Pacific Life Insurance Company has announced a partnership with third-party vendor Genpact to help expand the carrier's consumer base for its recently launched term life product.
The move follows Pacfic Life's acquisition of Gentworth Financial's technology platform in June, helping the insurer expand its reach in the term life market by attracting less-affluent customers,
Genpact will utilize its Lean Digital approach to aid Pacific Life in quickly expanding its products and services to customers, according to the companies. Additionally, the vendor is responsible for premium handling and reconciliation, producer onboarding, and managing the insurer’s document management operations for its Lynchburg, Virginia office.
"Genpact's successful track record in transforming many life insurers' business models to drive substantial growth with greater speed-to-market, increased productivity, and improved cost efficiencies is a key factor in why we partnered in our product expansion initiative," said Mike Shadler, vice president, Pacific Life, in a statement. "We are building a world-class, scalable operation as we enter additional markets and continue to grow, and Genpact is a critical part of our operational capability."
