Automation enhances insurer’s operations, finance and actuarial models

EY team of digital strategists and industry professionals focused on streamlining key operational, finance and actuarial processes using RPA. In addition, the team was responsible for:

• Developing the business case, automating proof of concept and creating an RPA roadmap
• Building robots per approved designs and standard, leveraging templates and reusable library
• Conducting testing scenarios prior to releasing robots into the production environment
• Designing a new operating model and configuring processes based on an “automation anywhere” approach ― including designing and configuring the infrastructure, as well as ongoing monitoring and support
• Configuring 19 processes across the operations, finance and actuarial business units, of which 9 were deployed into production by the Center of Excellence
• Identifying an enterprise-wide RPA Center of Excellence with a detailed operating model that supported knowledge transfer to internal employees onboarded to the center

The digital enablers included digital strategy, robotics and intelligent automation, and digital architecture.

Throughout the engagement, the Center of Excellence automated nearly 12,000 FTE hours annually through the deployment of 9 processes that interact with 5 applications. The automations were deployed from a central control room using 3 bot runners resulting in improved transaction processing accuracy to over 95%. 

The team created an opportunity log, a strategy and plan for piloting and scaling over 250 process automation candidates across operations, finance and actuarial functions with estimated benefits exceeding $8M.

The team developed a target operating model and Center of Excellence to help implement automation at scale. The operating model outlined requirements and capabilities across the entire organization and its employees, performance management, design authority, processes, tools and technology, and governance to guide the global life insurance company’s resources.