TwinTrack Analytics

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24/04/2024 Insurance Innovation

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Digitizing and streamlining repetitive, labor-intensive processes in Agency and Underwriting (UW) operations to enhance efficiency and effectiveness.

Innovation presentation

The Digital Mirror Project, developed in 2023, embarked on a vision to digitize and make trackable the repetitive and labor-intensive processes carried out manually or semi-manually in the Agencyand Underwriting (UW) teams' operations. The goal was to increase operational efficiency and enhance manageability by digitizing and making visible processes, thus optimizing time usage and accelerating processes through maximum automation and digitization of processes, user-friendly request management systems, and policy entry screen designs.

Through Digital Mirror, the aim was to provide business units with the ability to digitally manage and improve processes by making end-to-end process cycles and KPIs visible with numbers, thereby enabling forecasting, obtaining better insights, and strengthening decision-making mechanisms. By data-driven identification of problematic points and bottlenecks and predicting the outcomes of potential actions while improving processes, performance management and pre-emptive actions regarding unexpected issues were facilitated.

Within the project scope, digitalization was achieved through RPA processes, and dashboards were created via Power BI to make request details visible and reportable. Process Mining tools were utilized to identify pain points in processes and track end-to-end request management flows for specific processes. Workshops were conducted to address automation or product revision needs for workflows extending across agencies, products, and user bases.

Operational efficiency was achieved by automatically adding manually generated reports to requests using RPA technology. Digital Twins technology was employed to obtain more detailed and better forecasts, execute proactive actions, and make better decisions with data. Additionally, Digital Mirror enables data-driven management of business decisions, strengthens decision-making processes, and provides opportunities for developing future-oriented strategies and managing operations more proactively.

In conclusion, Digital Mirror, by providing business units with a management console to digitally manage and improve processes, not only enhances the company's overall performance and agency satisfaction but also provides a competitive advantage.

Uniqueness of the project

With Robotic Process Automation (RPA) technology, underwriting teams have been enabled to focus on value-added tasks and increase efficiency, leading to a decrease in SLA (Service Level Agreement) times and enabling underwriters to make faster decisions to optimize workflows. Manual reports and analyses traditionally conducted are now automatically appended to requests, thus shortening processes. Decision processes delegated to RPA have been designed to operate without human intervention. Furthermore, RPA automation has mitigated erroneous transactions or inconsistencies, allowing for the management of a higher workload and enabling faster service delivery to customers.

Process mining technology facilitates the data-driven analysis of business processes, enabling detailed observation and identification of improvement opportunities in operational processes. Through data-driven analyses, strategies have been developed based on real data to enhance process efficiency. Process mining identifies bottlenecks in processes, ensuring efficient resource utilization and mitigating operational risks. This technology enables predicting future trends, enhancing customer and agent satisfaction, strengthening competitive advantages, and facilitating sustainable business performance.

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