On 14 March 2023, technology leaders from the general insurance industry in Indonesia came together to discuss the latest trends in digital transformation in the insurance sector. The event, titled “Automation Business Process, Are You Ready?” is an AppTech seminar organized by Asosiasi Asuransi Umum Indonesia (AAUI) in collaboration with PT InfoConnect Solusi and Nintex. The technology in focus at the event is business process management, RPA, and document management which is aimed at bringing about efficiency for general insurance operations. The event provided a valuable opportunity for insurers to learn from experts in the field and learn the best practices through the sharing of an actual success case from an existing client.
Here are some key takeaways from the event:
- Embrace digital transformation to stay competitive: The insurance industry is rapidly evolving, and insurers need to adapt to remain competitive. The use of traditional and highly manual methods will not be able to keep up with the rising demand and expectations of the younger wave of clients who expects more digitalized and convenient offerings. Digital transformation is key to achieving this, with technologies such as RPA and workflow automation enabling insurers to automate processes, reduce errors, and improve efficiency.
- Implement effective business process management to improve customer satisfaction: A streamlined and efficient business process management system can help insurers to improve customer satisfaction, reduce operational costs, and increase profitability. By automating and optimizing workflows, insurers can cut down on claims and policy processing times, thus ensuring that customers receive fast and accurate service.
- Use RPA to automate repetitive tasks and increase efficiency: Robotic Process Automation (RPA) can help insurers to automate repetitive and mundane tasks, freeing up time for employees to focus on more complex and strategic tasks. This can also help to reduce errors and improve the accuracy and efficiency of processes.
- Adopt a comprehensive document management system to manage documents effectively: The use of a comprehensive document management system can help insurers to manage their documents effectively, reducing the risk of loss or damage. This applies to both business and back-office operations. A document management system can also ensure that all documents are up-to-date and easily accessible, reducing the risk of errors and delays.
- Prioritize data security to maintain compliance and earn customer trust: Data security is a key concern for the insurance industry, and insurers need to prioritize it to maintain customer trust. Strong security measures, such as encryption, access controls and audit trail, can help to ensure that data is protected at all times.
Case Study: During the event, we also shared a successful use case of how Berjaya Sompo, one of the leading general insurance provider in Malaysia, managed to achieve 55% improvement In turnaround time (TAT) with process automation, along with more consistent delivery outcomes and an improved service quality to clients. This was done through the implementation of the Smart Processing Project that focused on three key objectives:
- Paperless: To enhance usage of current MFP scanner and control the image with Automate Documents & Data Capture Solution (OCR/ICR) and Electric Document Management Solution (EDMS).
- Systemized Workflow: To control the case and track status with flexible Business Process Management Solution (BPMS).
- Automatic Processing: To minimize manual key-in operation and human intervention process with significant increase in returns.
Overall, the event provided valuable insights into the latest trends and best practices in the general insurance industry. By embracing digital transformation, implementing effective business process management, using RPA to automate tasks, adopting a comprehensive document management system, and prioritizing data security, insurers can improve their efficiency, reduce costs, increase profitability, and maintain customer trust.
We look forward to seeing the industry continue to evolve and grow in the coming years, and we thank everyone who participated in the event for their valuable contributions.
