Global Financial Services organization scales use of RPA to respond to the increased volume of claims due to COVID-19 and reduces errors by 90%

This financial services company that offers a variety of products and services, has leveraged robotic process automation (RPA) within certain aspects of their business. However, their claims processing was labor-intensive and inefficient. In the wake of COVID-19, the team responsible for processing claims became overwhelmed as they could not keep up with the sudden and significant increase in the volume of submissions, leading to a 2x increase in errors during processing and frustrated customers that was increasing the risk of churn. 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.

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. The company has over 51,000 employees and generates an annual revenue of $64 Billion. They have been a customer since 2018. The company has been leveraging robotic process automation (RPA) within certain aspects of their business, but their claims processing was labor-intensive and inefficient.