We helped a leading insurance firm improve the processing rate of payment reconciliations addressing the multitude of challenges in account types, payment types, systems, and other payment complexities.
The company needed to ensure precise comparison of account records and was looking to improve the processing rate involved in the financial reconciliation of the monthly bank statement from all its clients. Prior to automation, bank statements were compared manually with the accounting system, balance was extracted and the reconciled information was to be updated in system. The process was time consuming, tedious and with occasional errors due to manual involvement.
The UiPath robot handled the automation of the interface between the Loan closure request web portal and the core banking system of the bank.
100% process accuracy
Improved quality and speed of processing
80% TAT (Turnaround Time) reduction was achieved
¼ human effort saved from the process