Major insurance carrier implements RPA and reduces policy renewal cycle time by 65%

Benefits
  • 100% unassisted automation was built that helped the insurer break even in straight three months (licensing and deployment investments).
  • 65% reduction in process cycle time leading to great customer experience.
  • 45% improvement in productivity owing to reduced manual interventions.
  • 3X RoI on first underwriting process as an outcome of this initiative.
  • Met business transformation goals across policy renewals, claims data entry, and payroll audits.
Business Overview

The insurer was unable to generate commercial line renewal quotes in a timely manner due to extremely slow manual extensive operations. Further, the loss run before generation of the renewal notice required data aggregation from multiple legacy systems. This was an extremely inefficient process both from cost and customer service standpoint.

Business Challenges

The IT/process landscape for renewals was fraught with too many policy administration systems which added to complexities.

  • The renewal quotes took inordinately long processing times due to manual interventions and archaic systems.
  • An overdose of manual intervention resulted in high overheads and operational expenses.
  • The volume and frequency of transactions was extremely high (200,000 annual transactions processed at one minute per transaction) that wasn't manageable with manual operations.
Birlasoft Solution

Birlasoft's RPA solution (built on UiPath) started as an MVP that was rolled out in flat four weeks' time followed by the full-blown rollout. The entire process of renewal quote generation was automated that eradicated the need for any manual intervention. This set the stage for RPA adoption across other processes in the insurance value chain.