In this Insurance Asia News article from the Singapore International Reinsurance Conference (SIRC), Jacob Hughes, Managing Director and Head of Client Support Services, APAC, and Kitty Bao, Head of Analytics and Advisory, APAC, described how digitizing processes enhances operational efficiency.
“From a servicing perspective, the initial focus of automation is not always on the flashiest application but on addressing repetitive, manual tasks, which deliver benefits to all stakeholders along the reinsurance value chain,” Jacob said. “Specifically, we have been focusing on automating the ingestion of data to reduce turnaround times, enhance controls and minimize manual keyboarding errors. This practical approach has already delivered significant success, with some processes benefiting from over 95% shorter cycle times through the deployment of bots.”
Kitty focused on the advanced analytics capabilities being integrated into risk assessment models.
“Our risk assessment models are significantly enhanced through the integration of advanced analytics capabilities,” Kitty explained. “This process begins with comprehensive data preparation, encompassing the collection, cleaning, structuring and transformation of vast datasets to ensure high-quality and data-driven insights.”