Eliminate data entry from policy setup
Use of Intelligent Character Recognition (ICR) and Robotic Process Automation (RPA)
to reduce manual effort in new policy setup by more than 70%
Process
Client is a long-established specialist in insurance and reinsurance business, and part of the Lloyds of London market. It underwrites a wide range of specialist Marine, Energy, Aero and liability classes of commercial insurance. A large part of the Lloyds market work is manual in nature with large binder files for specific insurance cases. The underwriters then update the Policy Administration System (PAS) with the policy details. A single cover might be insured by multiple insurers and has a very high transaction value. Onboarding the policy in PAS required updating multiple fields of data from scanned image of the hard binders, resulting in a high Turn Around Time (TAT) and handle time.
Solution
Robotic Process Automation (RPA) was used as a solution for automating the data entry into the PAS. Optical Character Recognition (OCR) was used to extract text from the scanned policy documents, and then the same was entered into the PAS using RPA. The cases where OCR was not able to detect, the text was marked as exception and was handled manually.
Challenges Addressed
Time consuming
Process was very manual in nature and hence was time-consuming.
Errors due to manual work
Manual errors could prove to be costly since the transactions are of high financial value.
Low volume leading to unutilized staff
Low volumes in certain lines of business required the business to have unutilized staff in certain periods.
Higher costs
The process required manual data entry by resources, sometimes underwriters themselves. Resulting in high skilled high cost resources performing a low skilled task.
High skill requirements
Each line of business being underwriting had its own guidelines and policies, hence training resources to understand the same was time intensive.
Outcome
- Reduction in manual effort by 70%.
- Straight-Through Processing of 58%.