AI Automating Business
It’s actually one of the sectors that we do a lot of business in. It’s not the fastest-growing but, if you think of some of the challenges, everybody understands them because every one of us has some type of insurance policy. We’ve all dealt with the insurance companies. And, what happens is, they have processes like maybe their onboarding you as a new customer.
And there’s a lot of information that has to be passed back and forth between you and the insurance company. So, what BluePrism does is we work with those companies to understand those processes. Right? And for the ones that are very, what we call “straight-through”, meaning all the information is in a digitized format, there’s a set of rules that I have to follow. That says, if this is true, is this is false, do these things. Those are very easy to automate. And then we look at the next set of processes.
It says, okay well this one may come in a digitized format or it may have a handwritten claim or it may have a photo. How am I going to recognize what that is? So then we start to work with our partners like Cognizant to look at who are the partners in your network? Do you have an OCR partner, for example, that can read that hand-written form? Get the information that’s required.
Not everything. Right? We don’t need all of it. But we need the key pieces of information. Translate that into a digital format. Now, instead of maybe being able to process 40% of those claims in an automated way, we’re up to 60%. And then maybe it’s the pictures. Right? And being able to recognize as the picture saying,
yes, this is something we cover, or no, it is not. It may not even be, right, in the coverage plan that we have or it may be but it does have to get to a special underwriter. BluePrism is really good at going into those different data sources, bringing that information together, determining what you need, and then what you have, and only asking the customer or only having said the agent ask the customer for the missing information.
That increases customer satisfaction hugely. Right? I would imagine one of the bigger challenges is actually identifying those unknown unknowns that the client doesn’t even know about. Right? And having to dig in and figure out, okay but wait the problem, the source is somewhere else. Right? How do you guys go about it? That’s where our partners come in. Right? So our partners, typically our partners actually know quite a bit about their customer’s business processes, right.
because they’ve done some sort of consultancy work with them or, in many cases, like in Cognizant’scase, you actually run these processes for the customers. Right? So, you kind of know how they work and it’s your people that will often come to the table with, okay here are the five things that we could very quickly automate, here are the ones that are going to be a little harder, here are the ones that are going to need some additional applications, additional smart, smart applications, right, to work with.
So, it’s often the partner that will bring that information to us, but there are also things like process mining software. BluePrism just announced a partnership today with Celonis. Congratulations. Ya. Ya. It’s a good one. And what they do is they are actually able to do is map processes. Right. And they’ll kind of come down and they’ll say, alright, 50% of the times you run the process out of the millions of times you might ruin it, it’s always done the same way. The next 10% have these variations. The next 20% have these variations.
And a lot of times then that’s where Cognizant will come in and say, we’ll work with the customer, right, to figure out how to narrow those variations, have them when they’re needed, but narrow them when they’re not. I like that approach. That’s good. So that’s where you guys come in. Once you’re done that work, then it’s back to BluePrism to run that process over and over again and do it with, again, reliability, scalability, security, all the things that are really important to customers. That’s a fantastic partnership story. It is. That’s really wonderful.