PJICO cooperates with FPT IS to promote digital transformation and risk management

To promote digital transformation and risk management, Petrolimex Insurance Joint Stock Corporation (PJICO) has joined FPT IS in deploying the akaBot automation solution.

Comprehensive digital transformation, optimizing operations, tightening financial risk management With more than 30 years of development as one of the leading prestigious insurance companies in Vietnam , in 2024, Petrolimex Insurance Joint Stock Corporation (PJICO) is making new changes. Recently, PJICO launched a new brand identity towards the 30th anniversary of its establishment with the message "Serving from the heart" reflecting the company's philosophy: Every action, every service that PJICO performs comes from a sincere heart. PJICO also announced preliminary business results for the first 6 months of 2024 with total revenue estimated at VND 2,546 billion, completing 53.4% ​​of the 2024 plan. After successfully restructuring the organizational model to match the current revenue scale and financial capacity, PJICO is accelerating the implementation of steps in the digital transformation roadmap for the period 2023-2028 with the goal of becoming a leading insurance company in Vietnam operating sustainably - safely - effectively on a digital platform; thereby improving customer experience, bringing engagement and increasing business opportunities. In the problem of invoice operation and management in particular, PJICO currently often processes thousands of input invoices per day. Faced with the challenge of improving operations, PJICO has built a comprehensive digital transformation plan when implementing automation of the process of controlling and storing input invoices combined with financial management regulations to thoroughly apply cashless payment methods. According to Ms. Pham Thu Hien - Chief Accountant of the Corporation, "The reason and goal of implementing the project for PJICO's input invoice management is to improve labor productivity, manage input invoice risks well, and at the same time demonstrate the Corporation's progress in the digital transformation trend, demonstrating transparency, safety and efficiency in business, bringing peace of mind to customers and employees of the Corporation". PJICO has applied the virtual robot automation technology (RPA) akaBot developed byFPT IS in the invoice processing process. The platform's core RPA technology includes virtual assistants that can simulate and learn human operations on computers, thereby automating tasks and freeing employees from manual operations. To meet the need to automate more complex and comprehensive operations, the akaBot solution is also continuously integrated with robot upgrade technologies such as: artificial intelligence (AI); intelligent data processing (IDP); image text extraction (OCR) or machine learning (Machine Learning). With this solution, PJICO aims to standardize the invoice control process, operation, and more optimal management. Invoices are carefully checked for conditions before payment, reducing financial and legal risks. At the same time, invoices will be stored according to standards on PJICO's system for easy searching later. Save 80% of time when automating invoice management with akaBot On June 17, 2024, PJICO officially put akaBot into use in the process of checking and storing input invoices. Previously, a traditional invoice processing process at PJICO could have up to 7 steps, including both the professional and accounting staff receiving electronic invoices from suppliers, checking the status, uploading invoices to the system and making payment requests/payment vouchers. The automation solution from FPT IS replaces all current manual work. Department staff only need to send emails containing invoices to robots. Virtual assistants akaBot with the ability to extract text by image (OCR) will perform completely automatically from the stage of extracting content and information fields, checking invoice legality, detecting duplicates in the system, reviewing payment methods, updating invoice status and storing documents according to the correct syntax. After a short time of implementation, the system's operation has reduced the processing time for each invoice from an average of 15 minutes to only 3 minutes - equivalent to saving 80% of the processing time. This helps PJICO save 6,000 hours of labor per month for its staff, while reducing the error rate by 99.9%, helping to improve labor productivity and thereby increase income for employees. PJICO's digital transformation has a large volume of processes and a high level of complexity, however, the Corporation clearly understands the challenges and processes that need to be prioritized and has achieved high efficiency in the early stages. Mr. Bui Dinh Giap - CEO of akaBot, FPT IS shared: "The goal of akaBot is not only to accompany PJICO in automating and optimizing operations, but also to improve the analysis, management and forecasting capabilities for departments". According to Deloitte's "Intelligent Automation in the Insurance Industry" (2023), the trend of applying RPA, AI and related technologies such as IDP, Machine Learning is being included in the digital transformation strategy of most financial and insurance enterprises in Southeast Asia. Not staying out of the race, in the coming time, PJICO will continue to expand the scale of intelligent automation applications in many different business processes, aiming to completely digitize operations with the support of FPT IS. With the ability to deploy automation solutions in particular and 30 years of digital transformation experience, FPT IS is committed to accompanying insurance enterprises in solving problems related to operations, security, enhancing customer experience, and accelerating business in the fastest and most effective way.

Bich Dao

Source: https://vietnamnet.vn/pjico-hop-tac-fpt-is-day-manh-chuyen-doi-so-va-quan-tri-rui-ro-2302620.html