Ironshore Signs Agreement With Genpact
Genpact Limited, a global leader in business process and technology management, today [Mar. 14] announced an agreement with Bermuda’s Ironshore, a leading provider of specialty lines insurance.
Under the seven-year agreement, Genpact will manage and standardise Ironshore’s end-to-end middle- and back-office operations to increase effectiveness and productivity, allowing the insurer to focus on continued growth of their client-facing underwriting operations and further expansion into new markets.
This engagement signifies an unprecedented, partner-led business process transformation in the insurance industry. Genpact will be providing key end-to-end business processes for Ironshore including underwriting support, claims processing, actuarial data analytics, technology, and finance and accounting.
As a result, Ironshore will be able to streamline and make processes more efficient across all business lines, as well as accelerate IT and other related investments, increase cost efficiencies, and provide more enhanced solutions and services to its customers.
Genpact will service Ironshore’s global operations in Bermuda, the United States, Canada, the United Kingdom and Ireland with future expansion into additional regions.
The partnership with Genpact will utilize a holistic end-to-end approach to deliver cost effective and customer-focused administrative operational processes and IT functions.
“Genpact’s deep domain expertise in insurance operations and approach to process transformation enables Ironshore to deliver best-in-class support services,” said Mitch Blaser, CFO/COO of Ironshore Inc. “Ironshore has developed this relationship with Genpact to allow us to continue to transition to a centralized operations model which will realize efficiencies across all of our global operations and provide a scalable support platform poised for growth.”
“We are honored that Ironshore has entrusted Genpact to drive a comprehensive business process and technology transformation effort for their insurance operations,” said Mohit Thukral, senior vice president and global business leader, Banking, Financial Services, Insurance and Healthcare for Genpact.
“Genpact’s more than 14 years of global insurance experience is supported by an extensive team of certified domain experts who bring the utmost levels of operational rigor, technology expertise and process knowledge to our insurance industry clients like Ironshore. The centers of excellence that we are building for Ironshore will pave the way for the company’s continued success and expansion.”
Headquartered in Bermuda, Ironshore provides broker-sourced specialty property and casualty insurance coverages for risks on a global basis through its various international platforms. The Ironshore group of companies is rated A- [Excellent] by A.M. Best with a Financial Size Category of Class XIII. Ironshore’s Pembroke Syndicate 4000 operates within Lloyd’s where the market rating is A [Excellent] by A.M. Best and A+ [Strong] from both Standard & Poor’s and Fitch.
Genpact Limited is a global business process and technology management company. It was formerly a GE owned company called GE Capital International Services or GECIS.
Currently it employs over 53,600 people in various locations providing services in 30 languages on a 24/7 basis.
Genpact’s services cover areas like Finance and Accounting, Analytics & Research, Risk Management, Supply chain, Enterprise Application Services, IT Information Services, and Healthcare.
