The purpose of insurance companies is to give people a promise – the promise of security. The key to success is not only mastering new technologies and new forms of collaboration but more importantly a change in corporate culture: automation and collaboration with learning systems is driving change throughout the professional world. In the digital age, success requires networking and flexibility: Access to data and connection to data sources, fast provision of content and efficient control of procedures and processes beyond company boundaries.
Smart insurance workflows are the industry's target, and Intelligent Document Processing is an important component. You know your challenges and are looking for possible solutions? Arrange a Discovery Workshop with us!
Successful insurance companies rely on the cooperation with business partners and service providers in the ecosystem.Dr. Matthias QuaisserBusiness Development Lead - InsuranceTIMETOACT
Digital ecosystems in the context of insurances
Dr. Matthias Quaisser – Business Development Lead Insurance of the TIMETOACT GROUP – highlights the advantages of a digital ecosystem and explains why it is essential in the digital age.
What is your status quo?
10 success factors of the digital ecosystem for insurers:
These issues are relevant to insurers:
Smart Insurance Workflows
These are modern workflows that focus on the customer experience – including hybrid contact (digital and human). Digitization, learning business processes, a high degree of automation and decision support in claims and benefits management promote speed and quality. Intelligent Document Processing uses the latest technologies to automatically find case-relevant information from the number of documents and to control further processing in context. Together with you, we realize automation potentials in specialist processes and support you in the selection and introduction of tools.
Webcasts on Smart Insurance Workflows:
Machine learning techniques can effectively support the verification of invoices in private health insurance. "Natural Language Processing" enables the classification of short texts from the tables of invoices. In their webcast, Gerhard Hausmann & Moritz Klug from Barmenia present the classification using Natural Language Processing and use cases for machine learning in the private health insurance sector.
For years, insurers have been using RPA as a building block for more automation, especially in the areas of sales, customer service, policy issuance, claims and benefits management. After all, RPA projects are cost-effective and can be implemented quickly, but there are also a few things to consider. In their webcast, Wolfgang Schmidt and Manuel Michels from X-INTEGRATE present areas of application for the automation of simple processes, the use of RPAs for the digitization of customer service and the possibilities of integrating RPAs into existing processes.
A large part of data is available in unstructured form and is therefore usually not used. However, there is an increasing need to use this data in order to operate profitably and cost-effectively in a competitive environment. In the webcast, André Ullrich (Roland Schutz-Versicherungs-AG) reports on how AI is specifically used in a legal protection insurance company to enable the identification of potential recourse from archived correspondence. Also, he speaks about other potential use cases.
Digitization in input management and automation in classification and extraction is of central importance. Many companies still receive incoming mail in paper form and search file numbers manually. Find out in our webcast how this can be simplified. Frank Trila and Madeline Jolk (TIMETOACT) explain how to recognize cost notes and how to validate and control results.
Under the title "Cognitive Enterprise", IBM's Institute for Business Value described in 2019 an uniform overall framework that describes the transformation of companies towards "Cognitive Enterprises". Jürgen Huschens (IBM) presents this overall framework and its specific design for the insurance industry in a webcast. In addition to the continuation of proven concepts such as the "insurance business of the future" (VBZ), new structural elements such as "business platforms" are also discussed.
Insurers have a rapidly growing stock of specialist data. However, nowadays 80% of this data is unused and slumbers e.g. in image archives that cannot be evaluated. With Data Insights, we help you step by step to use new technologies and develop a data-driven corporate culture with the appropriate architecture: from new data sources to exploratory analysis to gain new insights and predictive models. For example, mathematical optimization of sales assignments, modeling of cancellation probabilities and product closure behavior, high-performance and cost-effective models for asset-liability management.
Webcasts on Data Insights:
Do you feel you are in control of your large amount of data? Our guess: rather not – although usage and usefulness are massively influenced by Data Governance, especially with increasing data volumes! In his webcast, Marc Bastien (TIMETOACT) explains how to build an information architecture and how to assess findings with the necessary security.
Fit for the digital ecosystem
Insurers want to reduce their vertical integration and at the same time to offer new services in the areas of mobility, housing, health, travel,... For both, they depend on efficient collaboration with their customers and service providers via digital channels. The new ways of working are made possible by collaboration tools and service offers/references via powerful interfaces ("API-Economy"). The ever faster pace of innovation requires a flexible, scalable enterprise architecture. For insurers, the Cloud – as a Hybrid and Multicloud – is not a question of "whether" but of "how". Our experts help with Digital Workplace and New Work, API strategy and management, and your path to the Cloud.
Webcasts on the digital ecosystem:
The Cloud Transformation takes place in several phases: Cloud 1.0 (Lift & Shift), Cloud 2.0 (Microservices, Big Data) and Cloud 3.0 (Multi Cloud Management, Big Compute). Jochen Schneider (IBM) explains these phases in a webcast. He gives a detailed insight from management with virtual images and containers in Cloud Foundry, provisioning through Kubernetes and Red Hat OpenShift to administration with the MultiCloud Manager.
While everyone is talking about Cloud technologies and Open Source products, it is often not clear what is really behind all this and to what extent the whole thing is already suitable for use in German insurance companies. In the webcast, Klaus Oberhammer (IBM) takes a critical look at the status quo, explains the approach on the way to the Cloud and and the importance of Open Source and Cloud platforms for the insurance industry.
Open and secure IT
The modernization of their application landscape is right at the top of the agenda for insurance companies. This applies both to insurance-specific applications and to the supporting systems. More and more insurers are focusing on the selection and introduction of standard software. Cloud architectures and new paradigms such as microservices, DevOps, containerization allow for greater speed of change and flexibility. At the same time, IT governance, compliance and security must be ensured company-wide. Whether architecture consulting, introduction of standard software, migration or individual development: Our architects and software engineers support you in your challenges in front-end and back-end development projects as well as in system integration.
Webcasts on open and secure IT:
The BaFin formulates numerous requirements for IT, which must be fulfilled by insurers in an appropriate and transparent manner. This also applies to identity and authorization management. But what does this mean in concrete terms, and why does it require modern access governance tools, among other things? Kerstin Gießner and Carsten Hufnagel (TIMETOACT) give answers in the webcast, present professional and technical measures and illuminate all VA-IT topics with effects on identity management.
We recommend a half-day Discovery Workshop as an introduction, which we currently also conduct online. The essential elements of this proven method are:
- Briefing: TIMETOACT Point-of-View with innovation examples and use cases from the insurance industry
- Ideation: Joint exploration of use cases with regard to your company's priorities and ambitions and evaluation of cost-benefit aspects.
- Selection & Scoping: Selection of the most relevant use case and consideration of solution options (tool- or vendor-independent) for a fast implementation to a minimal viable product
We will gladly adapt the agenda according to your needs.
You benefit from our industry experience, technology expertise and methodological know-how. Discover with us the economically sensible next steps for the digital transformation of your company!