A Deloitte study highlights that the adoption of RPA, AI, and related technologies such as IDP and Machine Learning is becoming a key strategy for digital transformation in the financial and insurance sectors across Southeast Asia. In line with this trend, Bao Viet Life Corporation is actively integrating automation into various processes, leveraging support from akaBot (FPT).
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Bao Viet Life: Adapting to industry challenges
Established in 1996, Bao Viet Life has continuously expanded its network and enhanced its services, becoming a pioneer in Vietnam’s life insurance industry. The company offers over 50 diverse insurance products to meet the financial protection needs of millions of customers nationwide.
In the context of digital transformation in the insurance industry, Bao Viet Life has undertaken numerous initiatives to improve operational efficiency. Notable among these is the MyBVLife app, a mobile application for managing insurance contracts, paying premiums, and accessing information. Additionally, Bao Viet Life has developed digital platforms to provide online customer care services and launched digital products such as An Phat Cat Tuong.
In various departments at Bao Viet Life, employees previously burdened with large volumes of repetitive daily tasks, leading to low productivity, boredom, and avoidable errors. To address this, robotic process automation (RPA) was chosen as a solution to optimize operations. With extensive experience in RPA consulting and implementation, akaBot (FPT) was trusted by Bao Viet Life to accompany them on their automation journey.
Optimizes operations and saves costs through process automation
Before automation, the Personal Income Tax Declaration process involved up to 13 steps, while the Business Data Reconciliation process had 21 steps. Manual processing consumed significant time and placed considerable pressure on the staff involved. Bao Viet Life’s project team collaborated with akaBot to create a new workflow, minimizing human intervention in operational tasks.
In this new workflow, employees only need to review and assess the final results. With the help of virtual assistants, each employee saves nearly 3,000 working hours annually in the Personal Income Tax Declaration and Business Data Reconciliation processes. Automating 90% of these processes also increased Bao Viet Life’s accuracy rate to 99.9%.
In processes such as permissioning tasks, manual work previously resulted in an error rate or lack of timely support ranging from 20% to 30%. By automating these two processes, Bao Viet Life saves nearly 2,800 working hours annually, ensuring quick, timely, and accurate task execution.
Fully automating processes has not only freed employees from tedious tasks but also accelerated their work progress. Mr. Vu Thanh Cong, an IT staff member, shared: “After implementing automation, it takes only 15 minutes to obtain and verify results against the original requirements. Automation has significantly reduced the time spent on manual tasks, allowing staff to focus on more important work.”
akaBot FPT accompany Bao Viet Life on the digital transformation journey
The story of Bao Viet Life Corporation saving over 5,700 working hours annually through automation clearly demonstrates the power of technology in enhancing operational efficiency and optimizing resources. This initial success in automation lays the foundation for Bao Viet Life’s long-term digital transformation strategy aimed at achieving operational excellence in the competitive insurance industry.
Choosing akaBot as a technology partner, Bao Viet Life also shared their intention to expand the scale of automation following the success of the initial four processes. Mr. Trinh Minh Hoang, Deputy Director of Operations Management, stated: “We will expand RPA as much as possible. Additionally, we prioritize technologies such as AI and IoT to optimize operations and enhance customer experience to the fullest.”
In the future, the potential for automation is vast. According to McKinsey’s forecasts, over the next 10 years, more than 25% of the insurance industry will be automated through a combination of AI, Machine Learning, and other technologies. The adoption of these technologies will enable insurance companies to predict market trends, personalize customer services, and optimize business processes. This will not only help companies maintain their current market position but also expand their scale and enhance their competitiveness in the global market.
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.
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