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Banking & Insurance - Customer Service
Insurance company extends life insurance policies with use of RPA
Each month, insurance companies have to extend many life insurance policies that are about to expire. This is a repetitive and time-consuming task. We offer an RPA solution that automates the process of mutating life insurance policies. Next to faster processing times, did our solution increase the employee moral significantly.
Use case
Workers at a large Insurance company have to extend many life insurance policies that are about to expire. They check whether the policy needs to change, and the current status of the policy. They report all denied policies in an application called QIS. For all policies which are still in progress, workers have to check various details such as the type of policy or the age of the client. After these checks, it is allowed to prolong the policy with a year.
This process is very time-consuming, especially since one of the applications (QIS) is rather slow and workers spend quite some time waiting. The process also requires many checks which are prone to error when performed by a human. In some months, a large number of policies has to be extended. The repetitive nature of the task then leads to dissatisfied employees.
Applied technologies
8 weeks delivery time
5
Months to ROI
2000
Hours saved annually
80%
Of effort automated
8
Implementation time (weeks)
Our solution
We created a digital workforce using RPA technology to automate the process of extending life insurance policies. Our goal was to create a solution that is less sensitive to human error and to reduce the workload of the employees. Our robot was built to initialize two applications (QIS and an internal application) and then perform the following tasks:
- Check whether changes in the policy are needed
- If yes, check current status of the policy
- If denied, create a failure task in QIS
- If in progress, check client details (such as age or policy type)
- Prolong policy and create task for next year
Our robot is able to automate 80% of the process and save over 2000 hours on a yearly basis. Next to faster processing times, error reduction and cost savings did this RPA solution increase the employee moral significantly.
We offer a solution that is effective, efficient and reliable. Workers can stop wasting time on manually prolonging life insurance policies and refocus on work that matters.
Integrated applications
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