SENIOR VICE PRESIDENT, INSURANCE
August 2, 2017 - Newton, MA
Morgan Partners, an independent investment bank serving the financial technology sector, today announced its role as exclusive financial advisor to Genpact (NYSE: G) on its acquisition of OnSource. OnSource provides a leading Inspection-as-a-Service (IaaS) product for property and casualty (P&C) insurance carriers and their customers. This transaction builds upon Genpact’s recent acquisition of BrightClaim and National Vendor that has significantly expanded the company’s U.S. claims management capabilities. Terms of the deal are not disclosed.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.
The OnSource IaaS product will leverage Genpact Cora, Genpact’s artificial intelligence-based digital platform. The integration of Genpact Cora and the OnSource product into Genpact’s end-to-end claims management capabilities will allow carriers to seamlessly write accurate estimates and manage supplements in a much quicker and more collaborative manner, resulting in significantly higher customer satisfaction. OnSource uses advanced technologies – such as real-time browser-based communication, self-service applications, and drones – to put consumers in control of their insurance claims and fundamentally transform the process for Insurance carriers.
“With the help of Morgan Partners, we are very pleased to complete our second acquisition in the property/casualty insurance space in the last three months,” said Sasha Sanyal, Senior Vice President, Insurance for Genpact. “The Morgan Partners team understands the industry very well, and continues to serve as a valuable advisor to help us in our acquisition efforts.”
Further details about the transaction can be found here.
OnSource enables insurance companies to get fast, fair and efficient claims and underwriting photo inspections through intuitive smartphone apps and a mobile website that take the guesswork out of insurance photography. Policyholders and claimants can use self-inspection apps, Instant Inspection’s chat website, or an extensive network of tens of thousands of photo field inspectors and quality assurance analysts. Whether through the photo field inspector network, the self-inspection app, or the instant inspection mobile website, users and partners can capture quality photo inspections of vehicles, residential and commercial real estate, scenes/locations, equipment, personal property and more. OnSource is headquartered in Braintree, MA, and more information can be found at www.onsourceonline.com.
Genpact (NYSE: G) is a global professional services firm focused on delivering digital transformation for our clients, putting digital and data to work to create competitive advantage. We do this by integrating lean principles, design thinking, analytics and digital technologies with our domain and industry expertise to deliver disruptive business outcomes – an approach we call Lean DigitalSM. We deliver value to our clients in two ways – through digital-led, domain-enabled solutions that drive innovation, and through intelligent operations enabled by digital that design, transform and run clients’ operations. Our approach is continually refined in one of the world’s largest digital process sandboxes, where we test and improve thousands of processes. For two decades, first as a General Electric division and since 2005 as an independent company, we have been passionately serving our clients. We generate impact for clients from the Fortune Global 500 and beyond, and employ over 77,000 people in more than 20 countries, with key offices in New York City, Palo Alto, London, and Delhi. For additional information, visit www.genpact.com. Follow Genpact on LinkedIn, Twitter, YouTube, and Facebook.