 2019, Everest Global, Inc.
EGR-2019-28-E-3133
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Everest Group PEAK Matrix™
P&C insurance BPO Services PEAK MatrixTM Assessment 2019 |
Genpact positioned as Leader
Leaders
Major Contenders
Aspirants
Star Performers
Everest Group P&C Insurance BPO Services PEAK Matrix™ Assessment 2019
Innovation Group
Vision & capability
(Measures ability to deliver services successfully)
Mark
et
Imp
act
(Measure
s im
pact cre
ate
d in t
he m
ark
et)
High
Low
Low High
Note 1: Service providers scored using Everest Group’s proprietary scoring methodology given on pages 10 and 11
Note 2: Assessment for Accenture, Atos Syntel, Capgemini, Capita, Cogneesol, Covenir, DXC Technology, HCL, Innovation Group, Intelenet, MFX, NIIT Technologies, Patra Corp,
ReSource Pro, Shearwater Health, and Tech Mahindra excludes service provider inputs and is based on Everest Group’s proprietary Transaction Intelligence (TI) database,
service provider public disclosures, and Everest Group’s interactions with insurance buyers
Source: Everest Group (2019)
Patra Corp
Shearwater Health
CapitaReSource Pro
HCL
Mphasis
Sutherland Global Services
AccentureConduent
Exela Technologies
Infosys
WNS
TCS
DXC TechnologyCognizant
EXL
GenpactLeadersMajor Contenders
Cogneesol
Tech Mahindra
Covenir
Capgemini
Aspirants Intelenet
NIITTechnologies
MFX
Atos Syntel
4Copyright © 2019, Everest Global, Inc.
EGR-2019-28-E-3133
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Genpact | P&C insurance BPO profile (page 1 of 5)
Overview
P&C insurance BPO 2016 2017 2018 (H1)
Revenue(US$ million) Not disclosed
Number of FTEs 6,700-7,200 10,000+ 10,000+
Number of clients 36 230+ 319
Recent acquisitions and partnerships
⚫ 2018: partnered with Hover to deliver a comprehensive – interior and exterior –
property digital inspection solution in combination with OnSource
⚫ 2018: created end-to-end smart claims approach through modular offerings
built on Genpact Cora platform
⚫ 2018: built a “virtual inspection” offering to combine the experience of a desk
inspector and a field inspector using technology
⚫ 2018: acquired Barkawi Management Consultants (BMC) to cater to clients’
global end-to-end supply chain service requirements
⚫ 2017: acquired OnSource, BrightClaim, and National Vendor to integrate
domain expertise with advanced technologies
⚫ 2017: partnered with SmartPicture to integrate augmented reality into the
inspection platform
⚫ 2017: partnered with Home Depot to provide property fulfillment services
⚫ 2017: acquired TandemSeven, a provider of design and development services
to boost design thinking capabilities
⚫ 2017: acquired Rage Frameworks, a knowledge-based automation technology
and AI services provider
⚫ 2017: partnered with Van Ameyda to provide an onshore European service
delivery center offering end-to-end claims handling across Europe
Company overview
Genpact is a global professional services firm focused on delivering digital solutions
for business transformation. The company architects the Lean DigitalSM enterprise
by combining design thinking principles and lean approaches with digital
technologies, analytics, and deep domain expertise to run operations across the
insurance value chain. It has 87,000+ professionals across the United States,
Canada, Latin America, the United Kingdom, Europe, Asia, Australia, and South
Africa.
Key leaders
⚫ NV “Tiger” Tyagarajan, President and Chief Executive Officer
⚫ Sasha Sanyal, Business Leader, Insurance
⚫ Sameer Dewan, Growth and Strategy Leader, Insurance
⚫ Mohita Sajwan, Chief Operating Officer, Insurance
Headquarters: New York, United States
Website: www.genpact.com
Suite of services:
⚫ Risk and actuarial
⚫ Broker and agency management
⚫ New business and underwriting support
⚫ Policy administration and customer service
⚫ Billing, payments, and collections
⚫ Fraud detection and management
⚫ Claims intake and administration
⚫ Catastrophe support – desk and field
⚫ Inspections and damage assessment – desk and field
⚫ Claims adjusting – auto, property, general liability, and specialty
⚫ Content replacement and fulfillment services
⚫ Subrogation identification, pursuit, and collection
⚫ Reinsurance services
⚫ Regulatory and compliance management – compliance testing
Recent developments
⚫ 2017: built 15 assets using AI-based platform “Genpact Cora” – a modular self-
learning platform for digital transformation of enterprises
⚫ 2017: launched Intelligent Automation Index, a patent-pending diagnostic tool
that allows companies to quantify the automation potential of business
processes
⚫ 2017: executed a carveout of reinsurance service center and built a COE
offering end-to-end reinsurance services to carriers
5Copyright © 2019, Everest Global, Inc.
EGR-2019-28-E-3133
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Genpact | P&C insurance BPO profile (page 2 of 5)
Key delivery locations
Wormer
Lynchburg
Las Vegas
Oakville
RijswijkWatford
Boston
Minneapolis
AtlantaAustin
Richardson
GlasgowLondon
Riga
Copenhagen
Bucharest
Noida
Hyderabad
Bangalore
Delhi
JaipurGurgaon
Foshan
Quezon CityAlabangManila
Brisbane
Sydney
Krakow
New York
Mississauga
JuraezMonterry
6Copyright © 2019, Everest Global, Inc.
EGR-2019-28-E-3133
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Genpact | P&C insurance BPO profile (page 3 of 5)
Capabilities and key clients
P&C insurance BPO FTE split by
delivery location
FTEs in numbers
P&C insurance BPO revenue mix by
geography
Revenue in US$ million
P&C insurance BPO revenue by
buyer size1
Revenue in US$ million
P&C insurance BPO FTE mix by
processes covered
FTEs in numbers
46%
15%
11%
3%
25%
71%
15%
8%5%
1%
5%
35%
60%65%
35%
Continental
Europe
North America
Offshore
Small
Medium
Asia
Pacific
100% = 10,000+ 100% = Not disclosed
Key P&C insurance BPO engagements
Client name Region Client since year
A leading global specialty insurance and reinsurance company North America and Europe 2018
A leading multinational specialty insurance company United Kingdom and Europe 2018
A leading multinational general insurance company North America and Europe 2017
A major U.S. insurance provider North America 2017
A U.S. personal lines carrier North America 2017
A European insurance broker Europe 2017
A leading Australian insurer Asia Pacific 2016
United KingdomProduct development
& business acquisition
100% = 10,000+
Claims
processingPolicy servicing
& reporting
New business
management
Onshore/nearshore
Others
Large
1 Buyer size is defined as large (>US$10 billion in revenue), medium (US$5-10 billion in revenue), and small (<US$ 5 billion in revenue)
Note: Based on contractual and operational information as on June 2018
Middle East and
Africa (1%)
100% = Not disclosed
7Copyright © 2019, Everest Global, Inc.
EGR-2019-28-E-3133
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Genpact | P&C insurance BPO profile (page 4 of 5)
Technology solutions/tools
NOT EXHAUSTIVE
Application
Processes
covered
Year
launched Description No. of BPO clients
Front Desk
Automation
End-to-end
underwriting
2018 Automates document intake using custom computational linguistics to extract information from
unstructured text. It uses Genpact’s AI engine, Rage, to apply validation rules and parse, categorize,
and normalize data. It enables the integration to automate the process
1
Contents –
Claim tracker
Claims
processing
2018 It is a 24/7 cloud-based platform with easy accessibility across intake channels including smartphones,
tablets, and desktop. Real-time reporting is available across exposure and trends. It can be integrated
with client claims systems through APIs
105
Process Mining
/ Digital Twin
All operational
processes
2018 It is a continuous diagnostic technology that uses algorithms to analyze system logs to map out the
real execution of processes in an operation. It builds on the base of digital Smart Enterprise Process
(SEP) framework and supporting assets
5
Claims Core Claims
processing
2017 Claims Core is an online tool accessed by carriers, independent adjusters, and Genpact desk review
team. It enables easy handoffs and contains a user dashboard that allows users to manage claim
activity and ensure that claims flow through the process and are delivered to the client on time
45
AMP Claims
processing
2017 This vendor administration and workflow management tool facilitates end-to-end repair and restoration
process of property losses by various types of restoration contractors. It contains a database of
qualified contractor resources across the United States, enabling quick identification and dispatching
of contractors to inspect loss sites, submit estimates electronically, facilitate carrier approvals, and
track the repair process and various performance metrics
9
Contractor
assignment
Claims
processing
2017 Contractor assignment for repair and damage of property claims is based on the skill required,
performance, spare capacity, and distance from loss location. The end product provides a dynamic on-
demand work allocation to contractors
6
Genpact
Insurance Cora
Ops manager
All operational
processes
2017 Insurance Cora Ops manager evolved from a simple workflow and metric tracking tool to a full-fledged
case manager for core insurance processes with workflows, submission support, policy management,
claims intake, claims processing, and reporting. The tool handles work allocation, quality audit,
knowledge management, dashboarding, and reporting
6
8Copyright © 2019, Everest Global, Inc.
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Genpact | P&C insurance BPO profile (page 5 of 5)
Everest Group assessment – Leader
Strengths Areas of improvement
⚫ Genpact has been able to maintain its competitive positioning through the
acquisition of multiple complementary capabilities combined with in-house
investments in technology offerings focused on digitalizing the claims and
underwriting part of the value chain
⚫ Its AI-powered platform allows it to not only offer operational efficiencies
achieved through digital leverage, but also seamless implementation
enabled by insurance industry knowledge and plug-and-play digital
components
⚫ Genpact now holds one of the largest FTE resource bases amongst P&C
insurance BPO players and these resources are distributed across
onshore, nearshore, and offshore delivery centers. This enables Genpact
to provide both offshore-based BPO services as well as judgment-
intensive support such as for claims adjustment. It also reinforces its end-
to-end coverage of the P&C insurance value chain
⚫ It has been successful in expanding its market coverage beyond North
America and has made inroads into the United Kingdom, Asia Pacific, and
Continental Europe markets through new client wins and expansion of
scope of services
⚫ Given the quantum of acquisitions Genpact has been making for
strengthening their capabilities in P&C insurance BPO, there emerges a
risk of inefficient integrations that needs to be particularly tackled
⚫ For accelerating adoption of transformative solutions, whether related to
automation or analytics, Genpact should adopt a more consultative
approach to implementation that would include process assessments for
automation opportunities as well as process optimization wherever
relevant
⚫ While there have been significant additions to capabilities, Genpact still
needs to more proactively and aggressively leverage and market those
to establish itself as a strategic transformative partner
⚫ Compared to the existing scale of its client base, adoption of its
analytics solutions related to claims or actuarial services remains
insignificant. Given that analytics holds significant potential for
generating various outcomes for buyers such as top-line or margins
improvement, Genpact should intensify its focus on this segment as well
Market impact Vision & capability
Market
adoption
Portfolio
mix
Value
delivered Overall
Scope of
services offered
Innovation and
investments
Delivery
footprint
Vision and
strategy Overall
Measure of capability: High Low
9Copyright © 2019, Everest Global, Inc.
EGR-2019-28-E-3133
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Appendix
10Copyright © 2019, Everest Global, Inc.
EGR-2019-28-E-3133
®
™
®
Everest Group PEAK Matrix™ is a proprietary framework
for assessment of market impact and vision & capability
Everest Group PEAK Matrix
Vision & capability
Measures ability to deliver services successfully
High
Low
Low High
Leaders
Aspirants
Ma
rke
t im
pa
ct
Measure
s im
pact cre
ate
d in t
he m
ark
et
Major Contenders
11Copyright © 2019, Everest Global, Inc.
EGR-2019-28-E-3133
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Services PEAK Matrix™ evaluation dimensions
Measures impact created in the market –
captured through three subdimensions
Market adoption
No. of clients, revenue base, and
YOY growth, deal value/volume
Portfolio mix
Diversity of client/revenue base
across geos and type of
engagements
Value delivered
Value delivered to the client
based on customer feedback
and transformational impact
Vision and strategy
Vision for the client and itself;
future roadmap and strategy
Scope of services offered
Depth and breadth of services
portfolio across service sub-
segments / processes
Innovation and investments
Innovation and investment in the
enabling areas, e.g., technology
IP, industry/domain knowledge,
innovative commercial
constructs, alliances, M&A, etc.
Delivery footprint
Delivery footprint and global
sourcing mix
Measures ability to deliver services successfully.
This is captured through four subdimensions
Mark
et
imp
act
Vision & capability
Major Contenders
Leaders
Aspirants
12Copyright © 2019, Everest Global, Inc.
EGR-2019-28-E-3133
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FAQs
Does the PEAK Matrix™ assessment incorporate any subjective criteria?
Everest Group’s PEAK Matrix assessment adopts an unbiased and fact-based approach (leveraging service provider / technology vendor RFIs and
Everest Group’s proprietary databases containing providers’ deals and operational capability information). In addition, these results are validated /
fine-tuned based on our market experience, buyer interaction, and provider/vendor briefings
Is being a “Major Contender” or “Aspirant” on the PEAK Matrix, an unfavorable outcome?
No. The PEAK Matrix highlights and positions only the best-in-class service providers / technology vendors in a particular space. There are a number of
providers from the broader universe that are assessed and do not make it to the PEAK Matrix at all. Therefore, being represented on the PEAK Matrix is
itself a favorable recognition
What other aspects of PEAK Matrix assessment are relevant to buyers and providers besides the “PEAK Matrix position”?
A PEAK Matrix position is only one aspect of Everest Group’s overall assessment. In addition to assigning a “Leader”, “Major Contender,” or “Aspirant” title,
Everest Group highlights the distinctive capabilities and unique attributes of all the PEAK Matrix providers assessed in its report. The detailed metric-level
assessment and associated commentary is helpful for buyers in selecting particular providers/vendors for their specific requirements. It also helps
providers/vendors showcase their strengths in specific areas
What are the incentives for buyers and providers to participate/provide input to PEAK Matrix research?
⚫ Participation incentives for buyers include a summary of key findings from the PEAK Matrix assessment
⚫ Participation incentives for providers/vendors include adequate representation and recognition of their capabilities/success in the market place,
and a copy of their own “profile” that is published by Everest Group as part of the “compendium of PEAK Matrix providers” profiles
What is the process for a service provider / technology vendor to leverage their PEAK Matrix positioning and/or “Star Performer” status ?
⚫ Providers/vendors can use their PEAK Matrix positioning or “Star Performer” rating in multiple ways including:
– Issue a press release declaring their positioning. See citation policies
– Customized PEAK Matrix profile for circulation (with clients, prospects, etc.)
– Quotes from Everest Group analysts could be disseminated to the media
– Leverage PEAK Matrix branding across communications (e-mail signatures, marketing brochures, credential packs, client presentations, etc.)
⚫ The provider must obtain the requisite licensing and distribution rights for the above activities through an agreement with the designated POC at
Everest Group.
Does the PEAK Matrix evaluation criteria change over a period of time?
PEAK Matrix assessments are designed to serve present and future needs of the enterprises. Given the dynamic nature of the global services market and
rampant disruption, the assessment criteria are realigned as and when needed to reflect the current market reality as well as serve the future expectations
of enterprises
About Everest Group
Everest Group is a consulting and research firm focused on strategic IT, business
services, and sourcing. We are trusted advisors to senior executives of leading
enterprises, providers, and investors. Our firm helps clients improve operational
and financial performance through a hands-on process that supports them in making
well-informed decisions that deliver high-impact results and achieve sustained value.
Our insight and guidance empower clients to improve organizational efficiency,
effectiveness, agility, and responsiveness. What sets Everest Group apart is the
integration of deep sourcing knowledge, problem-solving skills and original research.
Details and in-depth content are available at www.everestgrp.com.
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