Amazon Web Services (AWS) and Amazon Business are tapping global professional services firm Genpact for its generative AI to enhance claims management.
Leveraging its claims management expertise as well as Amazon Bedrock generative AI capabilities and Amazon Business procurement API integrations, including pricing information, Genpact anticipates the claims submission timeline from weeks to days.
The initiative is focused on streamlining property loss 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 (FMs) from leading AI companies through an application programming interface (API) 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.”
In the future, Genpact plans to integrate additional AI services into the automated workflow to introduce enhanced features. These include real-time summaries of market values for claimed contents and optimal action recommendations for further processing.