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, it said in a statement.
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 analyse the claims through photo inspections. Policyholders and claimants can use self-inspection apps or OnSource’s network of photo field inspectors and quality assurance analysts, according to the company’s LinkedIn profile.
“OnSource’s ability to disrupt insurance claims operations is a critical addition to our digital-led insurance service offerings,” said Sasha Sanyal, senior vice president – insurance at Genpact.
“With Genpact’s comprehensive claims management capabilities, we are excited to join the team to deploy our products,” said Tim Schneider, chief executive officer of OnSource.
The OnSource IaaS product will leverage Genpact Cora, an artificial intelligence platform unveiled by the firm in June, it said.
Morgan Partners LLC acted as financial adviser to Genpact.
In 2016, more than 40% of Genpact’s 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’s employees are based out of India. It has centres in Gurugram, Hyderabad, Jaipur and Kolkata.