Project Overview

Our client is a leading insurance provider using an in-house underwriting system called Database to record risk data and premium information. Additionally, they rely on a separate third-party desktop application to manage various elements of insurance accounts, including premium debt, income, underwriter premium, and third-party commissions.

The finance team is responsible for producing a monthly reconciliation between the in-house Database and the desktop application at the income level. However, the current reconciliation process is limited, focusing only on a single element of the premium. The client requires a broader reconciliation encompassing gross premium, broker commission, premium tax, policy fees, and more.

Challenges

The client’s desktop application facilitates the creation, upgrading, and reconciliation of insurance policies. To remain competitive in the market, the client employed a data entry operator to handle these tasks. The operator’s daily responsibilities include creating new insurance policies and upgrading existing ones. On average, it takes 30 minutes to create or update a single policy, followed by a proofing stage to verify the accuracy and legitimacy of the data.

This manual process is time-consuming, prone to errors, and cannot scale efficiently to meet the growing demands of the business.

Solutions

To address these challenges, we developed an intuitive bot using the RPA tool Automation Anywhere A360. This bot automates the process of creating and upgrading insurance policies by integrating data from the in-house Database and the desktop application.

Looking into the Future

The client is at an early stage of RPA implementation and plans to expand their robotic workforce. Future initiatives include:

• Scaling the solution to other business processes for broader automation.
• Leveraging analytics from RPA tools to gain deeper insights into process performance.
• Continuing to enhance operational efficiency and customer satisfaction through advanced automation.