captricity + forrester - rpa and advanced capture webinar

August 3, 2016

How RPA and Advanced Capture are Improving Customer Experience and Productivity in the

Enterprise

o Please use the area in the right of your screen to ask questions during the presentation

o 15 min. at the end of today’s webinar has been reserved to answer user-submitted questions

o A recording of today’s presentation will be provided following the webinar

Housekeeping Items

o Presenter Introductions (5-min)o Forrester (20-min)

o Disruption, Automation, and Age Of The Customer o Emerging Cognitive Landscape & Future Of Cubicle Employment o RPA’s Role In Cognitive Development o Advanced Capture Applications Support RPA and Cognitive Goals

o Captricity (20-min)o Data-as-a-Service o RPA for the Enterprise o RPA in practice: Customer use cases

o Discussion and Q&A (15-min)

Today’s Agenda

Craig Le Clair, Vice President & Principal Analyst

Presenters

Brian Cox, Head of Insurance & Financial Services

© 2015 Forrester Research, Inc. Reproduction Prohibited 6

Agenda

› Disruption, Automation, and Age Of The Customer

› Emerging Cognitive Landscape & Future Of Cubicle Employment

› RPA’s Role In Cognitive Development › Advanced Capture Applications Support

RPA and Cognitive Goals


Empowered customers have given rise to a new era

Age of distributionTop retail financial services firms and insurance providers succeed with extensive branch networks, thousands of advisors and agents, mergers for scale, and mass advertising.

• Allianz• Bank One• Dean Witter• MetLife• NationsBank• Prudential• Smith Barney

Age of informationSubstantial IT infrastructure including networked computers gives organizations the transaction processing power and economies of scale they need to grow fast.

• Ameritrade• Capital One• Charles Schwab• Direct Line• HSBC• ING Direct• MBNA• Progressive Insurance• Visa

Age of the customerCustomer-obsessed firms grow faster by spending more on customer experience and customer service.

• Ameriprise• Credit unions• Edward Jones• Garanti• mBank• RBC Royal Bank• USAA• Vanguard


Customer Experience Is A Work In Progress For Insurers

Forrester “The Customer Experience Index, 2013”


High-scoring customer experience companies far outperform their peers

-20%20%60%

100%

-3% 51%78%

Forrester’s Customer Experience Index mapped to S&P stock performance over last 7 years

Leaders outperformed the market by 27% and

laggards by 81%

Source: Forrester Research, Watermark Consulting

Digital Disruption Is The New Strategic Risk


Agenda





Digitization Does Not Require A Big Workforce

2014Acquisition Value: 19B Employees At Acquisition:

55Customers: 450M

2012Acquisition Value: 1B

Employees At Acquisition: 13

Customer 30M

Apple: Market Cap. $1 trillion

Employees: 115,000

1964 – Four Most Valuable Companies

AT&T: Employees: 758,611GM: Employees: 660,977

Standard Oil Employees: 147,000

IBM 149,837

Machine Learning

Engagement Capability

System Orchestration

Predictive AnalyticsBusiness

Intelligence

Robotics Process Autom

ation

Routine Production Services

Cogn

itive

Con

tinuu

m Natural Language

Processing

2. Human addresses problem – text captured

and converted for machine ingestion

1. Customer Hits Portal Link For

Human Assistance

3. Active Learning Points

Prioritized 4. Machine Self

Adjusted 5. Machine extends support capability

stat

ic

dy

nam

ic

Active Learning In A Customer Service Context


Agenda






What Is Robotics Process Automation

Robotic process automation (RPA) is the application of technology that automates workflow processes, primarily for administrative work. RPA

software can help automate large volumes of digital manual-processing work.


RPA – On The Tech Radar For Digitizing Operational Processes


RPA Addresses A Backlog Of Tactical Process Enhancements

› Productivity with be boosted with robotic process automation (RPA)

• Targets are IT support, customer service agents and back-office work processes.

› API headaches for data integration are eliminated. • RPA minimizes coding for building web services APIs to access a database or

legacy system.

› An alternative to the BPO labor arbitrage approach. • Enterprise can avoid today’s BPO headaches, namely disruption due to shifting to

more optimal “labor” locations, the overhead attached to outsourcing, and questions over quality and poor communications.

› An easy to consume pricing model. • RPA is often priced as a fraction of the replaced staff person, as a robot license that

can be compared to


An Alternative To "Big IT Spend" For Typical BPM Projects

› What can be done in RPA can be done with BPM. So why use an RPA approach?

› It does not require invasive integration, changes to underlying systems, and less change management.

› A “low touch” approach for process improvement for brittle legacy systems.

› RPA appearing as workflow queues on BPM process maps and “guardrails” for state transitions in case management


Create Your Own RPA Use Case Heat Map


RPA Will Climb The Cognitive Scale

RPA today


How To Find Your RPA Target


Agenda





Mobile Capture Applications Will Accelerate


Capture Silos Get In The Way Of Great Experiences Across The Journey.

Discover

AskUse Buy

ExploreEngage

“We don't know what a customer is getting. There are so many departments sending information out. And then there's the quality issue. We also don't always know which communication is important."(Senior architect, major utility company)


RPA and Capture Can Help The Onboarding Process

Multi-channel Customer Service

Poor Response And Escalation

Mechanisms For Issues

Presenting The Right

Information To Clients At The Right Stage In The Process

Collecting The Right

Information While

Maintaining Customer

Experience

Re-keying Or Wasted Time Coordinating

Various Systems Of Records, Core

Systems, And Packaged Apps—

Each With Its Own Record-

keeping Needs

Inability To Get A Holistic View Of Operational And Other Data

Connecting With The Institution

Via Digital Channels

Operational Reporting /Key Performance

Indicators

Sales Engagement Data Gathering KYC Deal

Configuration Credit Risk Closing and Fulfilment

Too Many Inconsistent Internal User

InterfacesOperational

Reporting /Key Performance

Indicators

Customer Experience Operational Experience

Risk ScoringKYC,PEP,MIFID &FACTA

Reporting Account-Setup/modifications

© 2012 Forrester Research, Inc. Reproduction Prohibited

Capture As A Service (CaaS) Will Replace Batch Capture Systems

• Capture today is thought of as a large production and centralized resource. defined as,

• A cross-LOB capability that asynchronously transforms content • in real time to support work the optimal step in a work process

• Content likely to come from diverse channels, such as mobile devices in the field or a customer’s hand, from an MFP in a branch office.

• Less and less will be mailed to the central location. • CaaS will interact directly with a step in the transactional process. • Pricing models that may disrupt age-old on-premise approach

28

© 2012 Forrester Research, Inc. Reproduction Prohibited

Page Analytics Has Many Practical Use Cases

• Techniques such as statistical analysis, machine learning, natural language processing are now bringing text analytics closer to productive use cases.

• Information governance puts pressure on traditional capture. • Page analytics can see if a contract is signed. • PDF comparison can show the contract is only 92% the same , • Classification extending beyond basic metadata

One Pharma had an “unknown bucket” of 30 Million files that they needed to unravel and classify. According to one EA, heavy duty analytics is cool but no one can get it to work, but light analytics

available are an immediate win .” • Fraud detection remains a growth area for capture • Just finding the right information is a big win

29

Contract Review For M&A Transactions lawyer

• Contract's require review by legal prior to M&A transactions for rights of assignment, expiration, length, and other aspects that may affect company value

• Contracts fed into “cognitive platform” that builds model and tags terms; RPA takes over data entry and builds tables – Able to review larger pool of contracts. For example: For a

500M revenue company lawyers may review only 100 to 300 contracts of the 5K to 10K available, multiple errors,

– Save 90% of time– Reduction in errors


Summary

› RPA and Cognitive Support Will Be a Strong Enabler Of The Future

› Enterprises Should Expand Their View Of Capture Or Be Left Behind More Agile And Forward Thinking Competitors

› Both Must Be leveraged In New Ways To Meet Age Of The Customer Requirements

GovernmentHealthInsurance & Financial Services

10 of the Top 20 U.S. Insurers

Customers

Non-Profit

• The majority of critical business processes still rely on paper..

• Common practice is (still) to have people TYPE information from paper forms into downstream systems.

• Manual data entry process are error prone, time consuming and expensive.

• Analytics teams unable to access the most valuable legacy customer data from documents.

Problems Insurers Face

• Applications Forms (new business)

• Change forms

• Claims forms

• Electronic payment authorizations

• Contract change requests

• Collateral forms

• Mortgage and banking forms

• Withdrawal forms

• Death certificates

Familiar Use Cases

Operational use cases involve process automation of workflows and eliminating manual entry.

Analytics use cases involve unlocking missing or unavailable data from legacy documents.

Robotic Process

Automation(RPA)

EnrichmentAPIs

Data Package 1

RPA

or D

irect

CRM

Policy Admin

LegacyApplication

BI / Analytics

Internal Systems

1.) Capture & Normalize 2.) Validate & Enrich 3.) Format & Deliver

Data as a Service (DaaS)

Self-Serve Monitoring & Compliance Dashboards

Upload

SFTP

API

Intake Nanoservices

Voice

Web Forms External Web Services

Data Package 2

Information Types

Systems & Tools

Process

As-Is: New Business Document Processing

Imaging Manual Indexing

NIGO / IGO

Underwriting

ScannersDoc Prep

DocumentRepository

New BusinessSystem

Policy AdminSystem

Data Entry

Information Types

Systems & Tools

Process

With Captricity: New Business Document Processing

Imaging

NIGO / IGO

Underwriting

ScannersDoc Prep

DocumentRepository

New BusinessSystem

Policy AdminSystem

Captricity Capture

Transform

Deliver

Captricity & Robotic Process Automation (RPA)

RPA

Bot as Data Delivery• Sample of Business Data to SFDC for “Review and

Submit” process• Process sample of bene data to customer backend

system without API

Bot as Validation and Enrichment• Example: Enrich customer data with additional

insights to feed overall customer experience and targeted marketing

Captricity Use Cases for RPA

RPA Workflow

Customer Stories

CHALLENGE:No easy access to “cause of death” data from death certificates, which are submitted along with death claims but typically filed away without further analysis

SOLUTION:Unlocked data from over one million documents. Enabled big-data analytics for underwriting innovation and fraud detection.

Extracting Data from 1M+ Death Claims

Technical Challenges with Death Certificates

New York Life now has access to over 20 million new data points after digitizing ten years of legacy death certificates.

Expanding Across the Enterprise

Application Forms Payment AuthorizationsDeath Claims

Customer service efficiency, Analytics, Fraud detection

Value Delivered

Same-Day Turnaround Time;Time-to-Value <30 days

Cost Savings of 50% - 70%+;Return on Investment <3-8 months

Enterprise-Grade Security;100% HIPAA Compliant

Infinite, Elastic Platform Scalability

Significant Data Accuracy Improvement (99.5%+, even on handwriting)

Questions?

Thank YouBrian CoxInsurance & Financial Services Group

Contact:[email protected]

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