The Life Insurance Company Implements akaBot to Streamline Operations

Bao Viet Life Corporation has implemented FPT IS's akaBot automation solution to streamline processes at its Head Office as part of its comprehensive digital transformation strategy to optimize business operations.

The insurtech's wave and challenges in maintaining market leadership

Technology is now deeply embedded in the insurance market. Mr. Ngo Trung Dung, Deputy General Secretary of the Vietnam Insurance Association, stated: "Every stage of the insurance value chain involves technology." A McKinsey study predicts that by 2025, over 25% of the insurance industry will incorporate automation for processing claims, underwriting, and issuing contracts. Amid this wave of rapid digital transformation, insurance companies are actively adopting tech solutions to boost operational efficiency.

As a trailblazer in the life insurance market, Bao Viet Life Corporation, with over 200,000 consultants and 3 million customers, stands as one of Vietnam's largest life insurance companies. In response to intense industry competition and its customers' growing, diverse demands, Bao Viet Life has embraced advanced technology solutions, including automation, to enhance service quality, reduce processing time, and boost efficiency. This strategy not only elevates the customer experience but also supports consultants and staff in delivering superior service.

Solving comprehensive automation by streamlining essential manual processes

Bao Viet Life has prioritized automating manual, repetitive tasks at its headquarters, including data entry, reconciliation, and authorization processes, by deploying the akaBot solution developed by FPT IS. Powered by core RPA technology, akaBot features virtual assistants that mimic and learn human actions on computers, streamlining operations and reducing manual workloads. To handle more complex and comprehensive tasks, akaBot is continuously upgraded with advanced technologies like Artificial Intelligence (AI), Intelligent Data Processing (IDP), Optical Character Recognition (OCR), and Machine Learning.

The challenges of digital transformation and automation

Bao Viet Life Corporation's journey to optimize its business operations using technology solutions faced some initial hurdles. According to Mr. Trinh Minh Hoang, Deputy Director of Operations Management at Bao Viet Life Corporation, the company encountered two significant challenges. The first involved technical barriers and information security, while the second centered on people: how to persuade departments to embrace process changes when implementing Robotic Process Automation (RPA).

With support from the akaBot and FPT IS teams, Bao Viet Life Corporation has addressed issues related to technical barriers and information security, effectively resolving problems with processes and associated information systems.

To address the challenge of convincing employees about the benefits and responsiveness of automation, Bao Viet Life Corporation plans to collaborate with akaBot and FPT IS to hold internal sessions. These sessions will showcase the results and potential of RPA applications while gathering feedback and suggestions for further automation. According to Mr. Dao Duc Giang from the IT Project Management Department, the implementation team will leverage these results to persuade other departments to adopt and expand RPA.

The 'Sweet fruit' of overcoming digital transformation and automation challenges

By implementing the akaBot RPA virtual assistant across four processes at its Head Office, Bao Viet Life has achieved up to a 99.9% reduction in errors, cut work processing time by over 80%, and saved approximately 5,700 hours annually. This deployment not only meets business needs and boosts operational efficiency but also reduces manual tasks, allowing staff to focus on more valuable and creative work.

With extensive experience in digital transformation for significant insurance clients such as Hanwha Life, Shinhan Life, Prudential, FWD, PJICO, AIA, Cathay Life, and Fubon Life, FPT IS leverages its "Co-create the Next in Insurance" technology ecosystem to address industry-specific challenges. We are dedicated to helping businesses build a modern and robust insurance culture in Vietnam. "Our project with Bao Viet Life exemplifies how technology can be flexibly applied to optimize operations and enhance business processes in the insurance sector. In future phases, we plan to not only refine processes through automation but also harness AI to boost capabilities in agent recruitment, direct sales, and product development", Mr. Bui Dinh Giap, CEO of akaBot at FPT IS, noted.

Mr. Trinh Minh Hoang, Deputy Director of Operations Management at Bao Viet Life Corporation

Mr. Trinh Minh Hoang, Deputy Director of Operations Management at Bao Viet Life Corporation, stated, “In recent years, Bao Viet Life has made significant investments in information technology and digital transformation, achieving a high level of maturity in these areas. Moving forward, we will review our processes to evaluate the feasibility of applying RPA and prioritize implementations to develop an appropriate plan.”