RPA – Life Insurance
A rapidly growing Life Insurance and Annuity company was experiencing unusual increases in expenses related to back office policy and customer servicing. This led to unhappy customers who left the company at a higher than industry standard turnover rate.
The Project was focused on conducting a Robotic Process Automation (RPA) Assessment to determine opportunities where employee focus could move from less value-added activity to work that was more customer-centric. Additionally, the development of seven ‘bots’ were added to the workforce, handling mundane tasks that freed up the employees to focus on customers inquiries.
- Conducted an initial RPA Assessment of business issues facing the company
- Reviewed functional area to identify business issues and opportunities for automation
- Proposed Bot-based solutions to nine tasks, freeing more than 7,000 hours of employee time over the course of a year to focus on customer needs
- Developed an automation strategy which provided a RPA roadmap for the company
- Planned, Implemented, Tested, and Released into the back office workforce seven bots that operated independent of employee oversight.
- Planned Implementation
- Designed bots and required reporting
- Migrated to production seamlessly with employees
Improved customer satisfaction, with shorter turnaround for responses
Improved financial performance of the organization with a positive return on investment (ROI) both tangible (dollars saved) and intangible (improved customer retention, experience metrics)
Other identified opportunities for both RPA and other process improvement activities
Approximately 25% improvement in costs associated with back office activities managed by bots
Automation of a large back-office Life Insurance and Annuity Company Northeastern United States