Read this article about Cognizant, Best Achievement in Technology Enabled Process Automation (Robotic Process Automation, Machine Learning, Cognitive Learning, Blockchain etc), selected by the independent judging panel, for the 2020 Business Transformation & Operational Excellence Industry Awards program.
Email is a convenient way for insurers’ to communicate with policyholders, but every message is different and standards are few. Some requests include attachments. Some warrant a simple response, others require research. No two are the same.
Artificial intelligence (AI) is perfectly suited to tackle the one-million policy servicing request emails that flow through insurers’ inboxes every year. Advances in natural language processing (NLP) make it possible for AI solutions to read conversational emails. Machine learning (ML) capabilities allow them to grow more accurate over time.
Managing the requests presents an operational challenge for insurers and an opportunity for differentiation: Customer experience and 24 x 7 availability is a key differentiator for insurers. AI lets them address the challenge with solutions that are scalable across multiple lines and processes.
Together with a leading P&C insurer, we developed an AI-based solution to process service requests. The result? The automation of cancellation, endorsement requests, and certificate issuance was successful for ~80% of emails. It slashed manual work by 50%.
Here’s how it works: Messages are retrieved from mailboxes and then Optical Character Recognition (OCR) with pattern-based extraction read the message content. A NLP engine identifies the email’s intent and extracts relevant data. An exception-handling mechanism routes difficult-to-interpret emails. If the solution’s confidence level drops below 80%, it routes the request for human intervention.
Once the data is ingested, the cognitive engine creates an ACORD standard messaging output that allows the email request to integrate with Guidewire™ modules. The solution facilitates ML by tracking manual edits and feeding them back into the cognitive learning module.
As insurers move toward greater adoption of AI we recommend they focus on the following best practices:
With email the communication channel of choice for many policyholders, improving response time while cutting associated costs lets insurers provide the superior customer experience that differentiates them in the marketplace.
The Business Transformation & Operational Excellence Awards have been established to showcase globally the most outstanding organizational achievements through the application of Operational Excellence programs. Click here to view the Press Release.
The winners will be announced at the Awards Ceremony at The Business Transformation & Operational Excellence World Awards (BTOES) on Wednesday, March 25th, 2020, from 6.30pm in the Venetian Ballroom at the Loews Portofino Bay Hotel at Universal Orlando Resort.
The Business Transformation & Operational Excellence Awards are open to all organizations, both private and public sector, across the globe, which have implemented Operational Excellence programs to deliver outstanding business results.
The Awards will be held in conjunction with the Business Transformation & Operational Excellence World Summit, BTOES 2020 in the beautiful Venetian Ballroom on March 25, 2020 at the Loews Portofino Bay Hotel at Universal Orlando™️. Click to access the agenda, view the current speakers, and watch the highlights video from last year.
BTOES is the industry’s biggest and best, senior-level, cross-industry gathering of Business Transformation & Operational Excellence industry leaders and senior executives.
It also hosts the Business Transformation & Operational Excellence Awards, which showcase globally the most outstanding organizational achievements through the application of Operational Excellence programs.
The summits hosts a number of private forums for C-Level & Global corporate-level leaders as well as business unit heads.
With over 150 speakers, over 100 sessions, 12 Keynotes, 9 Track Themes, 5 parallel tracks, 60+ track sessions, 50 roundtable discussions, 20 Interactive Workshops, 6 Thought Leader Panels, 5 Leaders Boardrooms, 5 co-located events, the Industry Awards Program, Site Visits, 20+ hours of social networking including 2 gala cocktail parties, dinners, numerous group activities, this is the ultimate event to benchmark, network and drive Operational Excellence to the next level.
There is a strong focus on Cultural Transformation, Customer Delight, Sustaining an Operational Excellence program, Need for end-to-end Business Transformation, Keeping up with new technologies/impact of digitalization and Leadership Buy-in & Understanding. We dedicated two tracks to advanced technologies, such as AI, Machine Learning, RPA, Predictive Analytics, Blockchain, Cloud infrastructure etc.
The agenda is designed to encourage active meaningful conversations though all day enhanced networking and interaction opportunities, including
All-day Refreshment & Themed Breaks
1¼ Hour Hot Breakfast Networking Sessions
1½ Hour Hot Plated Networking Lunches with Topic & Industry Sector focussed tables
1½ Hour Roundtable Sessions by Topic & Industry Sector.
Keynote & Themes Panel Sessions
Hosted Welcome Receptions from 5.30pm
Expanded more lavish Awards Program
Newly launched Night Summit for attendees to meet after dinner
For more information or to discuss the summit in more detail please schedule a call below,
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