RPA and Smart Automation Case Studies
Notification of Overdue Items: Accounts Receivable Follow Up
A Global Insurance Company is made up of 100’s of insurance brokers that act as agents for their respective insurance clients. The company has an internal team of accounting employees currently spending a portion of their day dedicated to checking through every policy broker’s accounts and portfolio of corresponding invoices to see if any of their payments are overdue. Along with this, the team checks to see how long the payment has been overdue and are responsible for crafting and sending out individual emails with the appropriate attached policy information, invoice, number of days the item has been overdue to the insurance client and copying the holder’s internal insurance representative on the email to notify them as well. This time-consuming and resource-draining process is one that was a perfect fit for process automation savings.
- Log into the Accounts Receivable System: The Bot logs into the system to scrape and collect the appropriate data from the current insurance policies
- Scrape Broker Groups: The bot extracts the list of groups from the system and navigates to them one by one. When each group is opened, the list of brokers that belong to it will appear with their broker number and internal company employee contact information. This screen also contains the link that allows you to download the agency statement that contains all of the non-zero balanced policies for all of the brokers in the group
- Download Policies: The bot collects all of the policy information and agency statements for each insurance policy on record
- Checks the Account Balance: Bot checks to validate that the Account Balance is positive
- Checks Due Date: The bot checks the due date listed on the policy. If the account balance is positive and past the due date, the bot puts all the corresponding information from the previous steps aside to be used in notifying the policy holder of their overdue item
- Minimum Threshold Check: Each overdue notification is sent out after a certain number of days after missing payment. The policy holder is notified if the item has been overdue for a minimum of 15 days and notified again at 30, 45, 60, and 90 days. Strategically, the Automated Process Design allows for the company to change the number of days that brokers are notified of overdue items easily in the program, if they decide to extend past 90 days or notify brokers more often
- Download Invoice: The bot downloads the invoice to attach to the overdue notification email that is sent out to the client and respective broker
- Generates Email: The bot generates an email made up ofboth a static and dynamic section. The dynamic section contains each policy holder’s specific individual policy, agency statement, invoice, and the number of days the item has been overdue. If some the brokers listed on multiple overdue items are the same person the bot merges multiple invoices into one consolidated PDF and sends the broker one email as opposed to one for each overdue item
- Sends Email: The email is sent to the policy holder with their broker copied on the email. All of the relevant information is attached so that, the policy holder can see what policy they have, remind them of the terms they agreed to, and give them a notification of how long the item has been overdue for. All information is included so that the holder does not need to question the details of their policy or go searching for their paperwork
- Catch-All System: This step is only completed if the Contact information for either the insurance client, broker, or both is missing from the system and/or the invoice or multiple invoices are listed. If the invoice is missing or there is more than one invoice listed a notification is sent to the listed internal company contact. If the contact information is missing then the bot will send the notification email to an established internal default contact. The established internal contact is sent all of the same compiled relevant information that the broker would have been sent for the overdue items so they can easily locate the missing contact and send them the overdue item notification refinance.
The automation of this process eliminates the need for the accounting team to dedicate multiple hours a day to this task. The bot is able to complete the task in such an efficient manner that the process only needs to be run once a month by the Insurance Company thus saving them a significant amount of time and money.