With the rapid digital transformation in Vietnam’s insurance sector, automating IT and back office operations is crucial for companies to optimize resources, enhance accuracy, and stay ahead of the competition. Let’s dive into specific use cases and success stories to help unlock the potential of this technology for your insurance business!
Table of Contents
The demand for technologies in Vietnam’s insurance industry
The COVID-19 pandemic has reshaped consumer views on insurance and the way they purchase products. Insurance companies are intensifying efforts to leverage technology to enhance customer service, improve interactions, and streamline claim processing. In the era of Industry 4.0, technological advancements are transforming every stage of the insurance value chain (VnEconomy). This requires Vietnamese businesses to adopt technology to stay competitive. Here are some key technologies recommended for the insurance industry in Vietnam.
Cloud technology
According to McKinsey, investment and insurance companies can enhance their scalability and automation efforts by developing cloud-based customer record storage solutions. Fully cloud-based organization and storage can reduce computing costs by up to 30%, while enabling workloads to be completed up to 20 times faster.
Bui Minh Tien, Director of the Cloud Business Center at FPT Smart Cloud emphasized that a strong foundation is crucial for faster transformation and implementation. “Cloud is the platform for innovation,” he stated (VTV Online). Local cloud platforms provide internationally standardized capabilities across three service layers, infrastructure, platform, and application, helping insurance businesses focus on technology-driven innovations for their core services.
AI
AI is rapidly becoming the foundation of the insurance industry, revolutionizing the way businesses analyze and assess risk. According to The KPMG 2023 Insurance CEO Outlook, 68% of insurance CEOs believe implementing AI will generate a return on investment within 3-5 years. Adopting AI technologies will enable insurers to leverage larger datasets, improving processes across the board, from automating customer support to refining risk modeling and predictions. In particular, data-driven assets and AI have the potential to transform claims management, enhancing everything from prevention and notification to settlements and fraud detection (Commercial Allienz)
Intelligent automation
The need for intelligent automation (IA) in insurance arises from the challenges faced within various business departments. Here are two relevant cases:
- For back-office operations: ISG reports that 60% of insurance processes still rely on paper. This reliance increases the risk of manual errors and inefficiencies. Moving to digital solutions can reduce these errors, streamline workflows, and ensure faster, more accurate processing, improving customer service and compliance.
- For IT and data management: According to Forbes, 80% of generated data is unstructured, including images, videos, and IoT sensor data. Automating the structuring of this data is essential for efficient analysis and decision-making. A unified, automated system can consolidate diverse data, enabling better insights, faster decision-making, and enhanced risk assessment.
IA can address both of these needs. By automating complex tasks and centralizing data, IA reduces reliance on human intervention, minimizes manual errors, boosts efficiency, and unlocks the full potential of data-driven decision-making, positioning insurance companies for growth and innovation.
Key use cases in IT and back-office operations in the insurance industry
IT Use Case
- IT helpdesk automation: Automating routine IT support tasks, such as password resets, system diagnostics, and ticket routing, which speeds up response times and allows IT staff to focus on more complex issues.
- Data auto backup process: Implementing real-time data backup solutions to ensure optimal data security, minimize downtime, and provide swift recovery options in case of system failures or cyberattacks.
- Automated system maintenance: Automating regular IT maintenance tasks like patch management, backups, and software updates, ensuring systems stay up-to-date and secure without manual effort.
- Log analysis and alerting: Automating the analysis of system logs to identify patterns, anomalies, or potential issues, and generating real-time alerts to prevent major disruptions.
- Data integration and management: Automating the integration and synchronization of data across disparate systems to ensure consistency, improve data quality, and reduce manual intervention.
Back Office Use Case
- Document management and classification: Automatically categorize, index, and organize documents such as contracts, invoices, and claims forms, reducing administrative overhead and improving document retrieval efficiency.
- Employee onboarding and offboarding: Automating processes for employee onboarding (setting up IT access and training schedules) and offboarding (revoking access and conducting exit interviews), improving HR efficiency, and ensuring compliance.
- Invoice and payment processing: Automating the approval, validation, and payment of invoices, leading to faster, more accurate financial transactions while reducing manual errors.
- Claims processing automation: Automating the full claims process, from receiving claims to assessing and approving them, reducing the time for settlements and minimizing human errors.
- Regulatory compliance monitoring: Automating the monitoring of regulatory changes and ensuring that back-office processes are aligned with compliance requirements in real-time, reducing the risk of human error.
Success Case Study: BaoViet Life Corporation
As a pioneering company in “opening up the life insurance market,” with over 200,000 consultants and 3 million customers, BaoViet Life Corporation (BVL) stands out as a leader in adopting automation and advanced technological solutions to optimize operations.
Industry challenge: At BVL, employees in various departments are burdened with handling large volumes of repetitive daily tasks. This has resulted in decreased productivity, a lack of engagement, and avoidable errors.
Automation success: BVL prioritized automating data entry, data reconciliation, and authorization processes for their automation efforts
- Data Entry Automation:
- Previously a 13-step process required high accuracy.
- Automation covered 90% of the process, reducing errors by 99.9% and saving 80% of processing time.
- Data Reconciliation Automation:
- Previously a complex 21-step process was performed daily, consuming up to 320 work hours monthly.
- Automation reduced workload by 75%, enhancing employee satisfaction and efficiency
- Authorization Process Automation:
- Previously required manual updates, with error rates of 20%-30%.
- Automation saved nearly 2,800 work hours annually, ensuring accuracy, speed, and resource efficiency.
- Users now receive automated email updates for task results, significantly simplifying the process.
➤ Read more about BVL Case Study: Link
akaBot – your trusted partner in the digital transformation journey
To achieve these successes, BVL has partnered with akaBot (FPT IS) to develop intelligent automation solutions. Powered by core RPA technology, akaBot utilizes virtual assistants that replicate and learn human computer actions, streamlining operations and reducing manual workloads. To tackle more complex and comprehensive tasks, akaBot continuously integrates advanced technologies such as AI, Intelligent Data Processing (IDP), Optical Character Recognition (OCR), and Machine Learning.
Beyond providing comprehensive technology, akaBot has been instrumental in helping BVL overcome a key challenge – employee resistance. To address it, BVL collaborated with akaBot and FPT IS to host internal sessions. These sessions aim to demonstrate the benefits and responsiveness of RPA applications, gather employee feedback, and explore opportunities for further automation.
Achieving the “sweet rewards” of digital transformation and automation requires tailored solutions that meet customer needs, supported by expert industry partners. Ready to reach new milestones with intelligent automation? Contact akaBot today!
akaBot (FPT) is the operation optimization solution for enterprises based on the RPA (Robotic Process Automation) platform combined with Artificial Intelligence, Process Mining, OCR, Intelligent Document Processing, Machine Learning, Conversational AI, etc. Serving clients in 21+ countries, across 08 domains such as Banking & Finances, Retail, IT Services, Manufacturing, and Logistics…, akaBot is featured in “Voice of the Customer” for Robotics Process Automation” by Gartner Peer Insights, G2, and ranked as Top 6 Global RPA Platform by Software Reviews. akaBot also won the prestigious Stevie Award, The Asian Banker Award 2021, Everest Group’s RPA Products PEAK Matrix® 2023, etc.
Leave us a message for free consultation!
