A Global Insurance Company, comprising hundreds of insurance brokers acting as agents for clients, faced a manual and resource-intensive process. Its internal accounting team spent considerable time daily checking policy broker accounts for overdue payments. This process involved crafting and sending individual emails to notify clients and internal insurance representatives of overdue payments. Recognizing the need for efficiency and cost savings, the company embarked on an RPA as a Service.
The Global Insurance company faced multiple challenges including,
- Manual Account Review: The accounting team manually reviewed each policy broker’s accounts and corresponding invoices, leading to time and resource inefficiencies, highlighting the need for RPA Implementation.
- Timely Notifications: Ensuring timely notifications for overdue payments was crucial, but manually sending emails at the right intervals was prone to delays and errors.
- Data Gathering: Gathering and validating data from multiple sources, including policy details, account balances, and due dates, was a time-consuming and error-prone process that RPA could address.
- Handling Missing Information: Dealing with missing contact information and multiple invoices for a single broker added complexity to the process, necessitating RPA Consulting for a streamlined solution.
Several Automation solutions were deployed like
- RPA Implementation: The company leveraged Robotic Process Automation (RPA) for an end-to-end automation of the accounts receivable process, effectively addressing the RPA Challenge of manual account review.
- Automated Data Collection: The RPA bot logged into the system, collected policy data, and extracted broker information, eliminating the need for manual data entry and showcasing the power of RPA Implementation.
- Notification Timing: The RPA bot automated the notification process, ensuring timely communication with policyholders at set intervals (15, 30, 45, 60, and 90 days), providing flexibility for future adjustments.
- Consolidated Communications: For efficiency, the bot merged multiple invoices for the same broker into a single email with all relevant information, addressing the RPA Challenge of handling multiple invoices.
- Catch-All System: A system was implemented with the assistance of RPA Consulting to handle missing contact information or multiple invoices, ensuring notifications were sent to the right parties without manual intervention.
After Automation, the following results were ob
- Efficient Process: The RPA Implementation resulted in a highly efficient accounts receivable process, significantly reducing the time spent by the accounting team and exemplifying the benefits of RPA as a service.
- Timely Notifications: The automated system ensured timely notifications to policyholders and brokers, reducing the risk of overdue payments and demonstrating the effectiveness of RPA as a service.
- Cost Savings: By embracing RPA, the company saved a substantial amount of time and resources, underscoring the value of RPA Implementation.
- Enhanced Accuracy: Automation reduced the risk of errors in data gathering and email notifications, improving overall accuracy and highlighting the advantages of RPA as a service.
- Monthly Automation: The process became so efficient that it only needed to be run once a month, saving the company both time and money, further emphasizing the positive impact of RPA Implementation.