American life insurer saves big with automation
Robotic process automation and optical character recognition improve efficiency and enable long-term savings.
Digital disruption is encouraging insurance companies to reimagine their business and operating models. To stay ahead of the curve, a top five life insurer offering financial services to more than 17 million customers knew it had to place digital innovation higher on its agenda. It was time to enhance its end-to-end customer experience, increase the effectiveness of its operations and improve its capability to remain relevant and agile in the face of further changes in the industry.
As a trusted partner with deep experience helping insurance companies embrace digital technologies, Accenture was chosen to help. We recommended robotic process automation (RPA) and optical character recognition (OCR) as scalable solutions that would help the client achieve its goals.
RPA and OCR are tools in the artificial intelligence spectrum. RPA can handle repetitive, rules-based administrative tasks, such as applications and claims handling, at scale. OCR turns digital documents, such as scanned applications and digital photographs, into editable, searchable data.
Our team used these technologies to design an automation program and operating model for the client. We also established a governance model, supported planning for change management, communications and training, and we built an Intelligent Automation Business Readiness Playbook to guide the client’s team during implementation.
Our client has invested heavily in digital transformation and expects to save $130 to $189 million a year as a result. This automation program, an important part of the overall transformation, has already helped the insurer realize significant savings.
FTEs worth of savings have been identified across 50 RPA and OCR use cases.
Automation will help our client enhance its end-to-end customer experience, streamlining processes and enabling more efficient digital services. It will also improve the quality of the insurer’s internal services, speeding up processes and freeing up employees to focus on more creative, customer-focused tasks.