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Deploying Robotic Process Automation for Risk Entry Operations

Deploying Robotic Process Automation for Risk Entry Operations

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Deploying Robotic Process Automation for Risk Entry Operations

Synopsis

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.

About the Client

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.

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Business Challenge

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:

  • Meeting deadlines during seasonal spikes
  • Reducing costs spent on resources
  • Eliminating the impact of human errors on accuracy

Our Solution

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

Delivering Personalized Digital Banking Experience

The solution entailed:

  • Formation of a core team comprising domain experts, process excellence experts, bot developers offshore, and client’s SMEs and business users
  • Identification of processes to be automated by core team that involved analysis of risk entry processes for all the lines of businesses (LoBs). Our due diligence approach considered factors such as average handling time, seasonality of business volumes, complexity, risk associated with each process, benefit analysis, extent of manual effort and business impact. The following LoBs were qualified for RPA:
    • Marine
    • Aviation
    • Cargo
    • Terrorism
  • Creation of a robotics implementation plan with clear ownership and defined timelines jointly with the client. Process maps were studied in-depth and comprehensive L4 maps covering all the exceptions were created for bot configuration. Bots were developed using our partner platform and they were extensively tested in the production environment of all the LOBs. Efficiency of the bots reduction of the cost impact that arose out of manual handling of processes.

    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.

  • Establishment of a dedicated project governance and communication model to provide a client interface at various levels to address ongoing project management and process governance requirements.

Delivering More Value

With bots successfully deployed to automate the post underwriting support operations of risk entry, the following benefits were achieved:

  • More Efficiency: AHT was reduced by 35% compared to manual risk entry process, thus providing enough capacity to handle peak season volumes
  • More Accuracy: With minimal human intervention, the accuracy of the risk entry operation was increased from 97% to 99%
  • More Savings: Higher efficiency and reduced FTE count resulted in 25% operational cost reduction

The NIIT Technologies Advantage

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.

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