Using Process Mining to become an insight-driven Insurer
In most industries, executives would object to retaining unutilised assets, such as an employee with nothing to do or a factory left idle. In the Insurance industry, however, firms often don’t use one of their most valuable assets: their data.
The data generated by the business has a story to tell. It can reveal how efficiently many processes are executed, where the operating model has imbalances, where process delays are common, where 3rd parties aren’t managed effectively and which process failures or breakdowns impact negatively on customers’ experience and their overall satisfaction.
In recent years, virtually all incumbents in the global Insurance market have embarked on major transformation programmes to become insight-driven, customer-centric and more agile in adapting to recent market trends. It remains to be seen which players will lead the way, which follow and which lose their way. Those that fall behind in their efforts at transformation will find themselves less competitive in asset utilisation, with a lower level of automation, and with less transparency in their processes and organisation. Using Process Mining as an integrating element for the strategic and operational management of the insurance business, overcoming divisional silo structures and barriers, can become a differentiator.
Monetising your operational data
Process Mining and Digital Discovery is an approach that can help your organisation turn the millions of data points that it generates into actionable insights.
More importantly, it provides a real-time view into your organisation’s activities – not as they were intended to flow or as they were once documented in a handbook – but rather as they flow in reality. Process Mining unveils process steps you did not know were happening: re-work cycles, actual throughput times, automation rates, and much more. It enables you to identify many hidden opportunities to reduce costs and increase customer satisfaction, quality and performance. Supported by powerful visualisation functionalities, it puts you in the driving seat to steer and continuously improve and manage your business proactively with a set of meaningful and reliable KPIs.
Firms leading digital transformation in the insurance space and monetising operational data will find themselves making better decisions, reducing their costs and offering a quicker and more reliable way to serve their clients. With more insight into their organisation, firms will be able to model specific decisions more accurately before committing to them. A higher degree of insight into their customer-facing processes will enable them to react to market trends more quickly and reduce process delays that curb customer satisfaction.
Firms that fall behind will find themselves still performing manually tasks that their competitors have long since digitised and therefore facing higher cost pressures and lower margins and less insights into their operations.
Where Process Mining and Digital Discovery generates value
Process Mining and Digital Discovery applies to almost all processes with relatively high transaction volumes. With the new Deloitte Discovery approach, even manual processes can be reconstructed to gain transparency and realise maximum benefits.
What you should do today
If you are interested to learn how you can use Process Mining and Digital Discovery to create a management tool across the organisation and dramatically improve transparency in your processes, increase throughput times, identify bottlenecks and optimise other process-related KPIs, then get in touch with our Process Mining experts in Switzerland. You may find that you already have the answers to some of your questions – all you need is to reveal them.