How a Leading Insurance Pioneer Transformed London Markets: The Automation of Insurance Slip Processing
Amid the intricacies of London Markets, known as the epicenter of the insurance sector, efficiency has long been a challenge. The convergence of diverse stakeholders necessitates complex processes. However, these intricacies often resulted in manual workflows, extensive paperwork, and prolonged timelines. This is precisely why our client, a leading insurance pioneer, turned to us for intelligent automation implementation.
The Results
80% Reduction in manual efforts
85% Improvement in overall efficiency by implementing a gain-share model based on business outcomes
95% Reduction in data integrity issues across systems touching the business process
The Challenge:
Complex Processes and Manual Efforts
The client’s existing Insurance Slip processing, managed by the back-office team, posed several significant challenges. It was not only time-consuming but also prone to errors due to inadequate validation processes. These issues resulted in extended cycle times, negatively impacting the overall user experience and hindering the company’s ability to secure more business efficiently.
Our Solution:
Optimizing Insurance Slip Processing for Enhanced Efficiency
At the core of this transformative journey, the EIQ Platform became the keystone for optimizing insurance slip processing. The initial focus of this venture centered on managing a substantial monthly volume of 9,000 Aviation, Marine, and Cargo Slips. Through strategic automation, the handling of these insurance slips was streamlined, significantly reducing manual efforts while enhancing accuracy.
One of the remarkable features of the EIQ intelligent business automation platform implementation was its scalability and adaptability. While the primary focus was on automating the handling of these specific insurance slips and seamlessly uploading data into the CRM system, the architecture provided a versatile and scalable framework. This framework could be rapidly customized to suit a range of other use cases within the insurance domain, offering the client agility and future-proofing capabilities.
The success story continued beyond automation. The EIQ Platform’s robust capabilities extended to data extraction, data ingestion, and process orchestration, ensuring an end-to-end streamlined workflow. Moreover, the platform’s versatile Connectors effortlessly achieved integration with legacy applications. “Operational Dashboards” played a pivotal role in reporting and exception-handling workflows. They not only highlighted data fields with errors but also facilitated rapid corrections. Additionally, the platform empowered the client to configure auditing checks on random insurance slips, significantly enhancing quality control procedures.