In today’s competitive business landscape, efficiency and customer service are paramount. One of India’s top 5 insurance companies recognized this and embarked on a transformative journey with workload automation at its core by partnering with AutomationEdge. This strategic decision aimed to alleviate the burden of manual tasks, streamline operations, and ultimately enhance customer satisfaction.
Before automation, the company grappled with:
- Time-consuming, repetitive tasks: Manual processes across departments hindered efficiency and customer service. Large team was deployed to run End of the day (EOD) and BOD jobs.
- Data challenges: Inaccurate and siloed data hampered informed decision-making.
- Compliance burden: Maintaining compliance with complex regulations presented challenges.
- Actuarial bottlenecks: Extracting and processing data for future projections was arduous.
Recognizing the potential of automation, the company implemented a comprehensive automation solution using AutomationEdge. This addressed several key goals:
- Real-time monitoring and alerts: Ensured smooth daily and batch operations, minimizing disruptions and delays.
- Simplified process execution: Reduced the number of applications and technologies, creating a centralized platform for managing and monitoring tasks.
- Data accessibility and reporting: Facilitated real-time data access and efficient reporting, empowering informed decision-making.
- Compliance automation: Automated processes ensured adherence to regulatory requirements, reducing risk and administrative burden.
The implemented workload automation solution proved to be instrumental in driving impressive results:
- Improved operational efficiency: Streamlined processes and automated tasks significantly reduced workload. The insurance premium collection process saw a 40% reduction in steps and a 90% faster completion time.
- Enhanced data management: Automated data handling ensured accuracy and improved accessibility, leading to better data-driven decision-making. Processes like migrating business objects to the automation platform resulted in faster processing, better reporting, and significant savings.
- Reduced compliance risk: Automated processes ensured adherence to regulations, freeing up resources and mitigating compliance risk. This included automating the creation and sharing of EIA and IPIN and ensuring compliance with insurance repository processes.
- Increased agility and flexibility: Simplified workflows and real-time monitoring empowered the company to adapt to changing demands with agility. For example, generating insurance quotes for corporate clients was transformed from a 45-minute wait to a mere 2 minutes.
Ready to unlock the transformative power of automation?
Workload automation can streamline operations, boost efficiency, and enhance customer service
Addressing critical operational challenges and empowering informed decision-making has unlocked the potential for enhanced customer service and business growth. This case study serves as an inspiration for companies across industries seeking to leverage AI and Automation technologies for a competitive edge and a seamless customer experience.
Uday Birajdar, Co-founder & CEO, AutomationEdge
