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A TIN and ABBYY collaborative report on the technology and capabilities enabling digital intelligence
The technology and capabilities enabling digital intelligence, are now sufficiently advanced enough to allow insurers to identify stages of their quote-to-issue processes where efficiencies can be achieved. This digital intelligence data offers a roadmap to automation excellence by identifying the best targets for process intervention and improvement, by finding and eliminating friction in the customer journey through the analysis of process data.
This can help deliver the kind of fast, simple, and responsive experience that the modern insurance customer increasingly expects, as well as achieving process efficiency. This report seeks to identify a practical approach towards the ‘Nirvana’ of digital enablement, automation and optimisation, and uncover some of the obstacles that insurers are encountering.
Digital intelligence allows insurers to take data from their automated processes (and manual processes where a digital footprint exists) to identify stages of their end-to-end process where efficiencies can be achieved and offer a roadmap to automation excellence. However, many insurers are still at the start of their automation journey, and for those organisations deploying digital intelligence tools to identify bottlenecks in existing processes remains an ambition rather than a reality. What’s more, a classic cause and effect dilemma (AKA a ‘chicken and egg’) lies at the heart of the challenge of achieving digital intelligence: in order to gain data driven insights into how to optimise digitised processes, you have to automate those processes.
Based on our industry survey, research and interviews with Enrico Alessandri, Systems & Processes Expert at Swiss Re and Jason Cripps, Global Head Operational Excellence and Automation at Zurich Insurance, we have put together a provisional methodology and framework for digitising processes which we hope will help organisations escape this dilemma, and start to realise the benefits of digital intelligence.
This methodology can be distilled into 3 words, and 3 stages: simplify, digitise and then scale.
To continue reading click here to download the full PDF report.