The Challenge
The Pressing Need for Operating Efficiency
A leading $3.3B international underwriter, our client specializes in insurance and reinsurance in the property and casualty market. The company focuses on industries with distinct risk profiles that benefit from specially designed insurance programs.
Our client had undergone rapid growth following a series of acquisitions. However, integration following those acquisitions had created operational bottlenecks. This led to inconsistencies in the service delivered to clients, duplicate functions, a backlog in actuarial services, and errors in account reconciliations and collections which impeded cash flow.
Making matters worse, their FNOL process was entirely manual; a combination of paper and legacy systems. Clearing new business submissions was also a time-consuming activity requiring more than 24 hours to process and having to be undertaken by costly underwriting resources.
The company needed a partner that could improve operating efficiency and risk selection, turning their legacy environments into state-of-the-art business enablers.
The Outcome
End-to-End, Holistic Digital Transformation Driven by Deep Domain Expertise
Bringing together human expertise with the power of artificial intelligence, we took a holistic approach to deliver full front-, middle-, and back-office transformation.
Sutherland has been working with the client since 2010. During this time, 98 disparate processes have been integrated and automated, with 80 different bots operationalized across a range of business processes.
We are now the client’s main technology partner, delivering six different functions in an automated and integrated manner:
- Quotes and application processing.
- New business acquisition and underwriting.
- Policy administration.
- Actuarial support.
- Claims processing.
- Finance and accounting.
The partnership has given the client new keys for driving business success. It has rebuilt and optimized core operations, and has reinvented experiences for their customers – and their employees too.
This has led to stellar results. 40% of claims are now resolved with zero touch, and a further 30% with just one touch. In addition:
- Data entry time has reduced from 25 minutes to just seven minutes.
- 61% growth in Gross Written Premium (GWP).
- 72% reduction in FNOL processing time.
- 75% of claims registry automated.
- 20% increase in profitability.
- 80% of Acord forms automatically extracted with Sutherland SmartExtract.
- 6% Year-on-Year savings delivered through Robotic Process Automation.
The integrated insurance solution built for this client has since been taken to other carriers, including the world’s largest insurer for classic cars. That’s digital performance unlocked and measurable results delivered!
“Sutherland’s Robility RPA platform enabled us to achieve our automation and financial objectives by delivering hyper-automation through a singular solution. The partnership with Sutherland has delivered amazing technology along with a clear strategy on meeting our automation needs for both today and tomorrow.”
Head of Global Business Services & Innovation
Claims processes with zero touch
Reduction in First Notice of Loss (FNOL) processing time
Of claims registry automated
Deliver End-to-End Digital Transformation Through Intelligent Automation
Services
Business Process as a Service, Business Operations, Automation, Robility®
Industry
Insurance
