PJICO partners with FPT IS to enhance digital transformation and risk management

To enhance digital transformation and risk management, Petrolimex Joint Stock Insurance Corporation (PJICO) has partnered with FPT IS to deploy the Robotic Process Automation Solution – akaBot.

Comprehensive digital transformation, operational optimization, and financial risk management enhancement

Recently, PJICO launched a new brand identity in its 30th anniversary celebration, encapsulated by the message “Serving with compassion.” This slogan reflects the Corporation’s philosophy that every action and service provided by PJICO stems from a sincere heart. PJICO is the first non-life insurance enterprise to announce preliminary business results for the first six months of 2024, with total revenue estimated at VND 2,546 billion, achieving 53.4% of its 2024 plan.

Following an organizational restructuring to align with its current revenue scale and financial capacity, PJICO is accelerating the implementation of its digital transformation roadmap for the 2023-2028 period. The goal is to become one of Vietnam’s leading insurers with sustainable, safe, effective operations on a digital platform, thereby enhancing customer experience, fostering customer engagement, and creating new business opportunities.

PJICO chose FPT IS’s akaBot solution to automate the invoice control and storage process.

In terms of operations, particularly invoice management, PJICO has expended substantial resources on processing thousands of incoming invoices daily. The Corporation, hence, decided to implement an automation solution for controlling and storing incoming invoices, combined with financial management regulations to fully adopt non-cash payments.

Ms. Pham Thu Hien, Chief Accountant of PJICO, stated, “The reason and goal behind implementing this project for PJICO’s incoming invoice management is to improve labor productivity, effectively manage incoming invoice risks, and demonstrate the Corporation’s progress in digital transformation. This approach ensures transparency, safety, and efficiency in our operations, providing peace of mind to both our customers and employees.”

PJICO has adopted the Robotic Process Automation (RPA) Solution (akaBot) developed by FPT IS for invoice processing. This solution employs virtual assistants capable of simulating and learning human operations on computers, thereby automating tasks and freeing employees from manual operations. To meet the automation needs for more complex and comprehensive tasks, akaBot is also integrated with advanced technologies such as Artificial Intelligence (AI), Intelligent Document Processing (IDP), Optical Character Recognition (OCR), and Machine Learning.

With this solution, PJICO aims to standardize the invoice management and control process. Invoices are meticulously checked for compliance before payment, reducing financial and legal risks. Additionally, invoices are stored systematically within PJICO’s system, allowing users to easily locate them as needed.

80% time savings with invoice management automation using akaBot

Previously, PJICO’s traditional invoice processing involved up to seven steps, including operational staff and accountants receiving electronic invoices, checking invoice status, uploading invoices to the system, and creating payment requests or vouchers.

After akaBot deployment, department personnel only need to send emails containing invoices to the robot. The akaBot virtual assistants then automatically extract the content and information fields, check the invoice’s legality, detect duplicates in the system, review payment methods, update invoice status, and store related documents according to standards.

As a result, PJICO has reduced the average time to process each invoice by up to 80% (from 15 minutes to 3 minutes), saved 6,000 labor hours per month, and decreased invoice processing errors by 99.9%. Labor productivity and employee income, thus, have been improved.

“The goal of akaBot is not only to accompany PJICO in automating and optimizing operations but also to enhance analysis, management, and forecasting capabilities for departments,” shared Mr. Bui Dinh Giap, FPT IS Director of akaBot.

According to “Intelligent Automation in Insurance” by Deloitte (2023), the trend of applying RPA, AI, and related technologies such as IDP and Machine Learning is being widely adopted by financial and insurance businesses in Southeast Asia as part of their digital transformation strategies. To stay competitive, PJICO plans to expand the scale of intelligent automation applications across various business procedures, aiming to completely digitize management and operations with support from FPT IS.

With its ability to deploy automation solutions and 30 years of digital transformation experience, FPT IS is committed to supporting businesses, especially insurance companies, in addressing operation and security challenges, improving customer experience, and accelerating business growth in the most effective way.