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Insurance companies are operating under tougher
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than ever conditions.
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To stay competitive, they have to gain cost saving
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efficiencies in their operations, and free up talent
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to create new offerings that drive growth.
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Process automation can help them meet both imperatives.
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But for many insurers, automation projects take too long,
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cost too much, and don't deliver the hoped for value.
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Generali Italia, a leading insurance provider,
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beat these odds,
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and achieved impressive results.
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How?
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It took a smart approach to process automation
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by combining people, technology, and process redesign in
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ways that brought out the best of each.
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We launched our smart automation program back in 2018.
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That was in the context of our strategy.
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We actually have the mission to become the lifetime partner
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of our customers and our distributors.
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And we recognized that automation was one of the key levers
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for some of the objectives that we have, including
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improving service level in a radical way,
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and also freeing up time of our resources
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to support the delivery of new services and in general
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to focus on more value adding activities.
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What I believe was unique about this project
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was the capability building dimension.
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We assembled a central team
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with all the necessary capabilities
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in terms of business knowledge, processes,
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data scientist, and technology.
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And this team was supported by all the key stakeholders
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in the organization.
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In addition to that, it was created a center of excellence
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to accumulate the knowledge and the experience and then
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redeploy it to other dimensions of the organization
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after the project.
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And also the project management office supported
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the execution of all the planned activities.
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We took a smart approach to select
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the processes that we wanted to automate.
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On one end was the impact to customers,
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and the other the feasibility.
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We selected more than 40 processes, potentially
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for automation, from claims handling in health,
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to document management in P&C, to call center operations.
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At the end of the month two, we had two pilots in production
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and the impact was very impressive.
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I believe the most important step here was to understand
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that automation is not just technology, it's much much more.
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Automation is pulling together
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a set of ingredients beyond technology.
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For example, is understanding of the business requirements
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is mapping of the business process.
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Is understanding which are the constraints
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in the data privacy.
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Is understanding how people feel the process,
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and use the process.
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Generally, what we have done was to select a subset
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of processes, look into them, redesign the process
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to a target state.
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And only when the target state was very clear,
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we eventually applied technology in order to get there.
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And on top of that, we applied technology
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only when strictly necessary.
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After one year, we have more than ten processes
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automated in production.
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We are talking about processes, which are core
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to the company with very high volumes, like for example,
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the health claims handling which is running more than
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200,000 transactions per year.
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And in those processes, we have achieved significant
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improvement both in terms of service level and
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cases turnaround times have moved from seven days to one,
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and in terms of efficiencies that we have gained.