How Taiping Life Insurance Streamlined Operations with Intelligent Automation

Background

Taiping Life Insurance is a leading insurer for life and general insurance, with 37 branch offices. A subsidiary of China Taiping Insurance Group Co. Ltd, the company entered the Fortune Global 500 list for the first time in 2018, with its ranking improving ever since. As the company expanded, managing vast amounts of data and maintaining operational efficiency became increasingly challenging, prompting Taiping Life Insurance to look for advanced technological solutions to support its growing needs.

Challenges

Taiping Life Insurance faced several operational hurdles that were affecting its efficiency and customer service. The company’s traditional methods for handling claims processing, policy management, and customer inquiries were heavily reliant on manual processes, which were time-consuming and prone to errors. Processing claims involved significant paperwork, requiring employees to manually verify documents, enter data into systems, and manage physical files.

This not only slowed down the claims processing time but also increased the risk of inaccuracies and compliance issues. Additionally, the company struggled with managing customer interactions efficiently, as they relied on conventional communication channels that could not keep up with the volume of customer inquiries, leading to longer response times and decreased customer satisfaction

Solution

Taiping Life Insurance partnered with Quantic Solutions to automate its document and data management processes. By implementing an advanced Document Management System, the company digitized its paperwork, improving data accuracy and compliance. Quantic’s Intelligent Document Processing (IDP) solution automated the extraction of information from claims and policy documents, speeding up processing times and reducing manual workloads. Additionally, an AI Chatbot was deployed to handle customer inquiries and guide policyholders, while Robotic Process Automation (RPA) automated routine tasks like policy renewals and claims notifications, enhancing operational efficiency and customer service.

How Taiping Life Insurance Streamlined Operations with Intelligent Automation

Background

Challenges

Solution

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