Technologies ranging from automating routine tasks to the use of machine learning algorithms and ultimately cognitive artificial intelligence will all help with the labor process.
Cognitive automation sits on top of existing IT architecture and, in its most advanced form, interprets data from multiple sources to make decisions. It can, for example, monitor the supply chain continuously to ensure a pharmaceutical company and its suppliers comply with the anti-bribery and corruption regulations around the world, by combing databases to look for outliers.
At the same time, the cognitive engine can be directed to weed out suppliers that are charging too much or help develop a more flexible and efficient procurement system across a region of the world.
KPMG in the UK worked with a large UK health insurer to improve the servicing of critical illness claims, cutting the claims payment process from 30 days to 15 minutes, through the use of predictive analytics.
KPMG in the UK collected and processed a variety of structured and unstructured data, developing a proof of concept that applied machine learning algorithms and various models to test their effectiveness.
The company’s claims capability was transformed, potentially saving up to half the cost of claims processing, as well as achieving big improvements in the customer experience and in the consistency of claims processing.