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Ensuring a smooth transition in digitalising and automating processes

Factors such as growing amounts of data, changing customer expectations, competition from newer, non-traditional players in the insurance industry and risk management and mitigation are some drivers behind increased digitalisation and automation in insurers, according to SS&C Blue Prism - ASEAN and Greater China region vice president of sales James Lucas.

“Compounding these challenges, insurance companies are trying to keep up with the proliferation of new, intelligent technologies,” he said.

In order to ensure a smoother transition in the process of digitalising and automating processes, Mr Lucas feels that insurers should first “establish an ideal outcome and ROI target”, whether it is in revenue, cost savings, customer experience or compliance.

Once the objective is laid out, he said, it would be easier to deploy the automation to where it would be effective.

He also believes that process mining could be used to “identify bottlenecks or inefficiencies” in operations. Once an area is found, he said, intelligent decision-making capabilities could be augmented to “evolve processes”.

From there, he said, companies would be able to choose which solutions would best respond to the needs of the company, including “the metrics to monitor and drive ongoing improvements”.

For example, Mr Lucas said, business process management would give “total visibility” of processes to help orchestrate and manage work.


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