Enterprises now acknowledge the significance of leveraging revolutionary applied sciences to drive digital transformation and obtain value effectivity. Nonetheless, an absence of exact top-level planning and a slender deal with expertise with out integration with enterprise wants led to important investments with suboptimal outcomes for a lot of firms.
The trail of digital transformation is fraught with challenges. How do organizations keep away from the digital dangers of ‘expertise misuse’ and obtain environment friendly innovation that ‘expertise promotes manufacturing’? As an insurance coverage firm integrating expertise into the brand new improvement panorama, BoB-Cardif Life Insurance coverage Co., Ltd (BoB-Cardif Life) partnered with IBM®. Utilizing IBM Shopper Engineering strategies and introducing AI-powered course of mining product IBM Course of Mining. This partnership establishes a benchmark for digital transformation within the insurance coverage trade, selling innovation and reaching value effectivity via AI-powered enterprise automation.
“Co-create with IBM”
Aligned with the unique steerage from the Nationwide Monetary Regulatory Administration of China on digital transformation and pushed by strategic improvement wants, BoB-Cardif Life formulated a five-year plan. The plan aimed to handle digital transformation together with a digital development plan for 2023. A Digital Transformation Workplace was established to supervise the corporate’s digital transformation efforts. Emphasizing ‘Lean Processes’ as a foundational initiative within the firm’s 2023 plan, the target is to reinforce general course of administration capabilities by setting up particular process-related methodologies, programs, and instruments. This initiative goals to keep away from pointless prices, forestall detours, and lay a strong basis for steady digitalization.
The Digital Transformation Workplace of BoB-Cardif Life analyzed the present processes utilizing IBM Shopper Engineering’s revolutionary strategy. They recognized the dearth of an end-to-end perspective and the necessity to enrich course of administration strategies. The workplace sought a sensible answer for course of optimization and automation to handle the aforementioned points. The purpose is to rapidly establish and resolve course of points, foster steady decision of cross-departmental and cross-system collaboration challenges. Whereas optimizing administration mechanisms for value discount, effectivity enhancement, and danger mitigation.
Consequently, BoB-Cardif Life launched the “Tremendous Automation” challenge via the long-term improvement of a collection of process-related platforms, applied sciences, and merchandise. With purpose of reaching cross-departmental and cross-system enterprise course of collaboration to reshape and optimize. The target is to scale back labor prices successfully, enhance operational effectivity, optimize administration mechanisms, and mitigate enterprise dangers.
BoB-Cardif Life regards digitalization as a technological innovation and elevates it to the extent of technique and values with foresight and accountability. Centering on buyer worth, the corporate prioritizes long-term improvement and innovation. Selections are made based mostly on goal information to uphold the rationality of expertise functions and forestall the misuse of digital expertise. Based mostly on this premise following a a rigorous vendor choice course of, BoB-Cardif Life selected IBM as its associate to discover digital innovation and transformation in processes.
A consultant from BoB-Cardif Life mentioned: “Within the subject of course of improvement, IBM and BoB-Cardif Life might be described as like-minded. In our early discussions with IBM, we discovered that IBM’s proposal of a super-automated course of answer geared toward creating worth for purchasers aligns intently with ours. IBM gives us with a expertise platform that meets our enterprise wants and affords an revolutionary methodology to translate expertise into enterprise worth effectively. This functionality is exactly what we’d like for the long-term improvement of our digital transformation journey.”
BoB-Cardif Life Course of Mining Platform is the primary of its form within the insurance coverage trade in China
In 2023, the BoB-Cardif Life’s Tremendous Automation Challenge (Section 1) established a course of mining platform that makes use of IBM Course of Mining. It launched Robotic Course of Automation (RPA) in pilot situations to swiftly improve course of effectivity and high quality, integrating system sources cost-effectively and breaking information silos. The preliminary focus was optimizing three key processes—claims, underwriting, and a fancy approval course of—constructing on the outcomes of the previous two tasks and absolutely implementing and refining the elemental course of methodology.
Course of mining is named “enterprise nuclear magnetic resonance (NMR),” which may rapidly discover the “root trigger” of enterprise course of and establish efficient “prescription.” IBM Course of Mining can use information from enterprise useful resource planning (ERP), buyer relationship administration (CRM), and different enterprise programs. It does this to attain complete enterprise processes via synthetic intelligence and data-driven insights whereas precisely figuring out the issues attributable to inefficiencies. IBM Course of Mining can even prioritize automation enhancements based mostly on the severity of the problem and the anticipated ROI, driving steady enchancment of processes by triggering corrective actions or producing RPA bots. With this expertise, companies could make quicker, extra knowledgeable course of enchancment choices, which might be anticipated to scale back processing time by 70% and obtain ROI of as much as 176%.
At current, the BoB-Cardif Life Tremendous Automation (Section I) challenge is progressing effectively with the next achievements in its part:
Methodology: BoB-Cardif Life established strategies for assessing present enterprise standing, optimizing processes, and implementing digital expertise. The follow-up work mode is set by making use of and verifying these strategies for an iterative and steady course of optimization—a crucial aspect within the digital transformation journey.
Enterprise Utility: BoB-Cardif Life enhanced transparency within the declare course of for key stakeholders, providing visibility into the entire processes and their frequency for the primary time. By this course of, the corporate recognized enterprise anomalies, a low proportion of approval processes with out investigation, extreme duplicate work, and an uneven distribution of workers dealing with complicated instances. To handle particular course of breakpoints, the corporate proposed focused digital expertise and course of administration measures. With the intention of focusing all investments on buyer worth, eliminating waste, and considerably enhancing the automation of claims. The corporate additionally acknowledged information points and launched measures to make sure steady and efficient information high quality oversight.
By this challenge, BoB-Cardif Life has recognized focused measures to optimize particular enterprise processes. Together with utilizing RPA assist, implementing these measures additionally entails harnessing the capabilities of digital applied sciences, together with an AI-based data repository and AI-based classification of declare instances.
IBM believes that the digital transformation of an enterprise is a long-term and iterative course of that requires enterprise values, methodologies, expertise platforms, and instruments that align with their enterprise technique. IBM has a wealth of expertise and technical experience in enterprise digital transformation, specializing in buyer worth. It affords an agile, and environment friendly strategy, via methodologies akin to IBM Shopper Engineering, and main sensible expertise platforms and merchandise. This allows prospects to make expertise, platform, and path selections that meet enterprise wants, overcome obstacles, and enhance the effectiveness of digital transformation. “We’re very honored and proud to have the ability to assist BoB-Cardif Life promote innovation, cut back prices and improve effectivity with AI-enabled enterprise automation, and set a benchmark for the digital transformation within the insurance coverage trade,” mentioned the IBM challenge chief.
Study extra about how IBM Course of Mining can streamline your operations, improve decision-making, and drive digital innovation. Begin your journey towards environment friendly, AI-powered course of optimization.
Unlock effectivity with AI-infused course of intelligence
