The better the question. The better the answer. The better the world works.

How automation enhances operations, finance and actuarial models

EY helps reduce overall expenses and modernize operations for global insurance company through robotic process automation (RPA)

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The better the question

How do you modernize operating models to reduce expenses?

Adapting technology to drive an automation program

 

Rising unit costs, increasing process volumes and inefficiencies, data quality issues and a prevalence of manual processes inhibited operations at a global life and retirement insurance company. 

We were hired as part of a larger transformation initiative to address these issues and streamline manual processes. We were engaged to establish an automation program to help reduce overall expenses and modernize the operating model through technology.

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Designing an RPA operating model

Streamlining key operational, finance and actuarial processes through RPA operational improvement.

Our team of digital strategists and industry specialists focused on streamlining key operational, finance and actuarial processes using RPA. In addition, the team was responsible for:  

  • Building the business case, automating proof of concept and creating an RPA roadmap. 
  • Designing a new operating model and configuring processes based on an “automation anywhere” approach
  • Configuring 19 processes across the operations, finance, and actuarial business units, of which nine were deployed into production
  • Establishing an RPA Center of Excellence (CoE) with a comprehensive operating model that supported knowledge transfer to internal employees 
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Implementing a Center of Excellence for automation

An RPA strategy accelerates efficiency by streamlining 12,000 FTE hours and improving transaction processing accuracy to over 95%.

Estimated benefits exceeded $8m.

The Center of Excellence automated nearly 12,000 FTE hours annually. The automations were deployed from a central control room using three bot runners, and improved transaction processing accuracy to over 95% The team created a strategy and plan for piloting and scaling over 250 process automations .