Staying competitive and being relevant in the world’s largest specialty insurance market requires you to be a step ahead of the competition in every business function. In the age of rapidly advancing technology, one who embraces intelligent technology will stay ahead of the rest. Being well aware of this new age reality, the client reached out to us to transform their post-underwriting support operations of risk entry. Our deep insurance vertical knowledge and innovative Robotic Process Automation RPA) approach enabled us to deliver solutions that are relevant today and ready for tomorrow. Our solution resulted in increased efficiency, total compliance, improved accuracy, reduced costs, enhanced scalability, and better talent management.
The client is a long-established, leading specialist insurance and reinsurance business, underwriting at Lloyd’s with assets of over £1000 million and writing premium over £400 million. Operating since 1930’s out of London, they have a global presence with offices in Singapore, US, and Canada.
The client faces high fluctuations in business volume resulting in excessive risk entry work during the peak season and the statutory requirement makes it mandatory to deliver within stipulated time. NIIT Technologies was contacted to address business challenges that included:
Leveraging our vertical expertise to overcome the client’s business problem, we proposed using RPA to transform the existing manual risk entry operations. Working collaboratively with the client, we created a strategy around developing a robotics roadmap aligned to business objectives, and put in place a long-term sustainable solution.
With RPA in place, we estimated efficiency gain and optimised Average Handling Time (AHT) resulting in smooth handling of high volumes during the peak seasons without increasing operational costs. Besides addressing the problem, RPA implementation strategy also aimed at risk entry with improved quality, optimizing consistent data entry, and year-on-year
The solution entailed:
NIIT Technologies’ ProcessGym 2.0℠ methodology was leveraged for customization and implementation of RPA to automate client’s risk entry operations. was further enhanced with our process excellence team. Target AHT for risk entry operations was achieved with 100% service level agreement compliance.
With bots successfully deployed to automate the post underwriting support operations of risk entry, the following benefits were achieved:
Our robust and versatile intelligent automation framework, TESSSM, proved to be a perfect fit for the client’s business problem. The feature-rich framework successfully addressed the client’s current problem and also enabled for future expansion of operations. The ProcessGym 2.0℠ was pivotal in achieving optimum service delivery, ensuring transparency at every stage of the project with enhanced efficiencies for greater customer delight.