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Building Insurance Industry Resilience

Oz Digital Consulting Discovery-transforms

Building an agile, yet highly resilient business is essential to weather future disruptive changes, maintain relevance, and remain competitive—but, in an era of pandemic aftershocks, rising inflation, and the impact of climate change, that often feels easier said than done, doesn’t it?

In this environment—both literally and theoretically—insurance companies are expected to provide protection against ever-evolving risk while simultaneously effectively navigating market volatility and managing expenses.

This often requires taking a closer look at critical processes and leveraging transformative technologies to implement intelligent workflow automation solutions. Robotic Process Automation (RPA), Machine Learning (ML), AI, and Natural Language Processing (NLP), for example, have matured over recent years providing insurers opportunities to apply intelligent automation to traditionally manual and difficult-to-automate processes.

Insights into the process have become increasingly valuable—if not outright essential.

Accelerating digital transformation and driving operational improvements and efficiencies will be a critical part of establishing a resiliency roadmap.

Process discovery provides an ideal blueprint for automating critical business tasks, illuminating how processes truly work, identifying the interaction between people and technology across an end-to-end workflow, exposing manually performed activities requiring human intervention, and revealing additional intelligent workflow automation opportunities—all leading to actionable insights to improve operational efficiency and customer experience while reducing costs and processing delays.

Apply process discovery in the following three areas to build resilient automation programs:

  • Faster claims processing and management: Considered the most critical process influencing customer experience (CX) and satisfaction. Claims involve an extensive, complex dive into massive amounts of information from documents and other sources. It requires close scrutiny to avoid fraudulent claims and litigation but remains a highly error-prone manual process.

OZ Global Consulting utilizes its process discovery tools to empower insurers to spot deviations easily and identify areas of optimization. It institutes an objective framework for deciding which leading RPA tools are best for meeting customer demands.

  • Improve compliance: PCI standards, HIPAA, and tax laws make up some of the compliance and regulatory standards guiding the insurance industry. Standards that, when breached, results in fines, lost revenue, and reduced customer trust.

And since audits occur in consistent intervals, the chances are high for inconsistencies between now and the next audit.

Process discovery brings transparency that marries accuracy and fact-based compliance checking. A step-by-step visualization of current processes helps you target compliance issues with complete visibility. From this bird’s eye view, you can detect inconsistencies in real time and perform root analysis to know what went wrong with a solution in hand.

  • Increase operational efficiency: Business processes for insurers are increasingly complex—from administering policies to pricing new ones to addressing customer claim inquiries. They may even require underwriters to apply specific rules according to geocodes, inspection reports, and credit history.

Leveraging process discovery tools to understand processes end-to-end is the starting point for building an intelligent workflow automation roadmap and resilient operating model in preparation for future disruptive events.

For twenty-five years, OZ has helped companies accelerate their Digital Transformation and become more resilient. Contact President of Global Insurance Practice Mark Smith to learn more.