The Insurance Sector is moving toward a Digital Future
- ‣ Fragmented markets and margin compression.
- ‣ Threat of non-traditional industry players.
- ‣ Market places and comparative quotes diminishing some of the brand value.
New Products and Models
- ‣ Product personalization, direct and indirect distribution channels are driving growth and innovation.
- ‣ Mass customization of every aspect of insurance increasingly possible.
Digital and Cognitive Transformation
- ‣ A new wave of tools and technologies, many embedded with cognitive capabilities, are remaking the entire insurance industry value chain.
Need for Efficiencies
- ‣ Decreased pricing power, Margin compression, and emergence of nimble players is making operational efficiencies and cost reductions a strategic imperative.
Over the Next Decade
Several critical focus areas Remain for the Insurance Sector
How do we automate and digitally transform to compete with emerging digital natives?
How do we drive data-driven decisions to respond to changes in the marketplace?
How do we achieve Scale and Efficiency and Optimize Operations?
How do we improve Employee Experience and Productivity?
How do we remain Compliant and Reduce business risk?
Why the Insurance Industry should use Skan?
- Insurance industry is famous for being a collection of exceptions and hence process variations are inherentand.
- Legacy insurance companies have complex business and IT landscapes thus making the mapping of the current state of processes and operations complicated.
- Insurance firms are spending millions on dollars on automation and transformation based on assumptions on how processes run and without an evidence-based, data-driven process meta model.
Skan can help insurance firms unveil the invisible enterprise and provide a blueprint of process nuances and operational subtleties.
In addition, Skan can help in analyzing processes and identifying the right automation opportunities. Furthermore, Skan can help in process conformance and foster data-driven transformation.
We make invisible visible
Representative areas where Skan can help the Insurance Industry
Core Transactions – Claims Processing, Policy Renewal, Policy Administration, Fee and Billing
Employee Experience – Bottleneck Resolution, Individualized Process Help, Opportunities for Automation and Digital Transformation
Finance and Operations – Accounts Payable, Revenue Reconciliation, Capacity Planning, Accounts Receivables
Risk and Compliance – AI Supervisor, Process Conformance, Regulatory Filings
How Skan Works?
Skan places a virtual process agent on process participant desktops and records digital interactions using computer vision.
The resulting images are analyzed and synthesized by our data science and machine learning algorithms to derive a process metamodel.
Skan CPX virtual process analyst observes and captures every human and machine interaction unobtrusively and learns continuously. And it does without systems integration or need for APIs.
Skan CPX uses computer vision and machine intelligence to power process capture.
Intelligent Process Discovery
The fact is experts know more than they can tell, and analysts do not go beyond drawing a few boxes and arrows to represent a happy path leaving nuances and subtleties by the wayside.
Instead, Skan documents the process variations and nuances leading to complete visibility.
Digital Provcess Twins
Skan CPX compiles the digital exhaust to paint a holistic picture of end-to-end value streams that form the operational foundation for an enterprise.
These digital process twins are useful for analysis, modeling and reengineering processes.
Skan interprets and and creates a holistic view of enterprise operations.
This evidence-based and data-driven operational intelligence can power automation, digitalization, conformance and other interventions.