Storebrand achieves 75% Automation grade
Leading Nordic Financial Group streamlines customer service and enhances data control for Insurance processes.
How we create value
Learn more in our interview with Storebrand:
About Storebrand
Storebrand is a Nordic financial group with services within pension, savings, banking and insurance. With a history of over 250 years, they have grown into one of the region’s largest private asset managers, currently serving over 40,000 corporate clients and 2 million retail customers.
Challenges of Manual Handling
Storebrand was faced with high administrative costs of handling customer inquiries coupled with reduced customer satisfaction scores due to long response times, ultimately leading to less profitable operations.
A flexible and compliant Solution
Recognizing the importance of adapting to their customers’ evolving needs in a fast-paced industry, Storebrand was looking for a solution capable of handling various unstructured data sources while also adhering to stringent industry data regulations.
We prioritize Data Security
- We adhere to a ‘privacy by design’ approach, taking data security into consideration from the beginning.
- User’s data (such as name, email, phone, address) is made secured through data masking.
- Our solution is built on GDPR and ISO/IEC 27001:2013 protocol compliant software.
- The data we process is encrypted. Customers can delete their data on request.
How Storebrand’s Solution for Insurance works
- Solution fetches customer inquiry from back-end-system.
- Email module extracts and interprets relevant information in inquiry.
- Document modules extract relevant information for processes like policy termination or requesting a bonus.
- Document modules verify if there is an active insurance match or if an outstanding invoice.
- Solution performs the termination through data entry or validates the bonus if conditions are met.
- Solution sends a reply to corresponding insurance company if conditions for bonus are not met.
Towards an innovative future
Storebrand anticipates that their solution will eventually achieve a 90% automation grade and save the equivalent of 20-25 full-time employees’ work hours.
For the future, they recognize the value of implementing Simplifai’s generative AI technology into their processes to further enhance and streamline customer communication.
I think that once you get started, you learn about the technology much more and you realize the potential. Be aware of your data and access to data, that’s key. And include people that know the process and work in the operation day-to-day. Have them on board early on so you can move on to production quickly.
Aleksander Nyland
Head of customer and Process optimization at Storebrand
