Insurance
Learn how insurance companies can simplify workflows and deliver better
customer experience with Glue42’s fintech solutions!
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Challenges
Your Challenge
Lack of interoperability standards
The lack of process and data standards between retailers, brokers, underwriters affect insurers of all sizes. In large organisations that operate shared-service centres, this problem is exacerbated when trying to deliver a common, regional approach to policy management. Though the core processes are often simple, the insurance industry has not yet been able to achieve the level of self-service, and zero-touch handling found elsewhere.
Process, handling time and more…
Multi-hour processes in which highly trained advisors move data between structured and unstructured files are commonplace in mid and back-office. Often these will involve working with in-house and 3rd-party applications.
While some of the process steps may be repeatable, systems, policy-terms and operating procedures can often change without warning – rendering ‘bot’ based solutions ineffective and redundant.
Files, files, and more files
Most organizations rely upon Word documents, emails, PDF files and spreadsheets to help record policy changes and receive work requests. In the age of ever-stricter data regulations (e.g. DPA, GDPR etc.) and the need to locate and selectively destroy customer data wherever it may exist, execution of process outside of enterprise applications is no longer an option. Change is required – but so is business continuity.
Solution
How Can Glue42 Help?
Glue42’s approach is one of ‘selective automation and complete integration’. Until the arrival of truly artificially intelligent agents, it is necessary to parse unstructured data sources and prepare inter-application staging areas where advisors apply their judgment before making changes.
It is not because steps can’t be automated; it is an acknowledgment that full automation would work very well for day-1; however, it will fail over time as variable data sources are modified.
Benefits
Optionally Semi-automated
Agent-assist applications are built within Glue42 to capture parsed data and allow check-points and amendments by human operators
Monitored
All Glue42 solutions can record user navigation and dwell time within and between applications. Processes can be measured continuously and improved. Screen-capture milestones can also occur to help with training and enforcement of standard operating procedures.
Simple
Application navigation and copy/paste operations are automated through rules and configuration.
Effective
Within the insurance industry, we have seen a 90% reduction in process handling time for complex processes. This can help to release the budget to re-assign staff and improve service in other areas.
