Insurance Giant Automates Processes, Cuts Costs with AI

A major insurance company streamlined financial request handling by implementing an AI solution. Automated tasks, improved data accuracy, and reduced manual labor resulted in faster processing, lower costs, and better decision-making.

Problem Statement:

A major insurance company’s finance department was struggling with a highly manual and inefficient process for handling financial requests. It relied heavily on SharePoint and Excel spreadsheets, leading to slow processing times, high costs, and a lack of visibility into data. To address these challenges, the company sought an AI-powered solution that could automate tasks, improve efficiency, and reduce costs.

Key Challenges:

● Manual and time-consuming processes: The manual approach required a significant amount of human effort and repetitive tasks, leading to slow processing times and increased costs.
● Inefficient data handling: Manually extracting and categorizing information from emails and attachments was time-consuming and error-prone, hindering data accuracy and analysis.
● Lack of visibility and control: The reliance on spreadsheets and manual processes made it difficult to track the status of requests, monitor performance metrics, and make informed decisions.

Results:

☑️ Increased Efficiency and Reduced Processing Time: Automating tasks like email monitoring, document categorization, data extraction, and file transfers eliminates manual effort and streamlines the process. This significantly reduces processing times, leading to faster turnaround for financial requests.

☑️ Improved Accuracy and Reduced Errors: IDP capabilities can automatically extract information from emails and attachments, minimizing errors that occur during manual data entry. This improves the accuracy of data used for calculations and decision-making.

☑️ Reduced Operational Costs: Automating repetitive tasks lowers reliance on manual labor, potentially leading to cost savings in personnel and time spent on these tasks.

☑️ Enhanced Visibility and Control: Seamless integration with SharePoint and the database allows for centralized storage and access to documents and data. This improves visibility into the processing stages and facilitates informed decision-making.

AI Solution:

Seeking to address the challenges of slow, inefficient, and costly manual processes, the insurance company implemented an Intelligent Document Processing (IDP) and Robotic Process Automation (RPA)-powered solution using the Appian platform.

Appian’s low-code development platform provided a flexible and scalable framework for integrating IDP and RPA capabilities. It enabled the company to rapidly develop and deploy the solution, without the need for extensive coding expertise.

1. Intelligent Document Processing (IDP):

○ Categorizing emails: Appian’s IDP capabilities enabled the company to automatically categorize incoming emails based on predefined criteria, such as request type or customer segment. This ensured efficient routing and handling of requests within the Appian platform.
○ Extracting information: Appian’s IDP tools extracted relevant information from email bodies and attachments, such as customer details, request details, and financial data. This removed the need for manual data entry and reduced errors within the Appian workflows.

2. Robotic Process Automation (RPA):

○ Automated tasks: Appian’s RPA capabilities automated repetitive and time-consuming tasks, such as downloading FX and market data, updating spreadsheets, and generating reports. This freed up employees to focus on higher-value activities within the Appian environment.
○ Streamlined processes: Appian’s RPA tools streamlined processes by automating data transfers, calculations, and document generation. This ensured seamless and error-free processing of financial requests within the Appian platform.

Overall Impact:

The combination of IDP and RPA on the Appian platform has transformed the insurance company’s financial request handling process, resulting in significant improvements in efficiency, accuracy, and cost savings.

References:

1. Before and after automating a heavily manual process using Appian

Industry: Insurance
Client: A major insurance company
Vendor: Appian