Strategic Partner for Intelligent Automation for a Leading Insurance Provider in US

Synopsis
Coforge was engaged as the sole strategic partner for Automation in Asset management services. It is responsible for developing & productionizing process automation, setting up the required architecture & the infrastructure for RPA Bots and Orchestration, and providing support for operationalized Bots.

About the Client
The client is composed of premier retirement, investment, and insurance companies serving the financial needs of approximately 13 million individual and institutional customers in the United States.

Business Objective
The customer wanted to approach automation as a strategic initiative and build a long-term roadmap to leverage Robotic Process Automation technology to bring efficiencies in its back-office processes while paving the way for use of AI-led technologies. This required establishing a dedicated function in form of a Centre of Excellence that could streamline the automation initiatives, streamline the processes while delivering benefits.
 

Our Solution
Partnering with the client, Coforge has we successfully provided the needed solution to institutionalize and standardize the automation initiatives: 

  • Automation of over 40 processes in an output-based model for enterprise-wide automation
  • The functional areas of implementation include Asset Management, Employee Benefits, Retirement Services, Claims Management, and Data Audit & Reporting
  • Setup of an Automation of Centre of Excellence as a central hub to provide, oversight, governance, templates, and guidelines to the automation projects across the enterprise
  • Implementation of NLP based solution to extract contact data from over 12000 source websites
  • Orchestrated reporting solutions for Operational reporting requirements: CLOs, Assets, Position Review, etc

 Benefits

  • Automated over 40 processes delivering up to 40% efficiency gains
  • Automated processes ensure 100% SLA compliance
  • A total FTE reduction of 35% in the back-office operations
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