Intelligent automation for insurance is often seen as more suited to retail and personal lines, due to the volume and relative simplicity of business. However this technology is proving itself with firms in the Lloyd's and London Market, where it adds value in other ways.
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When Greg Fleming, CIO of Thomas Miller, first set out to explore how automation could enhance the company’s operations, he knew he would have to assess the value of incorporating a digital workforce in a holistic way. Unlike consumer-facing insurance services businesses that handle extremely high volumes of customer transactions, the nature of Thomas Miller’s customer base means that it processes a relatively small number of high-value transactions.
This “low-volume, high-value” model meant that the company needed to think differently about how automation would deliver benefits within its operations. A business case would not be created based on one automation area, alone. Another consideration was the fact that the unique nature of the business means the company’s IT infrastructure is relatively siloed across its various operating units, industries and geographies.
According to CIO, Greg Fleming:
“There simply wasn’t that one single process that you could identify where automation would transform things and deliver immediate game-changing results, we simply don’t have the volume for that to be the case. However, working with SS&C | Blue Prism® Cloud, we still wanted to explore how digital labor might be able to streamline our operations more broadly, free up time for our staff, and do some of the things we simply hadn’t had the capacity to do with our existing resources.”
Read the full story here.
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