Overview
Client is one of the largest Financial companies covering financial, retirement, investment and insurance products based in New York.
Client Challenges
- Seasonal peaks and shorter turnaround time
- Non-standard request formats/forms
- Highly manual data – entry work. High accuracy required
- Employees require training on different systems and various versions of forms, resource dependencies
- Breakage Impact in case of delayed processing
- Complexity is high which includes understanding of the Non standard forms for various companies
- End customer dis-satisfaction due to incorrect and delayed processing
- Modification of details on multiple systems/ applications
- Limitation of the workflow in allocating transactions in bulk
- Lower productivity due to multiple scenarios
- Sharing of frequent updates
- Traditional way of executing the process deliverables
Our Solutions
- Feasibility analysis performed at Coforge by four internal resources.
- Implemented 2 BOTs covering 5 transaction types.
- Value stream mapping done and re-engineered traditional procedures.
- Suggested changes to client for modifying the request forms.
- Changes suggested to client to modify the workflow application system.
- Script based macros created to execute entry on to the multiple systems.
- Automated work allocation using BOT
- K-Portal access extended to client for knowledge transmission.
- Frequent calibration session conducted along with regular knowledge assessment tests.
- Created re-engineered “To Be” process maps to reduce the non-value adds.
Benefits Delivered
- Saved 10 FTEs worth of effort.
- Efficiency improved by 35%
- TAT improved by 50%
- Implementation of 2 BOT to reduce manual effort for 5 transaction types.
- Quality improved to 99.5%+ from 95%
- Significant cost savings by reducing the unnecessary papers used in various request forms.
- Less manual intervention
- Reduced the unrequired multiple hands off in the process.
- More scalable
- Work allocation improved helping increased utilization.
- Standardization of processes helped in saving significant training time and effort.
- Knowledge level improved for the team using K-Portal
