About Client
Client is a Virginia based insurance company, disrupting $250 million Auto Insurance business of the United States. Our client stands out from the competition with tools to find policies that fit customers’ budget, get online free quotes with competitor prices’ comparison and submit applications online.
Client Requirement
Underwriting is the key process in policy issuing, where underwriters estimate the risk of an applicant before policy creation.
Client’s existing manual approach to underwriting was taking more than a week time for risk estimation and policy issuing. This high turnaround time was dragging their digital marketing efforts and investment. So, client wanted to adopt RPA to expedite underwriting process and make their policy application process faster, and improve online customer service.
Problem Statement
- Spending more than a week’s time on assessing the risk of low risk applicant has been incurring more operational cost than the policy premium.
- Not leveraging trained underwriters’ expertise to the full potential as they are contributing equal effort and time on underwriting both low risk and high risk applicants.
RPA Tool Leveraged
UiPath
Solution Offered
We implement RPA in two phase process – the first, Feasibility Assessment; the second, Bot Development & Deployment.
The First Phase
During Feasibility Assessment phase, we learnt that it is important to create a single repository with applicant’s publicly available information about traffic violations, accidents, residential details, etc. And this repository should be auto-dated for future decision making on premium cost and coverage limitations.
So, before implementing RPA to underwriting process, we have implemented RPA to create and maintain applicants’ knowledge repository.
The Second Phase
We developed bots to perform the following tasks in sequential order:
- When an application is received, bots will analyze the application and collects publicly available information about the applicant, and stores in knowledge repository.
- As per underwriting business rules, bots will categorize the applications into low risk and high risk
- Bots will make recommendations on premium pricing and coverage limitations
- Bots will auto-update the knowledge repository
We developed bots with an Agile methodology to embrace continuous business intervention, dev, test and deployments. Here is our step by step process :
- First, we created Definition Documents (PDD)
- Second, we created Flowcharts or Object Oriented Models
- Third, we developed bots in UIPath
- Fourth, we performed user acceptance testing
- Finally, we configured and deployed bots into production
Business Benefits Delivered
- Upto 80% time saving of trained and expert underwriters, they can spend more time on underwriting high risk applicants.
- Upto 70% turnaround time to high risk applicants, and upto 90% turnaround time to low risk applicants.
- More than 75% increase in productivity of underwriters
