Synergy wins Technology Excellence Award for Robotics – Financial Services
Synergy’s ASTRA Automation Accelerator Framework was conceived and developed to address the immediate needs of process transformation for clients in the financial services sector.
Recognising that technological innovation is an essential element of success in a competitive marketplace, Hong Kong Business created the Technology Excellence Awards (TEA) to honour the enterprises that have used technology in creative ways toward improvement of processes, products, and services. In its inaugural year, TEA’s panel of judges granted the top award to Synergy Strategic Solutions in the category of Robotics – Financial Services.
ASTRA, Automation Accelerator from Synergy, is a process transformation model comprising a “business due diligence framework” and “automation accelerators” supported by data APIs that enable fast identification, evaluation, and implementation of high-value “quick win” opportunities for its clients in the insurance and financial services sectors.
The ASTRA Automation Accelerator Framework mainly consists of four phases:
1) Align - Strategy: Synergy helps the Client to define the process efficiency and automation objectives, which are integrated and aligned with the Client’s corporate ambitions.
2) Identify - Capabilities: Critical business functions and easy target improvement areas are determined for a strong base case to be established. During this stage, Synergy brings a qualitative and quantitative evaluation methodology that helps to analyse key business parameters by referring to industry benchmarks.
3) Realize - Immediate Benefits: “Quick wins” undergo a fast deployment (agile) plan with benefits realised immediately in a short duration. Mid- to long-term initiatives are iteratively identified and defined during this phase.
4) Monetize - Long Term: Quick win benefits are ploughed into mid- to long-term initiatives, helping the Client to redeploy created assets, resources, and capabilities with minimal investments.
ASTRA has been deployed across business functions for multiple clients in Hong Kong, India, Japan, and Indonesia. In Hong Kong, the ASTRA framework was utilised to automate the employee benefits (health claims) process for a major European insurer. In 2017, this project earned compliments for the Client’s effective technology use. Some
of its achievements include automated claims processing, built-in configurable rules engine, multi-channel capability, and a better user experience through graphical user interface. Today, this project has helped the Client to achieve 70% straight-through processing on their group claims process.
Founded in 2011, Synergy is a boutique Insurance IT Consulting and Services organisation focusing on value-based tailored technological solutions to help customers
become efficient and productive. Through collaboration with Clients’ technology and business specialists, Synergy applies agile delivery techniques and human-centred design to develop applications that facilitate self-service models whilst reducing costs and ensuring constant user engagement. Synergy’s digital strategy covers not only IT but also domain specialisation in Pre-Sales, Claims, and Distribution process, helping Clients to develop an integrated approach to offering the best customer experience.
With strong expertise in Insurance and IT Services, Synergy is helping Clients to integrate traditional and digital processes. Beyond Robotics Process Automation, Synergy specialises in application development and integration, quality assurance, application support and maintenance, reporting and analytics, and project management
office/delivery services. Synergy shares its exceptional practices through its operations not only in Hong Kong but also in Singapore, Malaysia, and India.
The Technology Excellence Awards 2019, presented by Hong Kong Business, was held on February 27, 2019 at the Conrad Hong Kong.
This year's nominations were judged by a panel consisting of Bong Chan, Southern Region Leader, China TMT Industry, Deloitte China; Jason Yau, Partner, Technology and Management Consulting RSM Hong Kong; Douglas Kwan, Partner, Assurance and Advisory Services, ShineWing (HK) CPA Limited; John Poon, Head of Accounting and Outsourcing Solutions, Mazars Hong Kong; and Jonathan Chu, Partner, Stephenson Harwood.
If you would like to join the 2020 awards and be awarded as one of the technology companies with pioneering and ground-breaking IT products and solutions or companies from across different industries with the most innovative technology initiatives that made an impact on their business, please email Julie Anne Nunez (email@example.com).