Use Case
RPA Turns Creation of Insurance Policies into Efficient Process
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Challenges
- High volume of policies with variable covers and premiums being created every month.
- Need to maintain a team of underwriters for business validations.
- Error-prone, time-intensive process as data has to be entered manually on underwriting web application.
Solutions
- RPA bot reads raw policy information and validates it using business rules and the underwriting application database.
- Next, the bot calculates exact policy details and updates the underwriting application.
- RPA bot extracts the generated policy reference number and sends the user a process summary.
Benefits
- 6 Months of policy-creation backlog cleared through an efficient and error-free process. RPA saved the manpower wasted in manual process.
- 88% Decrease in policy creation time (from 40 minutes to less than 5 minutes). Reduced the number of monotonous and repetitive tasks for employees.
Underwriting department, The Shipowners’ Club
- UiPath
- Windows server with .NET framework
- Outlook
- Excel
- Web application SQL Database
- Talend
Robotic Process Automation (RPA) is indispensable for the insurance industry. Businesses can leverage this technology to streamline workflows, save employee hours and serve clients at a faster pace. Our client, The Shipowners' Club, leveraged process automation for an efficient and cost-effective solution which turned the repetitive manual task of insurance policy creation into an accurate and quick digital process.
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