Banking & Insurance Operations
Each month, insurance companies have to work out which life insurance policies are about to expire and extend them manually. It’s a repetitive and time-consuming task. At Ciphix, we’ve created a way to automate this process using RPA technology, which has improved processing times and boosted employee morale.
Workers at a large insurance company have to spend a huge portion of their time extending life insurance policies on the cusp of expiring. They must check the policy’s current status, whether it needs to change, and report denied policies using an application called Quinity Insurance Solution (QIS). For the policies that are still in progress, workers have to check details such as the policy type and the client’s age before finally extending the policy for a year.
This process takes a lot of time. The QIS application is often slow to load, while the task itself requires many checks prone to human error. Over a few months, a significant number of policies require an extension, resulting in a repetitive and monotonous workload that causes employee dissatisfaction.
Months to ROI
Hours saved annually
Of effort automated
Implementation time (weeks)
Using RPA technology, we created a digital workforce to automate the process of extending life insurance policies. Our goal was to create a solution that minimized human error and reduced the workload of employees.
Our robot successfully automated 80% of the processes, saving over 3,000 hours of human labor a year. In addition to making processing times faster, reducing errors, and making cost savings, the RPA solution significantly increased employee morale.
We offer an effective, efficient, and reliable solution. As the use of RPA in the insurance industry increases, workers will be able to focus on work that matters instead of wasting time on manually prolonging life insurance policies.
To find out more about enterprise automation and how you can use it for your organization, contact Ciphix.