Guardian Group came to Sutherland needing to improve operational efficiencies among back-office functions, deliver consistent reporting of key business metrics, and strengthen the customer experience.
The leading Caribbean life insurer embraced the chance to modernize and transform its processes, particularly the opportunity to improve operational efficiencies related to new business, premium application, policy administration, claims and accounting. Its cost per application, policy, and claim were each higher than industry norms. Sutherland was determined to consolidate, standardize and automate manual data entry and processing activities to cut labor costs and errors, eliminate rework, boost cash flow, and better the customer experience.
Sutherland began a comprehensive, company-wide scan of all major business functions across all of Guardian Group’s business lines. Consultants gathered detailed operational data and held discussions with subject matter experts, stakeholders, and executives to understand the current state processes, to identify gaps and needs, and to collaborate on future solution designs. The Sutherland team identified numerous process transformation opportunities, and delivered justifying business cases to support fully informed client decision-making and prioritization.
Our cloud-based solutions for Guardian Group:
Digitization at source and smart forms: Conversion of all paper-based, handwritten forms and images to digital data. This enabled further downstream processing and use by the technology components below, and improved dramatically the customer experience.
Smart workﬂow and document management: Automated routing of transactions and documents, while assigning and orchestrating work to business rules and workload.
Robotic Process Automation: Software routines that access, calculate, copy, paste, and use embedded business rules to interpret and enter data into the core, enterprise application.
Customer relationship management: Data architecture, in combination with a packaged application, to present and use all, relevant customer interaction history, policy and claims information in a unified desktop for use by Guardian Group’s front-office personnel.
Analytics: Sutherland’s proprietary, cloud-based analytics platform geared not only to deliver rich reporting and dashboard trend analysis, but also to support ongoing analytical diagnostics to identify new market opportunities, product strategies and to provide related business decision support.
Thanks to Sutherland’s cloud-based solutions, Guardian Group saw an approximate 25 percent reduction in manual efforts and associated labor cost for some activities, 20 percent reduction in claims-related processing turnaround time, and 100 percent digitization of forms now available online.
Some of Sutherland’s other Cloud AI applications ideal for insurance and related financial services companies include:
Suspense amount management for cloud: AI-leveraged analytics that enables insurers to wade through complex data streams and meaningfully allocate premium suspense amounts to the right policies. It is designed to optimize cash flows, thereby improving loss ratios, combined ratios, and current ratio.
Operational lapse accounts analytics to better understand Agent Performance and drive optimal account management processes.
Operational solutions to help drive efficiencies and automation in customer-facing and claims management processes.
Precise customer service and predictive modeling powered by analytics capable of churning customer and market behaviors into models.
Strategic customer, agent and policy profitability analytics to assess emerging risks, identify new revenue sources and optimize enterprise-wide profitability.