Large US commercial property and casualty insurance company reduces audits by 80%
As one of the largest commercial property and casualty insurance companies in the US, this organization provides a broad range of products and services for businesses and professionals in the US, Canada, and Europe.
The insurer, who processes hundreds of workers compensation claims for its many enterprise clients, faced multiple challenges that affected its speed of operation. Multiple data validations, missing information, and time exception handling all contributed toward a processing time of two to three weeks per claim.
The company turned to Robotic Process Automation (RPA) to help them reduce multiple touchpoints, accelerate timely payouts, and increase overall efficiency.
Decrease in processing time
Reduction in audits
“The once lengthy and very manual worker's compensation claims process is now done by bots in half the time.”
EXL partnered with Automation Anywhere to transform the company’s end-to-end claims processing. Bots were deployed to conduct all policy audits, perform endorsements, and automatically update the payroll information. Within the first four months after the project kickoff, the completion time was reduced by 60% and the documentation was processed with zero errors.
Worker's Compensation Claims
THE WHOLE STORY
The once lengthy and very manual worker’s compensation claims process is now done by bots in half the time.
Today, a data extraction bot pulls all of the necessary information of the insured from various systems and packages it for the field auditors to review. After the field auditor’s evaluation, the information is passed back to a processing bot that automatically performs an endorsement and sends out a notification to the client’s payroll system for payout.
As a result of automating their claims process, the insurance company is experiencing increased customer satisfaction due to faster turnaround times and real-time visibility into the policy process.
LOOKING INTO THE FUTURE
The company is planning on implementing more bots and leverage existing ones as a foundation for all future automations.
“The company is planning on implementing more bots and leverage existing ones as a foundation for all future automations.”
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