Automating for High Value - The Power of Process Mining
The goal of automating processes as part of digital acceleration is likely on most insurers’ business and technology road maps, and if it’s not, it should be. Insurers started the automation process with robotic process automation (RPA) years ago. Process automation solutions have since evolved dramatically with the integration of artificial intelligence technology such as machine learning and natural language processing. Regardless of how an insurer chooses to address process automation needs—whether through RPA, low-code/no-code, AI platforms, or any other option—a critical element to success is defining what to automate. To figure out where their capital dollars should be spent, many insurers turn to automated process mining tools.
Insurers know they need to automate, but many would prefer to hedge investing capital dollars in areas that offer the maximum return on investment. This is where process mining comes into play. There are two major areas of focus when it comes to process mining. One is at the full process level, which is called process mining. The other focuses on the individual task level, called task mining.
There are numerous ways to go about mining for improving process value. In this report we focus on both automated mining tools and alternative methodologies.