Revolutionizing London's Insurance Sector: A Journey Towards Efficiency Through Intelligent Automation

Amid the intricacies of London Markets, known as the epicenter of the insurance sector, efficiency has long been a challenge. The convergence of diverse stakeholders necessitates complex processes. However, these intricacies often resulted in manual workflows, extensive paperwork, and prolonged timelines. This is precisely why our client, a leading insurance pioneer, turned to us for intelligent automation implementation.

The Results

80% Reduction in manual efforts

80% Reduction in manual efforts

85% Improvement in overall efficiency

85% Improvement in overall efficiency by implementing a gain-share model based on business outcomes

95% Reduction in data integrity

95% Reduction in data integrity issues across systems touching the business process

Automation

McKinsey prediction

10-55% of the work performed by major functions within insurance companies—including actuarial, claims, underwriting, finance, and operations—are to be automated over the next decade.

EIQ Features Used

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The Challenge:
Complex Processes and Manual Efforts

The client’s existing Insurance Slip processing, managed by the back-office team, posed several significant challenges. It was not only time-consuming but also prone to errors due to inadequate validation processes. These issues resulted in extended cycle times, negatively impacting the overall user experience and hindering the company’s ability to secure more business efficiently.

Our Solution:
Optimizing Insurance Slip Processing for Enhanced Efficiency

EvoluteIQ Intelligent Business Automation for Insurance Slip Processing, Operational Cockpit by EvoluteIQ

At the core of this transformative journey, the EIQ Platform became the keystone for optimizing insurance slip processing. The initial focus of this venture centered on managing a substantial monthly volume of 9,000 Aviation, Marine, and Cargo Slips. Through strategic automation, the handling of these insurance slips was streamlined, significantly reducing manual efforts while enhancing accuracy.

One of the remarkable features of the EIQ intelligent business automation platform implementation was its scalability and adaptability. While the primary focus was on automating the handling of these specific insurance slips and seamlessly uploading data into the CRM system, the architecture provided a versatile and scalable framework. This framework could be rapidly customized to suit a range of other use cases within the insurance domain, offering the client agility and future-proofing capabilities.

The success story continued beyond automation. The EIQ Platform’s robust capabilities extended to data extraction, data ingestion, and process orchestration, ensuring an end-to-end streamlined workflow. Moreover, the platform’s versatile Connectors effortlessly achieved integration with legacy applications. “Operational Dashboards” played a pivotal role in reporting and exception-handling workflows. They not only highlighted data fields with errors but also facilitated rapid corrections. Additionally, the platform empowered the client to configure auditing checks on random insurance slips, significantly enhancing quality control procedures.

EIQ for Enterprises

EIQ is the only integrated, low-code/no-code platform for fully intelligent business automation, driving transformation at scale across the Enterprise.

Ensure frictionless enterprise-wide interactions

Business Impact Delivered

Grow Revenues by 40%

Lower customer acquisition costs and operational expenses, raise conversion rates with minimal upfront investments

Improve Operational Efficiency by 74%

Improve overall efficiency due to process automation and quicker TAT (Turn Around Time) and AHT (Average Handle Time)

Strong Built-In Governance

Empower Workforce by 73%

Grow employee satisfaction rate through intelligent incentivization and foster productivity and time “given back” to the teams

Improve Customer Experience by 60%

Elevate customer satisfaction via efficient preventive maintenance and fewer query discrepancies

Enhance Asset Utilization by 30%

Achieve a reduction in inventory to gain equal or better customer demand with the existing supply

Strong Built-In Governance

Boost Security by 95%

Cut down data integrity issues across systems with predictive & preventive analytics

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