A GLOBAL INSURER REDUCED COSTS BY 50 PERCENT THROUGH AUTOMATION

Know More

CLIENT

This leading global insurer had operations in three core business segments. It was having difficulties in the property insurance for global customers as the work was manually handled. This resulted in increased costs and other issues.

BUSINESS CHALLENGE

The client’s division in North America manually handled property insurance for global customers, assessing risk exposure and valuing properties to determine premium. Back-office processes on property rating and preparation were long-drawn with significant costs incurred by the client. Processes were replete with repetitive work steps involving manual effort. The client needed a solution that addressed issues such as frequent rework, non-adherence to service level agreements (SLAs), lack of a standardized and consistent approach, unexpected full-time equivalent (FTE) issues, and spikes in the volume of requests.

SOLUTION

We deployed a robotic process automation (RPA) solution that implemented the following approach

• Used Blue Prism software

• Enabled human-like processing of cases—by virtual robots hosted in the client’s data center—in a non-invasive manner, without changing the client’s core systems

• Enabled associates to perform specific manual tasks (such as verifications and dealing with handwritten input), and hand them over to bots to finish processing

BENEFITS

Our approach of automating approximately 70 percent of manual steps enabled the client to achieve the following benefits:

• Elimination of rework due to human mistakes in the pre-transformation state

• Reduction in costs by 50 percent

• Standardization of operations

• Reduction in FTEs by 50 percent

• Decrease in scheduling issues

• Capability to handle volume spikes