Leading Insurance Provider Saves 30% in Managing Risk for Reconciliation Processes
Customer Company Size
Large Corporate
Product
- Blueprint’s Enterprise Automation Suite
Tech Stack
- RPA
- Automation
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Productivity Improvements
- Digital Expertise
Technology Category
- Analytics & Modeling - Robotic Process Automation (RPA)
Applicable Functions
- Business Operation
Use Cases
- Predictive Maintenance
- Process Control & Optimization
Services
- Software Design & Engineering Services
About The Customer
The customer is one of the world’s leading providers of insurance, reinsurance, and other forms of insurance-based risk transfer. The company is always looking for new and innovative ways to provide customers with exceptional service, opportunities, and solutions. Their hope is to achieve these goals by enabling employees to focus on tasks that add more value to the company. The company has over 15,000 employees and generates an annual revenue of $30 Billion. They have been a customer since 2018.
The Challenge
The insurance provider was looking for an effective solution to make the reconciliation process more streamlined and efficient. This process previously has been a source of significant stress for employees because it was manual, repetitive, and prone to costly errors. The organization tried to hand off the manual work to more junior members, in hopes that senior employees can focus on more value add tasks. However, this was not the case - supervisors ended up spending countless hours performing rework to fix errors. It became absolutely critical for the organization to look at other work management methods to effectively support teams and reduce costly errors.
The Solution
The organization understood that to make the reconciliation process more efficient, protected from risk and error, as well as improve overall employee satisfaction, they would need support from a digital workforce. They chose Blueprint’s Enterprise Automation Suite to map information about the day-to-day activities performed by their teams. This allowed them to to identify and prioritize RPA opportunities for the processes where most errors and costs were incurred. By mapping processes visually, the automation team was able to gain end-to-end visibility into their current reconciliation processes. This allowed them to optimize the process before beginning to build bots to automate parts of it. By reducing their documentation effort and leveraging Digital Blueprints, the insurance provider was able to scale their automation efforts for these high-risk processes. This improved process quality while saving 30% of their time managing risk and compliance by mapping various enterprise constraints and dependencies to processes in Blueprint’s Business Process Modeler.
Operational Impact
Quantitative Benefit
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