Automation for actuarial processes - Robotic
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1 Automation for actuarial processes - Robotic Karen Ko, Director, Ernst & Young Advisory Services Limited Vincent Tsang, FSA, MAAA, Executive Director, Ernst & Young Advisory Services Limited 2 nd ASHK General Insurance & Data Analytics Seminar Friday 7 October
2 Agenda Introduction to virtual robotic workforce 3 Transforming insurance operations through robotic process automation 8 Digitize the insurance operations 12 RPA and how RPA can help 14 Q&A 18 2
3 Introduction to virtual robotic workforce 3
4 Going forward, your strategy must include virtual workforce Virtual workers Stand-up to increased regulatory scrutiny and eliminate costly fines One robot is a curiosity. A virtual workforce is differentiating. Humans Make mistakes, despite good intentions (fat fingers, miscommunicate) Enable speed and innovation for growth and competitive advantage (Fintech) Only know what they individually know, at any precise moment in time Agility at industrial scale with less privacy and data exposure Monetizing robotic capabilities value = speed x scale Act through old habits, creating barriers to change 4
5 The virtual robotic workforce is transforming how organizations move data, operate and engage customers Robots link capabilities together to simplify, accelerate efficiency and provide flexibility In-house systems Core account management Transaction processing Core accounting Reporting Enterprise automation Cloud Third-party capabilities Industry utilities Internet / intranet capabilities Data storage Desktop automation Create sustainable operations in a heightened quality and customer-centric environment Sits on top of existing infrastructure Unwind legacy of people-based quick fixes Perform laborious and repetitive tasks reliably Scale up and down to match peak loads Emulate the best business user behavior Shift control toward the business and reduce reliance on IT to get things done Deliver ROI in weeks through a rapid, agile approach Workflow and rules Imaging Digital channels Analytics / reporting Collaboration tools Spreadsheets Word documents PDFs s Collaboration Data & analytical tools Roboticenables organizations to automate existing high volume and/or complex data handling actions as if the business users were doing the work. 5
6 An introduction to robotic Three primary ways to leverage robotic and their benefits Data movement Digital enablement Virtual handling 1:41 Video Guidewire 2:19 video Claims 1:42 Video Trial Balance Sourcing, lightly transforming and loading data for reporting, analytics, data profiling, and system testing and migration Adding digital/mobile to application(s), such as customer preference/profile, sales or service transactions Rapidly performing repetitive tasks otherwise done by humans to reduce cost, accelerate timing, improve reliability and reduce risk Save on human effort Reduce people expense or avoid hiring by automating frequent manual repetitive tasks, improving exception handling and moving work to best location Get more talent value Improve knowledge worker value add by increasing focus on highest return activities (i.e., time dividend) and improve their satisfaction/retention by eliminating dull routines Reduce costly errors and improve quality Improve auditability (every step could be logged), consistency and control over error-prone manual activities that elevate risk, noncompliance, financial or reputational harm Accelerate and shorten critical path Reduce end-to-end time to handle peak periods, meet deadlines and smooth post-m&a integration by virtually connecting disparate systems and data sources Draft For Discussion Only Speed-to-value Sits on top of existing architecture enabling functional ETL, virtual API, and simulated web service to speed deployments without consuming scarce IT/capital resources 6
7 There are many ways to put robotic to work inside the typical finance operations Robots provide flexibility and connectivity between applications, increase the effectiveness of applications, and complete routine activities that previously required manual effort, but they do not replace existing computing capabilities, and they do not generally replace entire roles. Identify where teams are manually accessing and gathering data from multiple systems moving data from one system to another checking data consistency in multiple systems updating the same info in multiple systems remediating data across several accounts Select processes that are well-defined, relying on rules rather than judgment time consuming, while being time-critical executed very often (i.e. daily or weekly) using multiple systems that are not fully integrated needing improvements in quality and control Preliminary ideas for consideration Intercompany transfers Reconciliations Accruals Bad Debt write-offs Month-end close heavy lifting Journal entry processing Entity updates and master accounts Allocations and adjustments Vendor and client on-boarding 7
8 Transforming Insurance Operations through Robotic Process Automation (RPA) 8
9 Digital disruption further complicates the challenging landscape Lower economic growth Slow economic growth and lingering low interest rates is impacting both sales and investment revenue for insurers Steady decline in global GDP growth rate and insurance rates in recent years 5% 4% 3% 2% 1% 0% Global GDP growth Marsh s Global Insurance Index Rising customer expectations The customer landscape has shifted in ways in which customers interact, and the experiences they have come to expect including: Speed, quality and painlessness of processes Tailored products and service Easy access to products/transactions/services Reward for loyalty and value Increased regulatory scrutiny Increased regulatory scrutiny / pressures will impact balance sheets and insurer resources Regulatory activities address solvency, capital and risk management (e.g., RBC framework) Regulators act on issues such as data privacy, cybercrime, and treating customer fairly Increased competition Increased competition from overseas and non-financial players will impact revenue The volume of Fintech digital disruptors in insurance is set to soar over coming years disruptive and innovative business models are fundamentally challenging the insurance industry New entrances in the HKG insurance market increase the intensity of competition Declining margins and high costs, particularly in a climate of soft market conditions and increased competition, mean greater margin compression 9
10 Digital disruption further complicates the challenging landscape The insurance industry is ripe for disruption Industry characteristics Large number of intermediaries Generally poor user experience High number of human touchpoints and little self service Domination by largely old brands Grudge purchase Disruptor characteristics Disintermediation typically via emerging digital technologies Delightful user experience New business models featuring self service options Position as alternative to stale legacy brands, defined by public (e.g. social media) rather than ads Illustrative example of a disruptive model, using Blockchain and Internet of Things 1. Two vehicles are involved in an accident 2. Sensors in the cars know that they are incapacitated, and write this info to the Blockchain over Internet of Things 3. Blockchain knows car A is insured and immediately executes claim approval Emerging digital technologies are set to impact Insurance Sensors Internet of Things Blockchain 4. Claims is processed straight through electronically. policyholder is ed to. No claims handler is involved 5. Towing and motor repair scheduling is automatically initiated through GIS Wearables Sensors on objects GIS Rich, real-time info about customers will impact both premium and policy holder behaviour Cloud computing and intercommunication of devices will reduce intermediaries and manual processes Blockchain will change identity and underwriting, business models (e.g. p2p), and help fraud prevention Value Delivered: Delightful user experience No paperwork Immediate claims decision Quick turnaround for help Digital Disruption is happening and is unavoidable. It will transform Insurance. 10
11 Insurance has a long way to go in building good digital experiences Value Chain Component Distribution and Sales Channel / Distribution Sales and Accounts Simple Transparent, low cognitive load Insight Data driven, predictive, actionable Influence Social media, viral, advocate Personalised Contextual, relevant, Just for you Marketing Underwriting Mid/back office challenges Underwriting Technical Pricing Different tools e.g. for ratings and pricing (including spreadsheets) Claims Reinsurance Claims Processing Claims Supply Chain Complexity. Multiple pricing methodologies which require complex actuarial operations Inconsistency. Inconsistent processes, quality and usage on disparate technology Operations Back Office Functions Policy Administration Ops and Shared Services Billing & Collections Finance Procurement HR Legal Tax MI. Excessive time and effort spent on data management Waste from: Resource pacing Errors and rework Excess capacity Information by Customer and Risk is not readily available High duplication of effort with inefficient procedures Variable business process and outcomes Digital distribution and sales is just the tip of the iceberg Digital Operations represents an opportunity to address significant challenges across the remainder of the value chain Risk & Compliance Complex data integration; many feeds and interfaces IT Labour-intensive data collection and storage Facilities 11
12 Insurance companies are planning to digitise their operations with the objectives to deliver a better customer experience, improve expense ratios, better utilize of human resources, and free up capital to invest in core systems 12
13 Taking a holistic view to improving your operations With the assumption that one size does not fit all, taking a holistic view of the operation processes is fundamental in determining the most effective efficiency levers. Business Opportunities Business Improvements Reputation Process efficiency Compliance Robotic Process Automation (RPA) Growth Performance Cost management Agility in business / IT Business Process Reengineering (BPR) Digital Operations Business Process Management (BPM) Cost reduction Improved customer experience Accelerated delivery Competitive advantage Improved control As well as off-shoring, using business process re-engineering (BPR) (lean), business plan management (BPM) (straight through processing) and RPA are all valid Operational Excellence enablers. To truly deliver Operational Excellence and drive sustainable costs across operations, a holistic approach is required that combines each of these enablers. 13
14 What is RPA and how RPA can help? 14
15 RPA executes processes as humans do, at a significantly lower cost How does Robotic Process Automation (RPA) work? RPA uses software to execute business processes in a repetitive, audited and controlled manner What are the key features that define RPA? Robots are a virtual workforce controlled by the business Processes can be automated by business users with very little IT knowledge It orchestrates existing legacy applications for transaction processing, data manipulation, response triggering and communication They sit alongside existing infrastructure, which is governed and supported by IT Robots automate as-is, with no changes required to existing systems or processes How can RPA be integrated alongside a human workforce? An effective deployment plays to both robotic and human strengths: Robots deliver repetitive, deterministic, high-volume tasks efficiently It does all of this with very limited human participation Robots automate low value or repetitive tasks where humans add little or no value Processes are executed with a full audit log, in a centrally monitored secure environment People build relationships, provide subjective judgement, deliver low-frequency and exception tasks, and manage change and improvement What are the quantifiable benefits of RPA? A robot is 1/10 th of the cost of an on-shore FTE & 1/3 rd of an off-shore FTE An unattended automated solution that works 24/7, without complaint Double-digit reduction in error rates robots never forget their training RPA works with the existing IT landscape Robots can be trained by existing business users Speed and accuracy of process execution improves significantly 15
16 RPA achieves high ROI by avoiding legacy system changes and process reengineering Project Type: Enterprise system enhancements (e.g. legacy) ROI Illustrative Cost Time to implement Business process management (e.g. PEGA) Robotic process automation (e.g. Blue Prism) low high RPA is not a strategic tool for process or systems change it automates in place, as-is; this significantly reduces the time and expense typically associated with process reengineering, legacy system integration and application testing Robotic produces a significant amount of management information much more than any process data generated today; this information provides invaluable insights to improve the precision of future transformation projects The operations cost saved with RPA can then be invested in more strategic change for even greater levels of business transformation 16
17 Developing the business case and cost-benefit analysis Key Considerations These are the types of benefits you can expect by applying robotic to operations processes, notably reduced cost and processing time, and enabling staff to focus on higher value-adding activities. More flexible scaling to enable the ability to reduce backlogs during demand spikes Improved processing accuracy with reduced errors and rework, and removal of manual controls Enhanced focus on customers, facilitating significant improvement in customer satisfaction Freeing up human capital to be refocused on more complex and high-impact functions Improved value-cost ratio of traditionally highcost administrative processes A comprehensive approach to cost-benefit analysis incorporates the overall cost of robotic as a process improvement tool and methodology, not simply an IT solution. Cost of training robots on a process by process basis IT support for each robotics server or workstation, plus software licensing Business support to train and operate each robot, monitor outputs and manage exceptions People costs, including training and redeployment Termination costs or other fees payable for renegotiating contracts with BPO providers 17
18 Questions and Answers For further questions, please contact: Phil Joubert Mi Namkung 18
19 19
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