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Global Financial Services organization scales use of RPA to respond to the increased volume of claims due to COVID-19

This customer is a financial services company that offers a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services.

Responding faster to the changing world with improved business process analysis


Company Profile

This customer is a financial services company that offers a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services.

Industry: Financial Services 

Employees: 51,000

Annual Revenue: $64 Billion 

Customer Since: 2018

 

"We've been able to reduce errors by 90%, ultimately helping us deliver our bots faster and support our customers better than we could've before."

- Director of Business Process Automation Delivery

Benefits Achieved

0 % Faster process design
0 % Reduction in bot development time
0 % Reduction in process errors

The Challenge

This financial services company has long been a leading provider of insurance products and has leveraged robotic process automation (RPA) for quite some time within certain aspects of their business. However, their claims process was a time and labor-intensive process. In the wake of COVID-19, the team responsible for processing claims became quickly overwhelmed as they could not keep up with the sudden and significant increase in the volume of submissions. The organization came under strain as they struggled to keep up with the growing demand. As a result, they began to explore options for what they could and should do to reduce the strain on their current employees and the human-centric process that was impacting both their business and their customers. 

The company considered hiring more claims processors or outsourcing to help meet the demand, but this would lead to a significant increase in costs for full-time employees (FTEs). They also looked at how they could take tedious, mechanical processes that are excellent candidates for RPA and automate them. They considered targeting their most labor-intensive processes to reduce the current strain on their employees. In the end, they decided to focus on increasing their use of robotic process automation.

In fact, many organizations around the world are turning to automation to become faster and more agile in response to COVID-19, and no-touch, straight-through claims processing is currently the biggest automation opportunity for insurance. With well-planned, comprehensive claims processing, insurance leaders can craft custom experiences and drive business growth with operational efficiency.  

"Responding to the increase of claims in the wake of COVID-19 was just something we weren't prepared for. We needed a robust tool that could seamlessly connect business outcomes to business processes so we can ensure we're not only meeting the growing demands of our customers but also our needs as a business - Blueprint is that for us."

- Director of Business Process Automation Delivery

The Solution 

Although the customer had been leveraging their Blueprint platform since 2018, they were primarily using the tool for enterprise agile planning related to the development of their digital products. However, the pandemic and the customer’s influx in volume of claim submissions presented an immediate, real-world opportunity to introduce them to Blueprint’s enterprise RPA capabilities and to do a pilot under the backdrop of accelerating their ability to respond efficiently to customers in the era of COVID-19.

The customer already had some RPA maturity before Blueprint and was working with Cognizant to help them identify processes to target for automation, and also had a small Center of Excellence. However, they were still primarily using manual steps to collect information and map processes to a certain level, and then they had to mechanically go through the process to flush it out and add additional details to a point where it could be passed to an RPA developer for development. Despite the fact that they were undertaking these activities to automate processes and become more efficient, the process of that itself was highly time-consuming and prone to human error.

Blueprint worked closely with the customer to collectively define the specific artifact types and their properties for the bot developers, as well as the processes around how they will collect data and have it flow. We also worked closely with them to define the appropriate review and approval process associated with their RPA process to help it flow more seamlessly.

The goal was to get them out of Word documents and Excel files that are unwieldy and hard to manage or that move around a lot through email, making it a challenge to know if they’re working with the latest copy. We wanted to help them remove the external documentation from the process and have them work directly in Blueprint’s centralized repository. There they could do the design work and process decomposition, as well as use the traceability functionality to ensure ongoing governance and controls and to be able to respond to change proactively as they’re developing automation.

The Results 

By leveraging Blueprint, the customer experienced benefits not only in relation to their business outcomes but also in relation to improving their internal processes through better tooling.

In regard to the business challenge they were having triggered by the sudden and significant increase in the volume of claims being submitted due to COVID-19, they experienced significant time and costs savings. This critical business process can now be completed more efficiently and around the clock with less risk of error. This reduced time and cost spent with rework, and automation maintenance costs were radically reduced as the quality of bots improved.  

They’ve also increased employee satisfaction as automating their claims processing process has reduced the strain on employees and current human-centric processes. And they’ve improved customer satisfaction as well, now that they can deliver not only faster and more consistent customer experience but also reduced the risk of error when processing customer claims.

On the tooling side, by storing all of their process flows, as well as other critical business information, within a centralized online repository, the customer eliminated the need for creating and chasing down information from time-consuming and error-prone manual documents. Ultimately, this improved alignment and management of business objects through technology design and execution. They were also able to ensure that the work they manage is aligned with business/customer needs and accounts for all constraints and regulatory obligations.

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