The client is a leading North American commercial lines insurance company offering multi-line products to its customers, predominantly through its Agency Channel.
A Single Bot That Works Like An Army
The client acquired an insurance company, thus having to manage two policy administration systems for its products such as Business Owner Policy (BOP), Workers Compensation (WC) and General Liability (GL). The back-office operations team of the parent company found it cumbersome to handle both systems and therefore wanted all in-force policies migrated to a single policy administration system.
The manual effort to migrate the in-force policies would have been tedious and error-prone. In addition, the time taken to train the operations team to complete the migration would be enormous because of the various products offered across 100+ industries. Undertaking the manual operation would also have resulted in lowering employee morale because of the repeated jobs they would have to perform.
To manage the migration without manual intervention, the client identified Robotic Process Automation (RPA) as the solution. To implement RPA, Mindtree’s automation experts were engaged. Using its proprietary RAPID framework that maximizes benefits from RPA and delivers quick ROI, Mindtree created an RPA bot that could migrate all policies that were due for renewal from the legacy to the parent system.
The solution had the convenience of using a single bot to address the various industries and products. Once a policy was migrated, a verification bot was used to automatically validate correctness of data in the parent system.
Accurate, Fast and Painless
Using Mindtree’s RPA bots the client managed to unify all policies in a single system with:
- Accuracy and reliability, ensuring correctness of data
- Policy migration completed in less than 3 minutes per policy
- 90 percent reduction in manual effort required for migration
