Genpact announced that it has partnered with Amazon Web Services (AWS) and Amazon Business to redefine property loss substitution and claims management methods.

Utilizing its extensive expertise in claims management, Genpact integrates the generative AI capabilities of Amazon Bedrock and the procurement API of Amazon Business to streamline the claims submission process.

This advanced pricing automation workflow aims to reduce submission time from weeks to days, with a focus on efficiently identifying substitute items and providing timely estimates to policyholders.

Sameer Dewan, Chief Operating Officer of Genpact, emphasized the transformative impact of AI on the insurance industry, stating, "AI is fundamentally changing the landscape of the insurance industry. Our Genpact AI-driven pricing workflow powered by AWS is transforming investigations, significantly reducing the time spent by investigators by up to 75%. By automating routine tasks and improving decision quality, our AI solution empowers smarter pricing decisions, accelerates claims settlement, and brings about profound changes in customer experience."

Genpact is committed to delivering measurable value to its clients through continuous innovation. Future plans include integrating more AI services into automated workflows, including real-time summaries of the market value of claim content and further processing of optimal action recommendations.

Recently, Genpact also announced an expanded partnership with AWS aimed at revolutionizing financial crime risk operations through the integration of generative AI and LLM. This collaboration includes integrating Genpact's cloud-based financial crime suite, riskCanvas, with Amazon Bedrock, bringing significant efficiency and benefits to clients, including Apex Fintech Solutions.