Business process outsourcing firm
Genpact Ltd has acquired US based OnSource, an inspection-as-a-service (IaaS)
provider for the insurance industry, for an undisclosed amount. The deal will
help Genpact gain access to advanced digital inspection technologies to claims
management services.
Genpact, which is listed on the New
York Stock Exchange, said the transaction builds upon its recent acquisition of
BrightClaim and National Vendor that have expanded its US claims management
capabilities. Massachusetts-based OnSource caters to property and casualty
insurance companies and their customers.
OnSource enables insurance
companies to analyze the claims through photo inspections. Policyholders and
claimants can use self-inspection apps or OnSource network of photo field
inspectors and quality assurance analysts. OnSource ability to disrupt
insurance claims operations is a critical addition to our digital-led insurance
service offerings.
In 2016, more than 40% of Genpact
revenues were derived from clients in the financial services industry, which
includes insurance, according to its annual report. Genpact started its
operations as a captive business process services provider for GE’s financial
services business. The company began to servicing outside clients from 2005. In
2016, business process services contributed 81% to its total revenues of $2.57
billion. Most of Genpact employees are based out of India. It has centres in
Gurugram, Hyderabad, Jaipur and Kolkata.
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