The leading Life Insurance company in Malaysia faced multiple challenges in processing and on-boarding new customers.
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
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
Stage 2 – Data entry and policy generation
Stage 3 – Underwriting Assessment
Automation of the process has led to significant business benefits
Application processing time brought down from 7 days to 3 days
Manual efforts eliminated up to 95%
Error rate reduced up to 90%
Enables high customer satisfaction