Insurance Adviser
Insurance Adviser automates policy document management and customer touchpoints to create a seamless process using Power Automate
Overview
The client is a provider of Insurance advisory services since 2019. The initial employee strength of the company was a team of 25 Insurance advisers, coming from different geographical backgrounds and professional skillsets.
The insurance industry handles numerous manual and mundane tasks on a day-to-day basis. The working methodology is dependent on legacy systems and is often overwhelming for the advisers. There is a requirement to focus on customer experience and explore growth opportunities. Automation can assist with end-to-end life cycle of a business process and can give employees time to plan and innovate on products and services.
# Opportunity
Compliance along with great products and services is paramount for insurance advisory services. One of the major challenges faced by the client was document management and monitoring of it, and ensure advisers operate within the FMA guidelines. The advisers needed to meet the standards set by FMA (Financial Markets Authority) at every stage and have regular audits throughout the client life cycle. The amendment of rules and guidelines set by FMA is continuous, and meeting those parameters is the responsibility of the adviser. Some of the key client requirements were:
- Create a document management system that maintains traceability and ensures compliance
- Access customer records as required and to meet audit obligations
- Controlled and monitored access to customer portfolio
- The information stored in the customer portfolio had to be accessible from any remote location
- System is proactive and issued alerts for non-compliance and unfavourable customer feedback
- Build a scalable system to accommodate future requirements
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- Rule based
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- Data collating / searching
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- High volume
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- Write to database / CRM
# Challenge
The system had to have ease of use so that advisers from varying backgrounds and skillsets could learn quickly and hit the ground running. The management of customer records and access to those records must be readily accessible through single screen. The system had to achieve a near 100% accuracy when accounting for customer document tracing. The client was looking for a viable solution that could deliver ROI in around 12 months. The system also required to have the capability to include bulk records as a one off to allow for acquisitions. Most importantly the process had to be free of defects and improve productivity. Maintain a simple and low cost technology stack so control total cost of ownership over the lifetime of the solution.
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- Multiple users
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- Simplified & secure technology stack
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- New Process
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- Fixed Budget project
# Solution
Broca started working with the team members and advisers to understand their processes. Post study of the client’s processes Broca analysed each of their stages in detail to understand the suitability of using Business Process Automation. Advisers working from remote locations and the document gathering was time-consuming. To bring consistency and maintain compliance across the organisational process, automation using Power Automate was the recommendation. The automated document management system solution provided by Broca, works in a synchronised planned flow. The adviser gathers and collates data from the client and passes the same to the system. Post data validation a customer profile is created. Automation takes care of critical process of issuing surveys, providing feedback and notifying concerned adviser in case of non compliance. The system triggers notifications and informs customers based on configurable parameters set by the client. The solution was implemented in the cloud and hence was accessible remotely. The solution was secure, and the transactions were traceable. The delivery of an intelligent business process automation solution was feasible by implementing tools like Power Automate with O365 stack. These tools are reliable resources for enhancing Business Process Automation across various business departments.
# Benefits
Compliance achieved
Necessary information required to create a record mandated and captured with all subsequent correspondence and files stored securely
ROI achieved
Return on investment was recuperated in an agreeable time frame with the client
Auditable records
Creation of records and correspondence was traceable, ensuring a less than cumbersome file audit
Ease of use
By use of single sign on (SSO) the adviser could monitor emails, check records and upload new records from anywhere in the world
Improved accuracy
Customer records stored seamlessly without the concern of files or records missing
Customer touchpoints automated
Customers could receive notifications as set by the client without manual intervention
System compliance
Business continuity and system availability of 99.9% is taken care of by the service provider
Document
Management
Automated 100%
ROI Achieved
12
months
Improved
Productivity
