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Optimizing critical claims processes
A Fortune 500 property and casualty insurer sought to automate and optimize critical claims processes and refocus key talent on higher-value activities. They were exploring the value of robotic process automation (RPA) to drive operational improvement, particularly in auto and commercial lines.
The EY team was engaged for our claims automation experience, which has helped clients achieve better performance through accuracy, consistency and flexibility. This included setting up their structure, governance and process automation to achieve the same results. We thought a virtual workforce leveraging robotics could help achieve their objective to increase speed, scale and security.
The better the answer
Cost savings and deep-dive opportunities
It was our view that a virtual workforce leveraging robotics could help achieve their objective to increase speed, scale and security by performing repetitive tasks using existing technology. We proposed conducting a high-level robotic process automation (RPA) heat map, opportunity qualification scan, benefit analysis and opportunity roadmap, which EY’s digital strategists and claims professionals completed in less than 60 days.
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The EY teams also identified and prioritized RPA opportunities for automation across the claims organization for 18 process groups. Working closing with each of the 18 process teams, we developed an opportunity inventory workbook, listing claims operations opportunities and associated key metrics. This included assessing suitability based on technology readiness and reusability. Based on key metrics collected for each opportunity, the team estimated the capacity savings with key metrics such as task duration, volume and resource cost. The team reviewed each opportunity and held validation meetings with each group to estimate RPA savings across the opportunity inventory. Using set criteria, they developed recommendations for deep dive opportunities and prioritization.
Next, process identification and prioritization led to process re-engineering to make the insurer’s operations more suitable for automation. Robots were then built per approved designs and standards, leveraging templates and a reusable library. Following testing scenarios, the robots were released into the production environment.
The digital enablers included digital strategy, digital architecture, robotics and intelligent automation and next-generation data, as well as use of the cloud and advanced analytics.
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Capturing 20 RPA opportunities with annual benefits ranging from $7m to $9m
EY teams captured 20 RPA opportunities with annual benefits ranging from $7m to $9m in a clear strategy and plan for a phased rollout of two waves.
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We collaborate with insurers on technology transformation programs and the deployment of digital tools. From concept to implementation, we work with you to develop strategies that optimize performance, drive efficiency and enhance quality.
Read moreThe prioritized RPA opportunities were sequenced into two waves: Wave 1 (12 months), and Wave 2 (12 -16 months). Wave 1 involved automating letters, putting initial bots into production, attaching documents to the claim (email/photos), verifying payment accuracy, uploading documents to external applications and supporting ICS conversion. A reprioritization check point was recommended for Wave 2, when payments and process recoveries were handled.
Wave 1 realized benefits that were able to fund Wave 2 implementation. Reprioritization check points were required after Wave 1 for Wave 2 and small impact opportunities.
We helped the claims team develop a detailed automation implementation plan and mobilization and a production support plan, as well as to understand change management considerations and detailed communication plans and change activities.
These steps contributed to strong opportunities for efficiency through automation in payments and letters.
