IMPACT REPORT

Developing a Blueprint for AI-Assisted Decision Making

Location
Vancouver, Canada
project highlight

The future of our operations lies in integrating AI with humans-in-the-loop to drive productivity and making every customer interaction faster, smoother, and more personal.

vp INNOVATION

Challenge

In an era where efficiency and personalization are paramount, a leading Canadian insurance company embarked on a transformative journey with Farpoint. Challenged by the need to scale operations amidst growing market demands, the company aimed to enhance productivity without proportionally increasing its workforce. Despite a robust workforce of over 2,000 employees and managing more than 150,000 claims annually, the company faced operational hurdles that led to customer service delays and significant backlogs. In pursuit of a solution that could match their ambitious growth without expanding their workforce linearly, they sought Farpoint's expertise to identify and leverage AI's potential to break through these operational bottlenecks.

Approach

Over a rigorous 16-week analysis covering more than 12 departments, Farpoint embarked on a comprehensive evaluation of the company’s data systems, architectures, and operational workflows. Through extensive stakeholder consultations and multi-modal data analysis, we identified 31 critical operational challenges. Utilizing the Farpoint AI prioritization matrix, we distilled these into three high-impact solutions, each backed by a detailed financial model to forecast the Return on AI (ROAI).

Our approach didn't stop at identifying solutions. We delved into the company's processes and culture, uncovering insights into employee perceptions and systemic inefficiencies. This exhaustive research laid the foundation for a robust AI integration plan, employing the three-horizon framework to design scalable and interoperable AI systems that not only address immediate challenges but also set the stage for future innovations.

Impact

Our efforts culminated in a comprehensive Go-To-Market (GTM) AI strategy that balanced rapid deployment, efficiency gains, and ethical AI governance. A standout achievement was the re-engineering of the healthcare reimbursement process. By leveraging AI to expedite decision-making, we were able to achieved a 500%+ improvement in decision times, dramatically reducing the backlog and enhancing service quality for both service providers and customers.

This strategic overhaul provided the executive team with a detailed understanding of AI's transformative potential, offering a blueprint for not just operational excellence but also a proactive stance on future industry shifts.

Metrics

Through this partnership, Farpoint and the client have not only addressed immediate operational challenges but also paved the way for a future where AI-driven decision-making fosters growth, innovation, and superior customer experience in the insurance industry.
$78M
NPV Value Creation
500%
Improved Time to Decision
30%
Productivity Increase

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