FPT IS gives suggestions to help the insurance sector realize the potential of digital transformation

At the recent Vietnam Insurance Summit 2023, FPT Information System Corporation (FPT IS) has introduced many strategic technology solutions for companies in particular to optimize operations and promote business activities, and the insurance sector in general to take advantage of potentials in digital transformation.

Easy operation with technologies for insurance companies

Themed “Digital Transformation of Insurance Sector in the Development Strategy to 2030”, Vietnam Insurance Summit 2023 has drawn more than 600 delegates from insurance companies as well as policy makers, sector leaders, and technology groups. The picture of the digital transformation of the insurance sector, trends and development opportunities, and appropriate strategies to help companies catch up with the development strategy of Vietnam’s insurance sector until 2030 are the topics discussed at the event.

Gartner’s CIO report shows that more than half of the CIOs in the insurance sector tend to continue to increase investment into technologies in 2023. Particularly, the thing that many CIOs are most interested in is the utilization of modernization results, with about 68% of CIOs saying they will increase the investment.

Speaking of such situation, Mr. Luong Ngoc Khang – Director of Consulting Center for Digital Transformation & Digital Business, FPT IS – says that currently, a strong explosion of many advanced technologies such as artificial intelligence (AI), robotic process automation (RPA), electronic know your customer (eKYC)… has been witnessed in all activities of the insurance business.

“This shows that the insurance sector still has a lot of potential for digital transformation to discover. Today’s online compensation, online insurance purchase, 24/7 call center operation… can all be operated in a quick and convenient way with the intervention of technologies. Responding to such situation, FPT IS has been investing and developing many advanced technology products, offering comprehensive companionship in every corner of the insurance sector, such as the Insurance product distribution platform InsurEZ, as well as other powerful digital solutions including akaBot, FPT.IDCheck… Our solutions are able to deal with insurance product distribution, insurance claims, process management, insurance business administration, data processing, and data analysis”, said Mr. Khang.

Mr. Luong Ngoc Khang – Director of Consulting Center for Digital Transformation & Digital Business, FPT IS – speaks of InsurEZ, a comprehensive solution for the insurance sector developed by FPT IS.

Towards the goal of enhancing customer experience, FPT IS has researched and developed InsurEZ, a digital insurance product distribution platform. InsurEZ is built based on open APIs and cloud computing, allowing customers to easily integrate into any other device or platform. Besides, this also allows insurance companies to launch new insurance products to market quickly and manage business operations and risks properly.

In the healthcare sector, FPT IS and other member companies of FPT Corporation have been building a comprehensive healthcare ecosystem, including pharmacies, hospital management system, tele-clinics, health insurance, and automated platform for settlement of health insurance claims.

In addition, the anti-fraud solution for digital identity verification (FPT.IDCheck) has been of effective use to identify customers and new insurance agencies. The solution allows to verify user information quickly via chip-based ID cards with up to 100% accuracy. FPT.IDCheck is connected to the population database of the Ministry of Public Security and adopts an anti-forgery AI technology for authentication. Previously, FPT IS has signed a cooperation agreement with the Research and Application Center for Residents Data (RAR Center), National Population Data Center (C06, Ministry of Public Security) to deploy the FPT.IDCheck solution widely across the country.

The ecosystem of Made-by-FPT solutions for the insurance sector draws great attention from companies.

Automation to “unlock” growth for the insurance sector

For operational activities, FPT IS recommends insurance organizations and companies to adopt akaBot and FPT SPro solutions. akaBot is a comprehensive robotic process automation (RPA) solution for companies with “robot assistant” capable of simulating human manipulation, and is a perfect choice to perform a large amount of repetitive tasks. In the insurance sector, akaBot’s virtual assistant helps reduce up to 80% of the manual work such as requests for appraisal, information verification, claim approval, and payment document processing. These operations are performed automatically with a close combination between human and the 24/7 robots, ensuring 100% accuracy.

“For the processing of medical examination records, akaBot can shorten the processing time from 30 minutes to 7.5 minutes per record and can process up to 500 records per day. For the internal submission and approval of insurance records, akaBot helps reduce 66% of processing time which is equivalent to 200 working hours/year, and can process up to 2,000 records per day”, said Mr. Luong Ngoc Khang.

akaBot addresses the growing needs of insurance companies for process automation.

Besides, FPT IS has also been providing FPT SPro – a solution for process digitalization and automatic assignment. The solution allows companies to connect all departments and manage workflows on a single platform, offering multiple outstanding advantages such as 90% automation of tasks, cost and time saving… FPT SPro is being used by the Post and Telecommunications Joint Stock Insurance Corporation (PTI) to monitor the progress of inter-departmental work processing, evaluate work efficiency, and digitalize the approval process which previously has been done manually at PTI.

From practical experience drawn from projects accompanying insurance companies and organizations, deeply understanding the specialized problems of the sector, FPT IS expects to expand and deploy Made-by-FPT-IS solutions to many more aspects of the insurance business, thereby creating breakthroughs in business operations and activities, as well as enhancing customer experience.

Contact us via [email protected] for more details on FPT IS’s ecosystem of solutions for the insurance sector.