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How Insurers Can Boost Automation Efforts Through IPA

Cognizant How Insurers Can Develop a Successful Intelligent Process Automation Strategy From property and casualty, through life and annuity, insurers of all stripes need to transcend task-based robotic process automation and holistically embrace more powerful intelligent process automation to improve their performance in today's growth- challenged marketplace. Intelligent process automation (IPA) enhances software bots with cognitive technologies that mimic human perception and judgment, including: Artificial Machine Automated case intelligence (Al) learning (ML) management Benefits include: • Automation of a wider range of activities. • Greater cost reductions than with bots alone. • Improved efficiency, quality, compliance & customer experience. IPA Will Allow Insurers to Automate End-to-End Business Operations Automation is poised to transform an industry where many employees perform repetitive, mundane tasks using structured data. Robotics could be used to eliminate some manual tasks IPA combines robotics with traditional workflow engines alongside advanced cognitive technologies like Al. in a traditional claims workflow while an Al engine flags some claims for potential fraud. If ML is added to a bot, A case management tool can then ensure that the software will the potentially fraudulent claim is managed effectively to closure. continually improve at performing a task. Finding the Right IPA Capabilities 1 ABILITY TO PERCEIVE With advanced image analysis and predictive analytics tools, carriers can provide instant damage estimates and processing of claims based on uploaded accident photos, reducing cycle time and expenses by more than 50%. Recognize and understand human speech with voice recognition software, which has an error rate of 6%, about the same as the average person. Mimic human visual perception with computer vision or image recognition analysis. 2 ABILITY TO DECIDE Build multi-class classification algorithms to deduce the part of body, detailed part of body, cause of injury and nature of injury from loss descriptions, which are essential details to register a Worker's Compensation claim. • Achieve 80% accuracy, enabling straight-through processing to a critical first notice of loss (FNOL). • Improve performance on a task without being explicitly programmed through ML. ABILITY TO ACT Perform repetitive structured tasks like data entry with RPA or software bots. • Automate core insurance platforms, case management and workflow systems with out-of-the-box solutions from top vendors. Developing an Effective Automation Strategy Analyze the process you want to improve holistically, from end to end. Analyze how various types of automation can enhance your process. Establish an automation center of excellence. 10101 01110 10101 Look beyond cost reduction. Optimize your process as you automate it. Integrate front- and back-office processes, putting customers at the center. Prioritize your processes in alignment with business priorities. Looking Ahead Executives who make decisions on automating their organizations must develop a deep understanding of both the capabilities of the available technologies and their end-to-end business processes. • Insurers should begin by aligning automation efforts with their business priorities. Insurers must realize these changes won't be easy for them or their people. • Developing an IPA COE is critical for insurers looking to coordinate their efforts and apply learnings from one initiative to the next. · Automation is not an IT project; it's a comprehensive business strategy that is absolutely critical for every insurer over the next few years. To learn more, read our white paper "RPA Is Just the Start: How Insurers Can Develop a Successful Intelligent Process Automation Strategy" at http://global.cognizant.com/RPAforlnsurance Visit the Intelligent Process Automation section of our website at www.cognizant.com/cognizant-digital-operations/intelligent-process- automation and the Insurance section of our website at www.cognizant.com/insurance-technology-solutions Contact us at www.cognizant.com/contactus © Copyright 2019, Cognizant. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the express written permission from Cognizant. The information contained herein is subject to change without notice. All other trademarks mentioned herein are the property of their respective owners. Codex 4340

How Insurers Can Boost Automation Efforts Through IPA

shared by cognizant on Feb 07
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By moving from task-based robotic process automation to intelligent process automation, insurers can improve and widen automation efforts across their business. Here’s how to develop a more effectiv...

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Cognizant

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Business
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