Cognizant and Venbrook Group have forged a strategic alliance, introducing innovative claims processing services poised to transform the property and casualty (P&C) insurance sector. This collaboration merges Cognizant’s technological prowess with Venbrook’s rapid growth as a P&C claims Third-Party Administrator (TPA) and private insurance brokerage. This partnership enhances Cognizant’s role as a key service provider and go-to-market ally.
At the heart of this venture lies a co-developed, agentic AI-powered TPA claims solution. This aims to digitize crucial elements within the claims process for P&C insurance carriers, addressing the TPA market’s evolving needs. Cognizant will provide Venbrook with extensive support, including claims and compliance processing, policy administration, and financial operations, all coordinated with Venbrook’s adjuster network. Projections from Allied Market Research estimate the TPA market will hit $795 billion by 2032. Integrating agentic AI for complex tasks and generative AI for customer communication and predictive modeling, this solution promises proactive decision-making.
The new operating model seeks to accelerate claim processing, improve accuracy, and boost process efficiencies. It also aims to enhance fraud detection, scale operations during peak times, increase customer satisfaction, and significantly lower operational costs for carriers. The overarching aim is a modern claims experience, allowing carriers to concentrate on core competencies and enhance customer interactions.
Jason Turner, Founder and CEO of Venbrook, emphasizes the solution’s industry importance, noting its potential to deliver efficiency, transparency, and tangible results. He highlights that the combined expertise and adjuster network can tackle critical claims challenges, reduce costs, improve scalability, and ensure greater accuracy, leading to improved customer experiences.
Venbrook, with its extensive claims experience and nationwide adjuster network, contributes invaluable expertise. Cognizant complements this with its strength in AI, automation, and large-scale insurance operations. Together, they are set to drive innovation in claims management.
Ganesh Ayyar, President at Cognizant, highlights the partnership’s significance in modernizing claims management. He underscores Cognizant’s dedication to reshaping claims operations by integrating agentic and generative AI with Venbrook’s TPA expertise, delivering transformative solutions and improving customer experiences for both carriers and policyholders.
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