Client Introduction
Our client is a $6 billion global insurance brokerage and risk management firm. With offices in multiple locations, they specialize in delivering outstanding services to businesses, communities, and individuals who seek greater financial stability and help them in sustainable growth.
Requirements
A centralized team was involved in manual processing of around 100,000 invoices per month using various tools and applications. In an effort to reduce manual errors and cut down the time taken for invoice processing, our client wanted to:
- Automate the invoice creation process for the dispatched policies
- Reduce FTEs so that the resources can be efficiently utilized in process improvements rather than task repetition
Challenges
- Presence of duplicate and inconsistent data in QA environment
- Dependency on the performance of multiple applications, i.e., Agency Management System and Workflow System
- Existence of either locked or password-protected screens
Solution
Imaginea came up with the solution to automate the invoice generation process in the client’s Agency Management System and integrate the same with the Workflow System.
An end to end RPA solution was engineered to run the billing process and generate invoices automatically, with minimal downtime. BOTs were used to automate standardized and repetitive data entry in processor functions of the Invoicing process flow.
Usage of easy to deploy reusable components within the solution ensured quick process implementation.
Tech stack
How our solution helped
Reduction in
the number of FTE
Accuracy in
invoice processing
Reduction in
handling time
Overall approach
After determining RPA as a good fit for the invoicing process, the steps to be automated were shortlisted. It was identified that the Agency Management System had many repetitive manual steps of higher possibility for automation. The process follows the steps to create transactions and generate invoices based on the details received from the Workflow System.
The automation steps were classified based on the below criteria and were prioritized so that they can be handled in phases:
| Input Attributes |
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| Task Complexity |
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| Process Maturity |
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| Quality |
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We decided to use reusable worklets for automation. These worklets are tiny independent testable workflows that can be easily integrated in any process. The worklets were used to replace manual intervention in the identified processor lines of the expense payments process flow.
Results
- Reduction in the cycle time by 40% and improved efficiency
- Reduction of manual effort and saving costs of FTEs by 90%
- Improvisation in accuracy to 95% by eliminating human error
- Instantiation of better human resources deployment