Genpact Acquires BrightClaim to Bolster Insurance Claims Management

IT services firm Genpact said it has acquired insurance claims service provider BrightClaim and its associated company National Vendor, to bolster its insurance claims management expertise. The terms of the deal have not been disclosed.

The acquisition brings together domain expertise with advanced technologies to manage insurance claims process, allowing carriers to create a seamless claims experience for their customers.

As part of this transaction, Genpact will acquire delivery centers in Atlanta, GA and Austin, TX, increasing its U.S. footprint.

“With the added U.S. onshore capabilities and domain expertise from BrightClaim and National Vendor, we are enhancing our ability to help insurance clients infuse digital technologies and analytics into their operations to create a sustainable competitive advantage for them,” said Mohit Thukral, SVP, Banking, Financial Services and Insurance for Genpact.

Traditional insurance processes have manual interventions and do not have real time analytics to drive decision making resulting in long claim cycles and higher settlement costs.

With this acquisition, Genpact aims to help carriers bring more transparency allowing customers to participate in their own claims journey through digital technologies such as mobility, artificial intelligence, and dynamic workflow.

“We are looking forward to joining Genpact and combining our solutions with their digital-led intelligent business process management capabilities, existing claims management services expertise, analytics, and global delivery to provide true end-to- end claims services,” said Howard Rogers, CEO, BrightClaim. “Together we will help transform P&C claims for our growing client base.”

Both BrightClaim and National Vendor are providers of integrated claims solutions to the U.S. property and casualty (P&C) insurance market. The companies specialise in property claims management for both structural and contents losses.

Their services include loss adjusting, contents management services, end-to- end management of liability claims and managed repair services through a national contractor network, a press statement said.

Morgan Partners acted as an advisor to Genpact on this transaction.