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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