Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Rise of Robotic Process Automation ( RPA ) and Artificial Intelligence ( AI ) in Insurance

5,355 views

Published on

Transform document processing in Insurance using Robotic Process Automation ( RPA ) and Artificial Intelligence ( AI )

Robotic Process Automation ( RPA ) and Artificial Intelligence ( AI ) in Insurance automation promises to radically transform business operations. Technology-centricity plays a crucial role in accelerating automation initiatives to achieve operational excellence.

Find out how intelligent automation technologies act as a key driver in Insurance to resolve document processing challenges. In addition, we will focus on the application of Robotic Process Automation ( RPA ) and Artificial Intelligence (AI) along with use cases to automate your business. Also, get to know how to formulate your automation strategy – decisions about choosing the right approach, implementation and managing your automation program.

Click here and listen to our webinar on Robotic Process Automation ( RPA ) & Artificial Intelligence (AI) : https://www.imaginea.com/the-rise-of-rpa-ai-in-insurance/.

You could also write to us at connect@imaginea.com.



Published in: Technology

Rise of Robotic Process Automation ( RPA ) and Artificial Intelligence ( AI ) in Insurance

  1. 1. THE RISE OF RPA & AI IN INSURANCE Transform document processing in Insurance using RPA and AI Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 1
  2. 2. SPEAKERS Srikanth Vijay M Director, Product Management Srikanth leads the Business Analysis team at Imaginea. He has spearheaded several strategic automation initiatives for our insurance customers. Srikanth also has an extensive understanding of the automation landscape with a focus on emerging areas like Robotic Process Automation and Artificial Intelligence. Suresh Babu Chief Revenue Officer Suresh drives Imaginea’s business growth through robust sales, marketing, and business strategies. He is a proven leader with a successful track record spanning 20 years, and is known for his ability to build high-performance teams and drive profitability and growth. Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 2
  3. 3. What’s keeping Insurance CEOs up at night 83% 85% 85% 93% 95% Geopolitical uncertainty Populism Speed of technological change Cyber threats Over-regulation Insurance CEO’s concern Source: PwC’s 21st CEO Survey, Insurance 60% of insurance CEOs report increasing pressure on their organization to deliver business results under shorter timelines. Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 3
  4. 4. Robotic Process Automation (RPA) evolution Source: Everest group MARKET ADOPTION Business impact Early stage assisted RPA Unassisted RPA Autonomous RPA Cognitive RPA with AI ▪ Improve productivity ▪ Partial automation ▪ Difficult to scale ▪ End-to-end automation ▪ Easy to scale ▪ Work orchestration ▪ Robot performance analytics ▪ End-to-end automation ▪ Auto-scaling ▪ Context aware ▪ Advanced workflow analytics ▪ Processing of unstructured data ▪ Predictive and prescriptive analytics ▪ Automation of tasks that involve judgement HIGH LOW Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 4
  5. 5. LEANER & FASTER OPERATIONS ▪ Automate compliance and reporting ▪ Improve capital efficiency through better risk modelling and real-time risk monitoring Why RPA & AI in Insurance TAILORED PRODUCTS & ADVICE ▪ Increase the capabilities of sales agents and advisers ▪ Drive loyalty by offering bespoke incentives and rewards UBIQUITOUS PRESENCE ▪ Develop modern, mobile- first insurance offerings ▪ Improve scale efficiencies to enter new markets SMARTER DECISION MAKING ▪ Reduce fraud using new tools and new data ▪ Process claims instantly NEW VALUE PROPOSITIONS ▪ Predictive analytics to better understand risk ▪ Prevention strategies to lower their risk exposures Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 5
  6. 6. Key takeaways Automate your business process by implementing RPA and AI Selecting the right mix of technologies Drive high ROI through effective project execution How can you leverage RPA and AI in document processing? 1 2 3 Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 6
  7. 7. AGENDA Need for automation Defining a document processing scenario Automating document processing Case studies Quantitative approach to project execution Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 7
  8. 8. NEED FOR AUTOMATION Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 8
  9. 9. Document processing is a core need of most processes Document indexing​ Quote generation Claims processing​ Accounts receivables Accounts payable​ Customer support Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 9 Partners
  10. 10. Documents are a key reason for manual intervention The average company spends … $20 in labor to file a document $120 in labor to file a misfiled document $220 to reproduce a lost document 20,000 pieces of paper maintained by average office worker annually 47% of your tasks can be automated using RPA 40% reduction in processing time using RPA Source: Internal research, CGI Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 10
  11. 11. DOCUMENT PROCESSING: PROBLEM DEFINITION Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 11
  12. 12. Defining a document processing scenario Input mode Document characteristics Outcome Output mode ▪ Email ▪ Hard copy ▪ File folder ▪ Upstream application/ workflow Type of content ▪ Structured ▪ Unstructured Variance in document formats ▪ Low ▪ Medium ▪ High Document type ▪ Readable or image (PDF, .jpeg, .xlsx etc.) Outcome type ▪ Extract set of fields ▪ Data summary ▪ Decision Transformation ▪ Well defined rules ▪ Lookups ▪ Complex transformation ▪ Data entry ▪ Email ▪ Feed to downstream system Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 12
  13. 13. Example 1 – Forms Input mode Document characteristics Outcome Output mode Workflow application Data entry Type of content Structured Variance Low Document type Readable/ image PDF Outcome type Extract set of fields Transformation Rules-based and look-ups Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 13
  14. 14. Example 2 – Vendor invoices Input mode Document characteristics Outcome Output mode Email Data entry and payment in financial system Type of content Structured Variance High due to large number of vendors Document type Readable/ image PDF Outcome type Extract set of fields, payment decision Transformation Rules-based and look-ups Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 14
  15. 15. Example 3 – Policy document Input mode Document characteristics Outcome Output mode Email, hard copy Data entry into AMS Type of content Unstructured Variance High variance due to multiple LOBs and Carriers Document type Readable/ image PDF Outcome type Extract set of fields Transformation Rules based, lookups, complex Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 15
  16. 16. AUTOMATING DOCUMENT PROCESSING Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 16
  17. 17. Document processing steps Read from source Identify / classify Extract Transform Integrations with​ mailbox, upstream applications RPA (Rule based​ automation) And / Or ML/AI approach​ Read the email or pick a document from an application or document folder​ Identify the type of document​ Read document & pick required information Process information Data entry Integrations with​ mailbox, and downstream applications​ Create the output MANUAL AUTOMATED Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 17
  18. 18. Our automation framework USING • RPA (UiPath) rules based • Advanced document processing tools (Abbyy FlexiCapture) • Custom ML components • Combination of the above Transformation Extraction Document classification OCR Input sources Destination sources RPA bot (e.g. UiPath bot) Documents received through different sources Fetch document Create output Trigger data extraction and processing Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 18
  19. 19. DATA TRANSFORMATION Solution design decision tree Complex transformation Use AI Well defined rules/ lookups Use RPA to define rules Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 19 Input sources IS FILE READABLE? OCR LOW VARIANCE HIGH VARIANCE RPA rules based approach and/or advanced doc processing tools Transform problem into a structured data extraction STRUCTURED UNSTRUCTURED If Pareto principle applies, then RPA and/or advanced doc processing tools Else, custom AI AI – classification, NLP and entity recognition YES NO Classification and extraction
  20. 20. CASE STUDIES Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 20
  21. 21. Example 1: Document indexing Approach ▪ ML based document classification ▪ ML and look-up based data extraction ▪ RPA bot orchestrates entire workflow Benefits ▪ Achieved 70% gain in efficiency ▪ Classification accuracy of 90% and extraction accuracy of 80% ▪ Extracted information like claim information used for data analysis Documents received through email Trigger AI Pipeline Get additional information based on policy/ client details Clients/ Carriers 1 2 4 8 6 7 Request DB AMS Poll mailbox for new emails OCR Document classification (AI) Extraction (AI) Mailbox Update details for document Create request for document 3 5 Update AMS details for document Manual verification and update (process management application) Document Library 9 Save document in DMS with metadata Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 21
  22. 22. Example 2: Accounts payable automation Approach ▪ Identify top vendors ▪ Template based extraction of invoice information for top vendors ▪ Create invoices and issue payment in financial system Benefits ▪ ~50% of the process automated Invoices received through Mailbox Create invoice Poll mailbox for email Extract invoice data Check database for new item Fetch payment due Issue payment Suppliers 1 2 3 4 5 6 7 Temp. databaseFinance system Mailbox Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 22
  23. 23. Example 3: Claims processing Approach ▪ ML based Clustering for identifying top formats ▪ RPA with advanced document processing tool for defining extraction rules based on clusters ▪ Custom ML based claims decision engine Benefits ▪ ~60% of claims processing automated Claim received through email Clients Claims management system OCR Extraction 1 Poll mailbox for new emails Mailbox Extract email information and create claim record Create claim record for claim received through app/ portal Extract information from the documents Claim classification Claim processing and decision (AI) Enter extracted information and decision (approve/ deny/ exception) Manual handling of exceptions 2 3 5 6 4 7 8 9 Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 23
  24. 24. Example 4: ML based extraction of loss and limits information Approach ▪ Extracted the text using OCR and parsers depending on the file format ▪ Identified sections containing loss and limits info using ML ▪ Classification and data extraction using supervised deep learning Benefits ▪ Underwriters got additional data points to evaluate client risk profile ▪ Overall success rate of >80% for data extraction ▪ Availability of so far inaccessible data opening new opportunity to apply ML Data warehouse Machine learning pipeline using NLP, entity recognition Section classification (AI) Loss and limits extraction (AI) Data dictionary and annotations Policy documents Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 24 OCRTrigger Processing Pipeline Save Extracted Information
  25. 25. EFFECTIVE PROJECT EXECUTION Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 25
  26. 26. Define the document processing funnel ▪ Define quantitative goals (e.g. minimal acceptable coverage and accuracy) at the beginning of the project ▪ Measure metrics continuously for each stage in the pipeline throughout the project lifecycle ▪ Automate QA and reporting for rapid feedback to identify areas for improvement OCR Classification Extraction Transformation Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 26
  27. 27. Document processing funnel example OCR Classification Extraction Transformation TOTAL FILES: 1,000 Overall (100%) No section (30%) Free text (60%) Tables (10%) 98 99 98 100 97 98 97 92 85 98 80 80 85 98 80 80 Accuracy in percentage Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 27
  28. 28. Use the funnel for agile implementation METRIC FIELD 1 FIELD 2 … FIELD N Sprint 1 Coverage (%) … Accuracy (%) … Sprint 2 Coverage (%) … Accuracy (%) Sprint 3 Coverage (%) … Accuracy (%) … Sprint 4 Coverage (%) … Accuracy (%) … ▪ Have short sprints (1 - 2 weeks) where the backlog items are prioritized based on the metrics that are tracked in the previous sprint ▪ Implement exception and variance reports ▪ Plan a pre- implementation stage for training and test data preparation Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 28
  29. 29. SUMMARY  Document processing is a key contributor to manual work across processes  RPA and AI can be used for efficient automation of document processing  Choosing the right technology mix is a key factor for success  Use a metrics driven agile approach to build an effective solution quickly Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 29
  30. 30. About Imaginea: We bring a unique Product Thinking DNA Pramati’s M&A’s of Leading products Serving from 5 Global Locations Innovation Enablement Over 200 Product Companies as customers Unique Products & Services Agile Methodology User-centric Design 1400+ Engineers Products built from conception-code-cash Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 30
  31. 31. RPA FastTrack Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 31
  32. 32. RPA FastTrack: How it works REPEAT Identify & expand to future automation opportunities RACE Automation of one medium complexity process START Automation assessment and build roadmap 4-6 weeks ~8 weeks ▪ Review all processes ▪ Identify potentials for automation ▪ Select the immediate high value process ▪ Design, build and QA ▪ Includes 1 week of UAT ▪ Detailed documentation & production deployment Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 32
  33. 33. ON-TRACK APPROACH Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 33
  34. 34. Pitstop assessment: Framework Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 34
  35. 35. As-is process documentation Scope of automation report Solution architecture Rough Order of Magnitude (ROM) estimates to implement the solution High-level implementation roadmap ROI calculation and business use cases The last lap: Reports & presentation Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 35
  36. 36. Implementation: One process of medium complexity will be automated Input (Application or Email or Document) Data Transformation Output (Data Entry or Email) Process steps Description Included in starter package Input from an application or email • Integrate with an application or take input from an email • 1 application using API/ UI or 1 email inbox • Max. 15 fields of input Input from a document • Medium complexity • Up to 3 different templates with max document size of 5 pages • 15 fields of input Data transformation • Simple transformations • String manipulation • Format changes • Rules based transformation Output - data entry • Integrate with 1 application using API/ UI or send email • Max. 30 fields of output Out of scope • Data input/ transformation/ data entry that need machine learning or complex processing • Custom data entry screens/ components • Bot dashboards Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 36
  37. 37. Program schedule Agile RPA implementation and UAT Define detailed requirements Roadmap presentation and readout Assessment and analysis AUTOMATION ASSESSMENT & ROADMAP (4-6 WEEKS) IMPLEMENTATION (8 WEEKS) PRODUCTION DEPLOYMENT ▪ Mobilization ▪ Detailed process study and analysis ▪ Current system architecture and infrastructure study ▪ Identify automation opportunities and benefits ▪ Validate automation approaches ▪ Document findings, define roadmap ▪ Present automation opportunity assessment report to stakeholders ▪ As-is and to-be state process flows ▪ Detailed business requirements and acceptance criteria ▪ Process re-engineering impact analysis ▪ Sprint plan ▪ Test plan and test cases ▪ Technical design ▪ Robot configuration ▪ Solution delivery ▪ UAT Process flow optimization with RPA Short development cycles with continuous feedback * During assessment, 3 weeks of work is expected to executed onsite and rest out of our remote delivery centers Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 37
  38. 38. Get in touch Srikanth Vijay M Director, Product Management srikanth.v@imaginea.com Suresh Babu Chief Revenue Officer suresh.babu@imaginea.com Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 38
  39. 39. Credits Disclaimer This document may contain forward-looking statements concerning products and strategies. These statements are based on management's current expectations and actual results may differ materially from those projected, as a result of certain risks, uncertainties and assumptions, including but not limited to: the growth of the markets addressed by our products and our customers' products, the demand for and market acceptance of our products; our ability to successfully compete in the markets in which we do business; our ability to successfully address the cost structure of our offerings; the ability to develop and implement new technologies and to obtain protection for the related intellectual property; and our ability to realize financial and strategic benefits of past and future transactions. These forward-looking statements are made only as of the date indicated, and the company disclaims any obligation to update or revise the information contained in any forward-looking statements, whether as a result of new information, future events or otherwise. All Trademarks and other registered marks belong to their respective owners. Copyright © 2019, Imaginea Technologies, Inc. and/or its affiliates. All rights reserved. Images under Creative Commons Zero license. Private and confidential. Copyright (C) 2019, ImagineaTechnologies Inc. All rights reserve. 39

×