Success stories: How Hyland helps insurers innovate and automate
Explore how insurers have automated tedious tasks, increased their ROI and enhanced experiences with process and application intelligence solutions.
Insurers deal with large volumes of data and documents for key business processes. Yet, they don’t always know where to find the information they need.
A Forrester Consulting study of 405 enterprise content management decision-makers showed that 42% of respondents have large amounts of critical content hiding in information silos across the enterprise. To improve information access and get actionable insights, many are turning to automation.
Asked for the primary objectives driving their organization’s content management strategy, more than 60% of the Forrester respondents selected cost-effective automation. The global survey also showed that 69% of the decision-makers realized or anticipated improved operational efficiency and effectiveness from intelligent automation.
Hyland helps insurers automate tedious and complex tasks, giving your employees more time to focus on more engaging and strategic work.
Here are just a few examples:
Funeral Directors Life
Use case: Robotic process automation (RPA)
Challenges they faced:
As Funeral Directors Life continued to expand its customer base and create new offerings for funeral homes, the volume of new business contracts and claims picked up. Employees were staying late each day to process contracts and prevent lags in the organization’s line-of-business (LOB) application.
Eight staff members needed to settle 2,000-plus contracts each week. To maintain service levels, something hand to change.
Before investing in RPA, we were looking into hiring additional staff to assist in time-consuming, manual processes. Now our bots are handling the highly repetitive tasks, giving employees the ability to focus their time and effort on more important, high-value work that increases customer experience and service.
— Kyle Swearingen, Vice President of Development, Funeral Directors Life
Automation in action
Funeral Directors Life turned to Hyland OnBase to automate business processes, increase the speed and accuracy of claims processing, and enhance relationships with customers. Next, the full-service preneed insurance company chose Hyland RPA to automatically surface information and settle new business contracts.
Key results
- Huge ROI on bot investment: In the first three months, the five RPA bots were settling 95% of incoming contracts. Within a month, there was an 88% return on bot investment and a total elimination of lag time in LOB processing.
- Increased productivity: With the bots in motion, the productivity of the eight new business employees increased dramatically. They’re easily able to handle large volumes of contracts, and they have more time to focus on exceptions, build relationships with customers and deliver quicker, more accurate work.
- Improved claims processes: Assisted by OnBase, Funeral Directors Life began saving about seven minutes and $4.36 per claim, while processing approximately 27,000 claims per year.
- Time and cost savings: The company’s end-to-end automation solution has saved 20,000 hours in manual processes over a two-year period. Claims volume increased by more than $15 million.
- More meaningful work: Employees who were performing the same repetitive tasks for 20 years have been moved into areas where they can grow — personally and professionally. This has allowed Funeral Directors Life to focus more on service.
> Learn more | Funeral Directors Life embraces intelligent automation
Erie Insurance
Use case: Digital and data transformation
Challenges they faced:
Erie Insurance manages 7 million policies and has 4,000 active users in its system. A large majority — 80% — of the company’s information is unstructured data.
As Erie Insurance embarked on a large transformation project, the company encountered performance challenges as it tried to integrate and migrate all of its content. This, in turn, affected the user experience.
Innovation in action
Erie Insurance, one of the largest property and casualty companies in the U.S., is one of the first Hyland customers to complete a cloud-to-cloud integration between the Hyland Cloud and Guidewire. It’s also the first Hyland customer to transact the Hyland Cloud on the AWS Marketplace.
Content is driving the company’s claims processing. Erie Insurance is migrating almost a billion documents to the Hyland Cloud, “making it easily available for our end users and stakeholders to provide best-in-service support from an underwriting perspective,” Executive Vice President and Chief Information Officer Partha Srinivasa said.
Hyland checks all the boxes for us. Hyland is helping us leverage the most value out of our content so that we can provide better service to our customers.
— Partha Srinivasa, Executive Vice President and Chief Information Officer, Erie Insurance
Key results
Erie Insurance is in the early stages of what Srinivasa describes as a four-part journey — only all four (technology modernization, digital transformation, data transformation and cloud migration) are happening at the same time.
“Hyland is helping us leverage the most value out of our content so that we can provide better service to our customers,” Srinivasa said.
With content at the foundation of its transformation, Erie Insurance is optimizing its processes and driving better productivity to provide valuable insights and make key decisions.
“I think that’s the core of what content as a foundation can do,” Srinivasa said. “And that’s how we are thinking about leveraging Hyland in the future — to drive better innovation.”
> Webinar | See how IDP is driving insurance modernization
How intelligent automation and AI are shaping organizational strategies
This Hyland-commissioned research study by Deep Analysis explores key findings about the priorities of large industry players who embrace advanced technologies. Get best practices and learn how your organization can maximize its investment with these data-driven insights.
Mutual of Enumclaw
Use case: Automated claims processing
Challenges they faced:
The regional mutual insurance company struggled with an aging legacy system with limited functionality. The antiquated system was inefficient and didn’t have an analytics component, and the insurer found it difficult to allocate work to the right adjusters at the right time.
Automation in action
Mutual of Enumclaw leveraged OnBase to bulk-assign claims to an adjuster or group of adjusters, which was a big improvement from a previously manual process.
The insurer utilized WorkView, Hyland’s low-code, configurable framework, to build a first notice of loss (FNOL) tool within OnBase. This helped Mutual of Enumclaw automate the FNOL process and accurately assign certain claim types to the appropriate adjuster.
Later, the insurer integrated Guidewire with OnBase to create a modern, core claims system.
Inbound and outbound customer claims communication must be handled easily and efficiently if any insurer hopes to compete in our evolving industry. Guidewire ClaimCenter, integrated with OnBase, fulfills that requirement.
— Jeff Obermeyer, Claims Business Manager, Mutual of Enumclaw
Key results
Seamless integration: Working together, Hyland and Guidewire offer complete processing and intelligently link all related information to a claim or policy. By minimizing the need for custom coding, Mutual of Enumclaw has decreased capture and document management implementation time and costs by 50% or more, improved team performance and reduced time to market for new products and services.
Customer experience gains: The insurer more accurately directs incoming documents to the right claims employee, helping it speed up the time it takes to respond to customer inquiries. With Hyland and Guidewire, Mutual of Enumclaw has improved customer service throughout the claims life cycle.
Improved user experiences: Previously, adjusters had to jump back and forth from the legacy claims solution to OnBase. Now, users work exclusively in Guidewire ClaimCenter, complete with all of OnBase’s capabilities.
> Learn more | Mutual of Enumclaw cuts claims processing times
Automate — and innovate — with us
Increased volumes of unstructured data, outdated systems and savvy competitors are keeping insurers up at night.
Hyland can help your insurance organization fuel innovation with intelligent solutions that deliver compliant, AI-driven process automation.
Are you ready to be our next success story? Chat with us now.
