Nitin Sahay - Banking & Insurance

From taking over monotonous data-entry to answering customer service queries, RPA has been able to save financial workers from spending time on repetitive, labor-intensive tasks and enabled value generation within banks on an industrial scale. RPA has revolutionized the banking industry by enabling banks to complete back-end tasks more accurately and efficiently without completely overhauling existing operating systems.

AUTOMATION BENEFITS

UPGRADING OPERATION EFFICIENCY 40% - 60%

COST SAVINGS 25% - 50%

REDUCED BUSINESS RESPONSE TIME 40% - 60%

"In recent years the Banking industry supposed an investment of around US$ 250M in the Robotic Process Automation (RPA) market. But due to the strong growth of virtual banking and security matters, it is expected to exponentially grow up to US$ 2.9B by 2021."

CUSTOMER SERVICE

Banks deal with multiple queries every day and must respond with low turnaround time. RPA can automate such rule-based processes to respond in real-time and reduce turnaround time to seconds.

ACCOUNTS PAYABLE

Accounts Payable requires extracting vendor information, validating it and then processing the payment. RPA with the help of OCR (Optical Character Recognition) can solve this problem by reading and validating the information.

ACCOUNT CLOSURE

There can be various reasons for account closures and one of the most frequent ones is when the client failed to provide a mandatory document. RPA can easily track such accounts and send automated notifications to remind the client.

REPORT AUTOMATION

Banks need to prepare reports and present them to their stakeholders to show the performance. RPA solutions can easily auto-generate reports, analyze their contents and based on the contents, email them to relevant stakeholders.

COMPLIANCE SOLUTIONS

Banking is in the center of the economy and therefore in the center of compliance. RPA can be a key enabler in legal compliance improvement.

FRAUD DETECTION

It can be difficult for banks to track all the transactions flagged as possible fraud. RPA can track the transactions and raise the flag for possible fraud transaction patterns in real-time.

GENERAL LEDGER

Banks need to keep the general ledger updated in order to prepare financial statements. RPA can integrate data from multiple legacy systems to present them in the required format.

CREDIT CARD PROCESSING

With the help of RPA, banks can process the application within hours and talk to multiple systems simultaneously to validate the information.

Used Case - Insurance

Our Client (An insurance Firm) observed that by every quarter there was an increase in the complaints received and the errors as well.

Analyzing the situation made them realize that the high processing time and delay in notifying customer was the main reason behind the complaints.

The audit trail was also not in place.

Manual keying of information, validation of information, checking if there is an existing claim and communication with the customer was the root cause behind this situation.

Process

Robot periodically scans the mailbox for emails from customers and downloads the claims forms
Form data is then validated against the database for accuracy
The robot also checks if any claims for the policy are already in the service queue
In case of validation errors or any claims found to be under processing, Robot replies to customers via email
If the data is valid, Robot then log-in to the Insurance portal and performs data entry using the validated form
Finally, the Robot prepares a submission report and informs the stakeholders. Customers are also informed through an e-mail

Process Flow Diagram

Solution

The ‘As-is’ process was analyzed to design RPA workflow that carry out the Claims processing activity. The result was speed, accuracy and reliability leading to higher throughput and improved responsiveness to customer.

Benefits :

Time Saved: Nearly 80 %

Accuracy: 100 %

Third party Services: None