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Adapting technology to drive an automation program
Rising unit costs, increasing process volumes and inefficiencies, data quality issues and a prevalence of manual processes inhibited operations at a global life and retirement insurance company. EY teams were hired as part of a larger transformation initiative to address these issues and streamline manual processes. They were engaged to help establish an automation program to help reduce overall expenses and modernize the operating model through technology.
The overall program included an automation proof of concept and business case, client infrastructure design and setup, identification of automation candidates and configuration, as well as Center of Excellence stand-up and operating model design.
The better the answers
Streamlining key operational, finance and actuarial processes through robotic process automation (RPA) operational improvement
How we orchestrated the digital transformation of a Fortune 500 insurer
Prioritizing, re-engineering and automating claims processes helped digitally drive operational improvement and cost benefits.
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:
The digital enablers included digital strategy, robotics and intelligent automation, and digital architecture.
The better the world works
Providing results and earning the benefits
How EY can help
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 moreThroughout 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.
