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The OutSystems platform enables YF Life to speed up workflows from weeks to days and eliminates over 100 types of physical forms
HONG KONG, Aug. 17, 2022 /PRNewswire/ -- OutSystems, a global leader in high-performance application development, has partnered with YF Life Insurance International Ltd. (YF Life) to deploy an innovative paperless workflow system. The system enables staff and insurance consultants to work more efficiently by automating the workflow management. As a result of the deployment, less manpower has been needed, and administrative processes reduced from weeks to days, significantly reducing the amount of papers in the workflow.
Before deploying the OutSystems platform, YF Life mainly used paper forms in its administrative process across business functions, such as leave application, procurement, policy underwriting, and the like. In order to improve work efficiency, a new paperless workflow system has become the viable solution.
Paperless workflow enables smart working
As the first step to automation, YF Life revamped components in workflow from papers to "objects". It allowed IT systems to store and process unstructured data such as voice messages and images. The change helped YF Life to unlock technologies such as optical character recognition (OCR) on documentation, robotic process automation (RPA) and the next-generation contact centre (NGCC). Through these integrated systems, the manual workload could be automated up to five times faster than the traditional mode of operations, allowing internal staff and insurance consultants to be relieved from the approval seeking and follow-up routine, taking YF Life's work efficiency to the next level.
"Paperless does not mean converting paper documents into electronic files. It is a reimagination of the entire workflow across the organization. A capable workflow management system has to support unstructured data - an advantage that no SaaS solutions can provide," said Daryl Cheng, Chief Technology Officer at YF Life. "We also needed to support diversified business units, ranging from the back office to different sales teams, all with unique needs. While a 'one-size-fits-all organization' workflow solution may be the industry norm, as a technology-enhanced insurer, we go the extra mile to develop a brand new workflow system with OutSystems that offers greater flexibilities."
The challenges of COVID-19 and hybrid working models showcased the importance of paperless workflow management. With YF Life's forward-looking preparation before the pandemic, management can now grant approvals, make comments and request more information anywhere, anytime. YF Life also revisited the automated process during COVID-19 and introduced rules to automatically assign signers of each document, directing staff to get approvals from the most up-to-date eligible signers.
Customer service innovations unlocked by a paperless workflow system
YF Life is now planning to expand the automated workflow from internal operations to customer service. "With the automated backbone built into the OutSystems platform, we are conducting a range of testings to enhance the insurance policyholder's self-service experience. We are looking forward to a foreseeable future, when our customers may be able to manage their insurance policies over our portal with minimal automated guidance. They may also submit their inquiries, request their consultants to assist in the claims process and even sign-off on documents through the online portal," Cheng added.
"Speed and flexibility provided by a high-performance low-code development platform allows businesses to digitalize and automate their existing paper-based workflow rapidly," said Mark Weaser, Vice President for Asia Pacific, OutSystems. "We are glad to witness YF Life embrace a paperless workflow and empower them to deliver seamless user experiences to their policyholders, as well as smart employee experiences for their management, staff and agents using low-code technologies."
About OutSystems
OutSystems is a global leader in high-performance software development. We partner with visionaries to turn their big ideas into critical applications that move business, people, and the world forward. We create a culture of innovation inside any organization by turning software into a strategic strength. The OutSystems network spans 600,000 community members, more than 400 partners, and active customers in 87 countries across 22 industries. The company is known as "The #1 Low Code Platform"® and a market leader by analysts, IT executives, business leaders, and developers around the world. Learn more at outsystems.com.
About YF Life
YF Life Insurance International Limited is a member of publicly listed Yunfeng Financial Group Limited, whose major shareholders include Yunfeng Financial Holdings Limited[1] and Massachusetts Mutual Life Insurance Company[1], one of the "Five Largest US Mutual Life Insurance Companies"[2]. Leveraging its robust financial background and solid reliability, YF Life is committed to helping customers "own the future" by providing professional and technology-enhanced one-stop risk- and wealth-management consulting services, as well as MPF services.
[1] Yunfeng Financial Holdings Limited and Massachusetts Mutual Life Insurance Company have an indirect shareholding in Yunfeng Financial Group Limited. [2] The "Five Largest US Mutual Life Insurance Companies" is ranked according to the results of "Insurance: Life, Health (Mutual)" on total revenues for 2021, and based on the FORTUNE 500 as published on May 23, 2022. |
