Staying competitive and being relevant in the world’s largest specialty insurance market requires you to be a step ahead of the competition. Being well aware of this new age reality, the client reached out to us to transform their post-underwriting support operations of risk entry. Our deep insurance vertical knowledge and innovative Robotic Process Automation RPA approach enabled us to deliver solutions that are relevant today and ready for tomorrow. Our solution resulted in increased efficiency, total compliance, improved accuracy, reduced costs, enhanced scalability, and better talent management.
The client is a long-established, leading specialist insurance and reinsurance business, underwriting at Lloyd’s with assets of over £1000 million and writing premium over £400 million. Operating since 1930’s out of London, they have a global presence with offices in Singapore, US, and Canada.
The client faces high fluctuations in business volume resulting in excessive risk entry work during the peak season and the statutory requirement makes it mandatory to deliver within stipulated time. Coforge Technologies was contacted to address business challenges that included:
Meeting deadlines during seasonal spikes Reducing costs spent on resources Eliminating the impact of human errors on accuracy
Leveraging our vertical expertise to overcome the client’s business problem, we proposed using RPA to transform the existing manual risk entry operations. Working collaboratively with the client, we created a strategy around developing a robotics roadmap aligned to business objectives, and put in place a long-term sustainable solution.
With RPA in place, we estimated efficiency gain and optimized Average Handling Time (AHT) resulting in smooth handling of high volumes during the peak seasons without increasing operational costs. Besides addressing the problem, RPA implementation strategy also aimed at risk entry with improved quality, optimized and consistent data entry, year-on-year
The solution entailed:
Formation of a core team comprising of domain experts, process excellence experts, bot developers offshore, client’s SMEs, and business users Identification of processes to be automated by core team that involved analysis of risk entry processes for all the lines of businesses (LoBs). Our due diligence approach considered factors such as average handling time, seasonality of business volumes, complexity, risk associated with each process, benefit analysis, extent of manual effort and business impact.Coforge’s ProcessGym 2.0℠ methodology was leveraged for customization and implementation of RPA to automate client’s risk entry operations. It was further enhanced with our process excellence team. Target AHT for risk entry operations was achieved with 100% service level agreement compliance.
With bots successfully deployed to automate the post underwriting support operations of risk entry, the following benefits were achieved: