Genpact acquires insurtech OnSource

Genpact has announced the acquisition of claims service provider OnSource as part of an ongoing company focus on improving the claims process.

Braintree, Mass.-based OnSource was founded in 2011. It brings a field force of more than 17,000 to Genpact. It uses smartphone, video and drone technology to adjust claims faster and more accurately, the companies claim. Genpact will incorporate OnSource into its Cora artificial intelligence platform, providing carrier clients with end-to-end claims services including HD video.

People look at cars that were damaged and overturned by Hurricane Wilma in Miami Beach, Florida on Monday, October 24, 2005. Hurricane Wilma headed into the Atlantic Ocean after its path across southern Florida knocked down trees and power lines and flooded low-lying areas. Insured damages from the storm may reach as much as $9 billion, more than any of the four hurricanes to hit the state last year. Photographer: Mike Fuentes/Bloomberg News

Among OnSource's clients is SafeAuto. Mark Hogue, director of material damage, salvage, and total loss for that insurer says: “OnSource has helped us improve our productivity, reduce our cycle times, and tap into loss adjustment expense, while we have simultaneously improved our quality and service levels. They have a well-run, very professional leadership team that I’m proud to partner with."

Terms of the deal were not disclosed. Genpact also acquired claims service providers BrightClaim and National Vendor in May.

For reprint and licensing requests for this article, click here.