Case Study
Overview
This process covers the issuance of bancassurance policies sold through the bank's channels, including policy document generation, premium calculation, payment processing, and dispatch of policy documentation to customers.
BUSINESS CHALLENGES
- Generating insurance policy documents with correct terms and customer details requires manual data population that is slow and susceptible to drafting errors with significant liability implications.
- Coordinating between the bank's systems and the insurance company's system for policy registration involves manual data transfer steps that create inconsistencies.
- Premium calculation errors — due to incorrect age, tenure, or sum assured inputs — can result in incorrect charges to customers and subsequent disputes.
SOLUTION IMPLEMENTED
- RPA bot automatically populates policy templates with verified customer and product data, generating accurate policy documents without manual intervention.
- Seamless integration between bank systems and insurance company platforms eliminates manual data transfer, ensuring consistent records across both entities.
- Automated premium calculation engine applies correct rate tables based on customer profile and product parameters, eliminating calculation errors.
Impact Delivered
99%
Accuracy
7X
Productivity
5 min
Avg. TAT
Same Day
SLA
500/day
Volume