Strategic growth plans powered by enterprise-wide intelligent automation capabilities
LONDON, Nov. 25, 2020 /PRNewswire/ -- Looking to further increase its agility, fast-growing insurer, First Central Group, is widening its adoption of intelligent automation using Blue Prism's turnkey cloud platform.
First Central Group prides itself on applying advanced technologies to its business in order to fuel its 30% year on year growth. Already, Blue Prism digital workers are contributing to this goal by enabling the insurer to iteratively broaden its underwriting footprint without increasing risk exposure. By automating fraud checks on new policy applications within the first 24 hours, First Central has been able to increase the volume of new policies it can check by a factor of ten.
As potentially fraudulent applications are flagged so early in the cycle, exposure is being successfully reduced in tandem, creating a double win. Over the course of just seven months, the new automated processes have scaled from just a few verification rules to more than 30 helping the insurer process potential fraud matches on over 50,000 policy applications.
As a digital business First Central recognises that 24/7 high volume operations carry additional risks that cannot easily be mitigated by traditional controls. Another source of value being released from the use of the Blue Prism Cloud platform is the verification of the high volume, automated renewal process. With the support of Blue Prism's partner, IT and automation consultancy, T-Tech, the First Central team are able to check for accuracy the issue of over 3,000 renewal invitations daily in just a two hour window. Most importantly, the new process can verify each and every renewal notice, removing the need for costly, time intensive manual work downstream to correct anomalies and reduce the risk of a regulatory incident.
With a clear record of success First Central Group is extending deployment of digital workers into an ever-wider range of processes and functions including HR and Finance. The impact of this program is far reaching.
"Intelligent Automation means so much more for us than an efficiency tool. We are building an entirely new technical competency into our business so that it becomes part of our DNA. This not only changes operational execution but importantly changes management mindset about the art of the possible and strategic decision making," said CIO of First Central Group, John Davison.
Adoption of intelligent automation within the insurance industry is growing rapidly, seeking not just to create simple efficiencies, but to capitalise on vast pools of data analytics and mobilise these to take real-time actions based on insights. From creating a smoother, faster claims process to supporting more aggressive underwriting strategies and removing friction between parties in the eco-system network, Blue Prism's global community of insurance customers is spearheading a long-term change in the industry.
"A new generation of tech-savvy insurers is disrupting what was traditionally known as the most cautious of all industries. The award-winning team at First Central Group is at the head of the pack in raising the benchmark for applying intelligent automation to push the boundaries of innovative practices in insurance. We are excited to see how Blue Prism Cloud's fully integrated capabilities are able to accelerate speed to value for First Central's ambitious team," said Terry Walby, CEO, Blue Prism Cloud.
About Blue Prism
Blue Prism is the global leader in intelligent automation for the enterprise, transforming the way work is done. At Blue Prism, we have users in over 170 countries in more than 2,000 businesses, including Fortune 500 and public sector organizations, that are creating value with new ways of working, unlocking efficiencies, and returning millions of hours of work back into their businesses. Our digital workforce is smart, secure, scalable and accessible to all; freeing up humans to re-imagine work. Blue Prism's vision is to provide a digital workforce for every enterprise. To learn more visit www.blueprism.com and follow us on Twitter @blue_prism and on LinkedIn.
© 2020 Blue Prism Limited. "Blue Prism", the "Blue Prism" logo and Prism device are either trademarks or registered trademarks of Blue Prism Limited and its affiliates. All Rights Reserved.
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