Case Study:Digital bots help life insurer reduce
onboarding application processing TAT by 50%A leading Insurance Company

The Challenge

The leading Life Insurance company in Malaysia faced multiple challenges in processing and on-boarding new customers.

  • High cost due to manual, paper-based process
  • Customer dissatisfaction resulting due to lengthy and cumbersome process
  • Keeping customer engaged and informed during the process
  • Regulatory compliance

Insurers are today facing an increasingly demanding customers who have less patience for complex, inflexible and timing consuming process. The need was to streamline application processes with an automated on-boarding solution that offers real-time mobile engagement and flexibility of any time, anywhere application and multi channel capture of process-ready images and document

Solution

KGISL implemented RPA solution that helps the insurance firm quicken & simplify the complex verification and onboarding process. After a detailed analysis of the process, digital bots were introduced to address the issue. The following is the solution:

On any regular business day, the insurance agent receives the new application from the customer with required documents and submits them for processing through mobile application or web portal. The UiPath bot takes complete charge from there on and the application is sent through three processing stages.

Stage 1 – Data extraction and validation

  • A UiPath unattended robot monitors incoming email for new application requests.
  • The bot scans and downloads all the new applications received and extracts relevant data from the application through its intelligent data extraction techniques.

Stage 2 – Data entry and policy generation

  • Post data extraction, all required data is entered into the policy administration system by the bot and a policy number is generated against the application.
  • All required supporting documents are then uploaded to the document management system and are tagged against the newly generated policy number to proceed with the underwriting process
  • The robot then automatically emails the policy number and the status of the application to the respective customer

Stage 3 – Underwriting Assessment

  • The bot performs a background check of the customer from various databases like LIAM, medical history database, etc.
  • The results are then recorded against the policy number making it easy and quick for the underwriter to review and approve the application.
  • The robot will automatically approve and process the applications that have no discrepancy.

Benefits Delivered

Automation of the process has led to significant business benefits

tat

Application processing time brought down from 7 days to 3 days

errors

Manual efforts eliminated up to 95%

Processing

Error rate reduced up to 90%

satisfactn

Enables high customer satisfaction

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