This document discusses digitizing business processes to improve efficiency. It proposes using mobile apps and electronic forms to streamline customer onboarding. Face recognition and AI algorithms can verify identities. Robotic process automation (RPA) and e-document engines can generate and deliver policies digitally. Live video conferencing is suggested to allow remote loss assessments. Claims processing would involve 6 automated phases from notification to settlement. Solutions are also provided for invoice processing challenges through machine learning and workforce skills enhancement. The benefits outlined include reduced costs, improved storage, security, and faster service delivery.

1. Digitalizing
the business
acquisition
process
Lyceum 2020

2. Introduction
COVID-19 has forced
consumers and businesses
to become more
digitally active.
This has accelerated the
need to shift
to more digitally oriented
business models,
further affirming
the value of transformative
business acquisition
processes.

3. 11
Digital Form Submission &
Customer Onboarding
Process Inefficiency
Poor Data Quality
Difficult Portability
Hardcopy Storage
Cost of Managing data
High Material Cost
High Labor Cost
Hardcopy physical damage
/missing
What we want to solve

4. With mobile app customers can submit application form anytime
Implementation of tool to digitalise paper form to eForm
With electronic forms, capturing data can be made simpler and more
accurate
Face recognition technology, capture real time photo of the proposer and
compare it using the Al algorithm based comparison technology
Overcoming Challenges

5. Time Consuming process
Involves high costs
Deteriorates the service quality
Chances of physical damage
Multiple systems to generate
the document
Developing a centralized
document management and
delivery system
Digital and instant delivery
system of documents with an
integration of automation
Problem: Documentation
Management
Solution
"According to a Mckinsey report automation can reduce the cost of a claims journey by as much as 30%"

6. Application of
solution
Introducing RPA (Robotic Process
automation) E Doc engines can be
used to generate statement, policy,
automated digital delivery
Introduction to automated chat bots
which can process the query and
collect and provide most relevant
responses. Integrating human
intelligence by providing a automatic
direct connect to an executive in case
the problem is not resolved
1.
2.

7. The obstruction in travelling during
the pandemic has created a problem
for the loss assessors as they have to
travel to multiple locations in order to
physically assess the loss. This
consumes a lot of time and has also
become risky due to the prevailing
pandemic crisis.
It is needed to be addresses as it
challenges the operational efficiency
of the company and hamper the
customer satisfaction levels.
1.
2.
Digitising the process
Using live video
conferencing to assess
loss
The assessment data
will be stored and
processed
1.
2.
3.
Problem: Slow loss
assessment process
Solutions

8. 06
Claim settlement
done
Phase 06
Application of solution
01
Claim notified and
registered
Phase 01
02
Auto assessment
initiated
Phase 02
04
Expert analyses
and claim
processing being
done
Phase 04
03
Video assessment
of the claim done
via video
conferencing
Phase 03
05
Claim approved
Phase 05

9. Invoice
Processing
System
Problems related to the
format of submitted documents
Prone to errors
Problems related to existing
data extraction methods

10. Enhancing the technical
skills among workforce
Challenge accepting
nature of workforce
Replacement of OCR
with ICR ML
1.
2.
3.
Solutions

11. Increase in cost and time
Easy access to new information
Better storage capacity
Better maintenance and
efficiency
management of human
resources
Better security and more safety
Faster claims processing
Better connectivity and
Adds value to consumers
deliverance of services
Impact

12. Presented by
Karan Tyagi
Vasu Gupta Shagoon Pathak