- Genpact launches RapidReplace, an AI-driven insurance claims solution, reducing settlement time from 12 days to under 3 days.
- Solution integrates with Amazon Business for efficient item matching and fast delivery.
- Part of Genpact Claims Manager platform, building on prior AWS collaborations for enhanced efficiency.
Genpact (G, Financial) has introduced Genpact RapidReplace, a cutting-edge AI-powered solution, in collaboration with Amazon Business, aimed at drastically transforming the personal property contents claims processing. The solution significantly cuts down claims settlement time from the industry standard of 12 days to less than 3 days by utilizing generative AI for data extraction and matching of items.
This integration with Amazon Business enhances operational efficiency by allowing for fast and accurate identification and replacement of items with like-kind-and-quality (LKQ) alternatives. The strategic partnership leverages Amazon's extensive product catalog and robust logistics network to expedite delivery to policyholders.
According to Genpact's study, 48% of US adults have encountered challenges with insurance claims, with 20% expressing dissatisfaction specifically with the lengthy processing times. RapidReplace is designed to address these issues by offering a streamlined, automated claims process, resulting in improved customer experiences and reduced operational costs.
The solution forms part of the broader Genpact Claims Manager platform, which previously demonstrated impressive efficiency gains by reducing insurance adjusters' investigation time by up to 75% through collaborations with AWS and the use of Amazon Bedrock's generative AI capabilities.
"Genpact RapidReplace exemplifies the innovation in the insurance sector by automating the complex process of property loss replacement," said Stephanie Lang, Director at Amazon Business. The collaboration between Genpact and Amazon Business offers insurers a more efficient, customer-friendly claims resolution process, paving the way for digital transformation in the insurance industry.
