Genpact Acquires BrightClaim
Genpact, a global professional services firm focused on delivering digital transformation for clients, has acquired BrightClaim and their associated company National Vendor, both leading providers of integrated claims solutions to the U.S. property and casualty (P&C) insurance market. The acquisition marries domain expertise with advanced technologies to fundamentally change how insurers manage the claims process, allowing carriers to create a seamless claims experience for their customers. Terms of the deal were not disclosed.
With this acquisition, Genpact will help carriers simplify and bring more transparency to the claims process through digital technologies such as mobility, artificial intelligence, and dynamic workflow that enables the customer to participate in their own claims journey – while big data and analytics are integrated to enable better decision making and fraud detection to improve overall claims accuracy.
The typical claims process involves numerous touch points and manual interventions and lacks real-time analytical insights that drive decision making. This set of challenges causes long claims cycle times, higher settlement costs, and a lack of transparency for customers throughout the claims process. With its own analytics and digital capabilities and the deep insurance claims expertise integrated from BrightClaim and National Vendor, Genpact can provide solutions that will:
- Reduce overall claims costs by up to 40 percent through its Lean process design, digital technologies and smart shore delivery model;
- Improve customer experience and satisfaction by 10-20 percent through multi-channel intake, automated status updates, and proactive communication, with process design and system automation that enable faster processing and settlement; and
- Reduce loss cost by 3-5 percent through improved recovery and fraud prevention that leverage predictive analytics.
BrightClaim and National Vendor specialize 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. BrightClaim and National Vendor have a large client base including half of the top 20 auto and property insurers and an extensive network of insurance adjusters. As part of this transaction, Genpact will acquire delivery centers in Atlanta, Ga., and Austin, Texas, increasing its U.S. footprint.
Morgan Partners acted as an advisor to Genpact on this transaction.
SCM Expands to U.S. With Acquisition of Nixon & Company, Inc.
SCM Insurance Services, an independent, privately-owned insurance services provider based in Canada, announced that it has made its initial entry into the United States by acquiring Nixon & Company, Inc.
This acquisition reinforces SCM’s focused commitment to expand geographically in line with the needs of its clients who are seeking market leading offerings in third party administration and innovative adjusting solutions. Nixon & Company, Inc. was founded more than 40 years ago and remains headquartered in St. Louis, Missouri. Nixon provides a new platform from which SCM will continue to build out its service offerings both domestically and into the Lloyd’s of London marketplace.
SCM announced its intention to expand into the United States with the hiring of Scott Goodreau in the Fall of 2016 as the company’s chief operating officer – USA. Goodreau, an executive with 20 years’ experience in the industry, has held diverse leadership positions for distribution, carrier and technology companies.
J.S. Held Makes Majority Investment in Spex, InsurTech Platform
J.S. Held, a Jericho, N.Y.-based construction and property damage consulting firm, said it has become a majority owner in Spex, a digital property inspection and reporting platform for the property/casualty insurance industry.
Financial terms of the private transaction were not disclosed.
Founded in 2012 to enhance property claims handling, Spex has built a data-driven platform to streamline the process of property inspection and related work. The Spex platform provides for on-site inspections, better collection and organization of data, and greater efficiencies and transparency during the claims handling process, according to its founders.
The company offers mobile apps, project management capabilities, online and offline functionality and options for residential and commercial use.
Denver-based Spex will continue to be led by its current management team that includes Chief Executive Officer Brett Goldberg, Chief Technology Officer Levi Cook and Founder and Chief Product Officer David Cockrel.
Co-founder Cockrel formerly worked with Eberl Claims Service (2009-2011) and State Farm (2207-2011), where he served as a catastrophe field manager and property claims adjuster. He also founded Computer Helperz, a small business tech service that he sold in 2011.
The Spex co-founders said they were motivated to develop their platform after serving as insurance adjusters on Hurricane Sandy claims.
Cockrel says after Sandy he began work on an inspection tool that “would bring property inspections into the 21st century.”
Including the acquisition of Spex, J.S. Held, which is also a customer of Spex, has added seven specialized consulting businesses since 2015 when the private equity firm Lovell Minnick Partners acquired it. Lovell Minnick Partners targets investments in asset management, financial product distribution, insurance and securities brokerage, specialty finance, and related technology and business services. Its portfolio includes wholesale insurance broker Worldwide Facilities.
Last month, J.S. Held, acquired Meridian Consulting Group, which provides a construction consulting and claims resolution services to the surety industry.
J.S. Held has more than 40 locations throughout the U.S. and Canada.
Was this article valuable?
Here are more articles you may enjoy.