An insurance client based in Singapore was looking to drive the process efficiency and business outcome in the Fleet handling of NB and application renewal processes. The process efficiency gained through RPA implementation was expected in the firm’s PIC partnership process and Claims processing.
Case Study
Robotics Process Automation in Underwriting for an Insurance Company
The solution
Challenge
- The operator took around 136 mins per batch and an additional 16 mins per new policy. In case of renewal the operator took around 195 mins per batch and an additional 9 mins per policy.
- The operator took 17.5 mins per policy (average of 18 policies per working day) for
claims processing.
Key Challenges
- Manual effort by Partnership PIC to create contact and proposal in IDIT which involves eyeballing of details to ensure data consistency between information input into IDIT vs the excel file (source)
- Manual reconciliation of details by Underwriting PIC to update the proposal and
subsequently issue the policy. - Performing mail merge to generate CI in PDF format and checking the results.
- For the Claims processing, Manual effort by Claims Admin included:
- check for existing claims in IDIT (initially created by Transfingo) and update accident details accordingly.
- create a new loss event in IDIT if existing claim does not exist. This involves going through several screens in IDIT to create Loss Event as well as creating a new contact if driver in report does not match with driver in IDIT (for involved VRN).
Services/Solutions Offered
- Remove the manual effort to create new contact and proposal in IDIT.
- Remove the manual effort to update and issue policy in IDIT.
- Automate the creation of multiple copies of CI in PDF format {16 mins per policy}
- In case of the claims settlement process, the team removed the manual effort
through RPA by- checking if contact already exists and create contact if otherwise.
- checking for existing claim and input details for Loss Event creation in IDIT
Benefits Realized
To realize business direction, new core system as a whole, is deemed necessary to provide the values as below.
22% time saved per batch with a turnaround time of 3 weeks
for partnership PIC
90% time saved per policy for the claims processing.
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