IT Brief Australia logo
Technology news for Australia's largest enterprises
Partner content
Story image

How RPA transformed the tedious processes of insurance underwriters

By Nick Forrester
Mon 26 Jul 2021

Insurance broking, like many other industries, is all about managing and nurturing relationships. Customers are looking for a trusted advisor to guide them through, what is for most people, a complicated purchasing decision. Most customers seek a ‘real’ person to talk to when they need to make claims.

For this reason, customer experience and engagement are an absolute top priority for brokers — and the biggest impediment to improving customer engagement is repetitive, time-consuming tasks. In fact, brokers end up spending up to three-quarters of their day re-keying information between emails, spreadsheets, and other systems.

Robotic process automation (RPA) is a key antidote to this issue — something that Steadfast Underwriting Agencies discovered firsthand.

Steadfast Underwriting Agencies is the largest underwriting agency group in Australasia. The company has partnered with 25 specialist agencies — each focused on a specific market segment, bringing over 100 insurance solutions together in a single network.

Enter RPA

Years ago, Steadfast Underwriting COO Katrin Stoecker and her team were working hard to constantly optimise the company’s customer experience and engagement, all while balancing cost control with business growth. They were keeping afloat, but the juggling act made it feel at times as if the manual processes were holding them back.

Then, Stoecker made a decision to prioritise innovation, and began to frequent IT technology conferences with the aim of freeing her team up from tedious tasks so they could focus on relationships.

It was at one of these conferences that she learned of RPA.

“When we found out about robotics there, at first, that felt too good to be true!” says Stoecker.

RPA had piqued her interest, and so Stoecker reached out to rapidMATION to learn more.
 

From five minutes to a few seconds

Stoecker engaged rapidMATION initially to solve a specific problem. One Steadfast agency specialises in motor vehicle insurance for high-end luxury cars. Underwriters have to find the average values for these vehicles based on make, model and year. While this is a relatively simple process in the greater underwriting lifecycle, it typically requires five minutes per vehicle. 

“If we could reduce [this process] down to a few seconds, or eliminate it full stop, that’s a huge saving,” says Stoecker.

rapidMATION ran a Proof of Value (PoV) process for Stoecker and her team. When she watched the demo, she was amazed at the RPA bot’s speed. 

“We had to ask to slow down the recording of the bot’s actions, because it is so fast that you can blink and miss it. The five minute process was reduced to a only a few seconds. That was hugely impressive,” Stoecker says.

After witnessing the potential of RPA technology in action, the team were convinced. The next step was to extend the automation project to a traditionally ‘heavily manual’ process: insurance policy renewal.
 

Renewing the renewal process

Stoecker says before automation was introduced, it took a very long time to engage all relevant customers regarding their renewals. “This meant that the underwriters couldn’t focus on the new business quotes that are coming in because they’re still busy with the renewal call,” she says.

Stoecker wanted this bottleneck removed entirely, making room for underwriters to focus heavily on customer experience-oriented tasks. And that’s what rapidMATION did: working side-by-side with the Steadfast team, the RPA experts brought intelligent automation to the renewal process.

“It was a very collaborative approach,” says Stoecker. “There wasn’t an ‘us versus them’ mentality — [the team] tuned into how to make our experience a good one.”
 

The results

Since introducing their policy renewal bot, the agency has processed a much higher volume of renewals without increasing headcount. To achieve the same output, they would have had to hire an extra two or three people.

Overall, they’ve achieved an improvement on the renewal process of between 35% and 80%.

“This is huge,” explains Stoecker. “If you compare this to the traditional approach of improving processes through standardisation and taking out low-value steps, you are lucky enough to achieve 25% improvement. Today, 25% is no longer good enough.”

Beyond the time and cost-saving, Stoecker is thrilled with the solution’s positive impact on both the employee and customer experience. 

“Now, no-one can imagine life without the bot working alongside them. The thought actually scares them! It’s really interesting because, before, staff were scared that the bot might take away their job. Now, they are scared of the bot being taken away from them.”

To learn more about Steadfast Underwriting Agencies, click here.

Related stories
Top stories
Story image
LG Electronics
LG Electronics brings on Aussie AV distributor Alloys
LG Electronics Australia Business Solutions has appointed Australian AV distributor Alloys as a new distribution partner.
Story image
Energy
Sustainability huge factor for APAC data centre managers
A new report reveals that 85% of data centre managers in APAC believe that sustainability will significantly impact operations and decision making.
Story image
Pegasystems
Marketing technologies set to increase revenues - study
Marketing leaders say that investment in new marketing technologies (MarTech) will drive significantly increased revenues.
Story image
Equinix
Aussie businesses buckle down on digital tech investments
Australian businesses are planning major investments in digital technologies to support ambitious expansion plans.
Story image
Training
Barracuda customises training to fit ACSC Essential Eight
Barracuda has announced that its Security Awareness Training now provides a customised training curriculum in line with the Australian Cyber Security Centre’s (ACSC) Essential Eight.
Story image
Cloud
BT builds on Equinix partnership with new cloud offering
BT has launched a next-generation cloud connectivity offering extending its global network into strategic carrier-neutral facilities (CNFs) and building on its existing partnership with Equinix.
Story image
Digital Transformation
Munro Footwear Group chooses Boomi to assist with digitisation strategy
Munro Footwear Group (MFG) has selected Boomi to assist with its eCommerce and digital transformation roadmap goals.
Story image
Artificial Intelligence
Siemens expands NVIDIA partnership for industrial metaverse
Siemens is expanding its partnership with NVIDIA to enable the industrial metaverse and increase the use of AI-driven digital twin technology.
Story image
ABI Research
NaaS market expected to reach $150B by 2030 - research
"The market is immature and fragmented, but telco market revenue will exceed US$75 billion by 2030 if they act now and transform to align with requirements."
Story image
Accounting
Four factors to consider when choosing the right job accounting solution
Progressive job-based businesses can achieve success by strengthening their ability to quantify every cost attributable to the delivery of an outcome for a customer.
Story image
Telecommunications
WiFi as a Service market to reach $26 billion through 2032
As a result of the easy management of wireless infrastructure over cloud services, WaaS is experiencing rapid growth.
Story image
Cybersecurity
Delinea’s Joseph Carson recognised with OnCon Icon Award
Delinea chief security scientist and advisory CISO Joseph Carson has been recognised as a Top 50 Information Security Professional in the 2022 OnCon Icon Awards.
PwC
PwC's Consulting Business and PwC's Indigenous Consulting are proud to play an important role in helping Australian Indigenous Mentoring Experience build IMAGI-NATION, a free online university for marginalised communities around the world.
Link image
Supply chain
Discover the 4 critical priorities for wholesale distribution businesses in FY23. Are you worried about how supply chain issues may affect your business in 2023?
Link image
Story image
Data Protection
Five signs your business is ready to move to the cloud
Many organisations are thinking about moving to the cloud. But what are the signs you are ready, and what are the reasons to move?
Digital Transformation
Discover the 5 signs your business is ready for a cloud-based ERP. Is your business being left behind as more of your competitors switch to the cloud?
Link image
Story image
SaaS
Ping Identity appoints Deloitte Australia as a partner
Ping Identity has appointed Deloitte Australia as a Consulting Technology Partner, uniting its offerings with the company's consulting services.
Productivity
Discover the 5 ways your ERP may be letting you down. Is your current system outdated, difficult to manage, and costing you a fortune?
Link image
Project management
Discover the 4 crucial factors for choosing the right job-costing solution. Is your team struggling to cost jobs and keep projects running on budget?
Link image
Story image
Wiise
Four things wholesale distributors need to consider for FY2023
In a post-pandemic world, there are many things for a distribution business to juggle. ERP solutions company Wiise narrows down what companies should focus on.
Story image
Solutions
Progress launches latest version of network visibility solution
In Flowmon 12 network solution, Progress has expanded its support for public cloud provider flow log monitoring and launched new features.
Story image
Low-code
Appian unveils low-code certification program in Australia
Appian has announced a program to provide the next generation of low-code developers with access to education on the subject and certification to foster career opportunities.
Story image
Document Management
Regaining digital trust and enhancing digitisation in Australian Government agencies
Having a digitised ecosystem of documents, tools and data can help bolster security, improve workflow and ultimately create better services.
Story image
Storage
EXCLUSIVE: Finding the best data center for your business needs with datacenterHawk
Companies using cloud are consistently looking for the best storage solutions to suit their enterprise needs and often have to go through rather complex processes in order to find the right fit.
Story image
Apple
Your tools, your choice: why allow employees to choose their own devices?
Jamf Australia says giving your team the freedom to work with their digital device of choice could help to attract and retain top talent in a tight labour market.
Story image
Security Information and Event Management (SIEM)
LogRhythm updates SIEM Platform with latest innovations
LogRhythm has announced the launch of version 7.9 of the LogRhythm SIEM Platform and updates to LogRhythm NDR and LogRhythm UEBA.
Story image
Enterprise Resource Planning / ERP
Five ways your ERP is letting you down and why it's time for a change
Wiise explains while moving to a new system may seem daunting, the truth is that legacy systems could be holding your business back.
Story image
Media
Registrations for the W.Media Sydney Cloud and Datacenter Convention 2022 now open
Are you a C-Level executive looking to enhance your knowledge in the cloud and data center space in order to get the best results for your company?
Story image
Recruitment
Thales on recruitment hunt for next disruptive innovations
"Recruiting new talent is part of Thales's belief in the power of innovation and technological progress to build a safer, greener and more inclusive world."
Story image
Telstra
Ericsson and Ciena, Telstra enhance service capacity for Telstra's optical network
Ericsson, Telstra, and Ciena have announced new enhancements to Telstra's Next Generation Optical Network, which will increase the service capacity of Telstra's optical network to 400 GE (Gigabit per Second Ethernet).
Story image
Collaboration
Enterprise service management: the importance of a one-stop shop
In an online world, employees and end-users want one place to go for all their questions and requests. Intranet technology and self-service portals are useful tools that help serve this purpose.
Story image
Artificial Intelligence
Accenture shares the benefits of supply chain visibility
It's clear that gaining better visibility into the supply chain will help organisations avoid excess costs, inefficiencies, and complexity to ultimately improve their bottom line.
Story image
Remote Working
RDP attacks on the rise, Kaspersky experts offer advice
"Given that remote work is here to stay, we urge companies to seriously look into securing their remote and hybrid workforce to protect their data."
Story image
Airwallex
How Airwallex helps businesses achieve globalisation success
As markets continue to shift, businesses need to be able to provide the same quality of service for customers regardless of where they are located around the world.
PwC
WSLHD and PwC’s Consulting Business came together to solve through the challenges of COVID-19. A model of care was developed to the NSW Health Agency for Clinical Innovation guidelines with new technology platforms and an entirely new workforce.
Link image
Story image
Cybersecurity
How organisations can mitigate IoT and IIoT security risks
IoT and IIoT come with inherent risks because they are often deployed faster than they can be secured, putting organisations in danger of cyber threats. Here are tips on how to mitigate those risks.
Story image
Payroll
How New South Wales state departments achieved cloud migration success
State departments in New South Wales are heading to the cloud to achieve better workflow solutions, and one company is paving the way for their success.
Story image
CSG
To win at 5G, telcos must tame their quoting chaos
The catalogs of CSP (communication service providers) market offerings are set to explode as new digital services emerge, powered by B2B2X business models.
Story image
Cybersecurity
Without trust, your security team is dead in the water
The rise of cyberattacks has increased the need for sound security that works across any type of business, but with any change, buy-in is essential. Airwallex explains why.
Story image
Cybersecurity
Tech and data’s role in the changing face of compliance
Accenture's study found that 93% of respondents agree or strongly agree new technologies such as AI and cloud make compliance easier.
Story image
Malware
Colt launches new SASE Gateway solution with Versa
Colt Technology Services’ customers now have access to an integrated full SASE solution that brings together SD WAN and SSE features.
Story image
ABI Research
75% of 5G networks to advance to 5G-Advanced by 2030
5G-advanced is set to launch in 2025, and 75% of 5G networks will upgrade by 2030, according to ABI Research. 
Story image
Metaverse
How the metaverse will change the future of the supply chain
The metaverse is set to significantly change the way we live and work, so what problems can it solve in supply chain management?
Story image
Samsung
Monitors are an excellent incentive for getting employees back
The pandemic has taught us that hybrid working is a lot easier than we would’ve thought, so how can the office be made to feel as comfortable as home? The answer could be staring you in the face right now.