Testing 100% of hazard insurance changes 20x faster at 100% accuracy with Copasys®

The Client

Top 20 U.S. Retail & Commercial bank

Challenge

  • Large time and effort to perform quality checks for flood zone and other changes to loan portfolio
  • Errors in system changes and in meeting compliance requirements (e.g. NFIP flood zone requirements)

Solution

  • Coforge assessment determined that the Copasys® QC automation solution would work best for quality control and compliance checks across any process and in this case, specific to hazard insurance processes
  • Recommended ownership around scoping and implementation of the automation and ongoing governance, change management and support activities
  • Recommended data analytics for trend analysis and improving upstream processes

Execution

  • Configured application and developed rules-based automation customized for the Bank’s testing objectives
  • Validated and deployed new automated QC solution for Hazard insurance process

Value Delivered

Reduction of time to complete overall QC from

  • 45 minutes to 3 minutes for non-participating flood test
  • 30 minutes to 3 minutes for flood zone change
  • 20X faster for the automated processes
  • 100% accuracy for test results, next steps, and corrective actions
  • CUSTOMIZED reporting with actionable insights and executive dashboards
Let’s engage