Blueprint Software Systems Case Studies Leading Insurance Provider Saves 30% in Managing Risk for Reconciliation Processes

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	Leading Insurance Provider Saves 30% in Managing Risk for Reconciliation Processes Blueprint Software Systems

Leading Insurance Provider Saves 30% in Managing Risk for Reconciliation Processes

Blueprint Software Systems

Technology Category	Analytics & Modeling - Robotic Process Automation (RPA)
Applicable Functions	Business Operation
Use Cases	Predictive Maintenance Process Control & Optimization
Services	Software Design & Engineering Services
Challenge	The insurance provider was looking for an effective solution to make the reconciliation process more streamlined and efficient. This process previously has been a source of significant stress for employees because it was manual, repetitive, and prone to costly errors. The organization tried to hand off the manual work to more junior members, in hopes that senior employees can focus on more value add tasks. However, this was not the case - supervisors ended up spending countless hours performing rework to fix errors. It became absolutely critical for the organization to look at other work management methods to effectively support teams and reduce costly errors. Read More
About Customer	The customer is one of the world’s leading providers of insurance, reinsurance, and other forms of insurance-based risk transfer. The company is always looking for new and innovative ways to provide customers with exceptional service, opportunities, and solutions. Their hope is to achieve these goals by enabling employees to focus on tasks that add more value to the company. The company has over 15,000 employees and generates an annual revenue of $30 Billion. They have been a customer since 2018. Read More
Solution	The organization understood that to make the reconciliation process more efficient, protected from risk and error, as well as improve overall employee satisfaction, they would need support from a digital workforce. They chose Blueprint’s Enterprise Automation Suite to map information about the day-to-day activities performed by their teams. This allowed them to to identify and prioritize RPA opportunities for the processes where most errors and costs were incurred. By mapping processes visually, the automation team was able to gain end-to-end visibility into their current reconciliation processes. This allowed them to optimize the process before beginning to build bots to automate parts of it. By reducing their documentation effort and leveraging Digital Blueprints, the insurance provider was able to scale their automation efforts for these high-risk processes. This improved process quality while saving 30% of their time managing risk and compliance by mapping various enterprise constraints and dependencies to processes in Blueprint’s Business Process Modeler. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Robotic Process Automation (RPA)

Applicable Functions

Business Operation

Use Cases

Predictive Maintenance

Process Control & Optimization

Services

Software Design & Engineering Services

Challenge

The insurance provider was looking for an effective solution to make the reconciliation process more streamlined and efficient. This process previously has been a source of significant stress for employees because it was manual, repetitive, and prone to costly errors. The organization tried to hand off the manual work to more junior members, in hopes that senior employees can focus on more value add tasks. However, this was not the case - supervisors ended up spending countless hours performing rework to fix errors. It became absolutely critical for the organization to look at other work management methods to effectively support teams and reduce costly errors.

About Customer

The customer is one of the world’s leading providers of insurance, reinsurance, and other forms of insurance-based risk transfer. The company is always looking for new and innovative ways to provide customers with exceptional service, opportunities, and solutions. Their hope is to achieve these goals by enabling employees to focus on tasks that add more value to the company. The company has over 15,000 employees and generates an annual revenue of $30 Billion. They have been a customer since 2018.

Solution

The organization understood that to make the reconciliation process more efficient, protected from risk and error, as well as improve overall employee satisfaction, they would need support from a digital workforce. They chose Blueprint’s Enterprise Automation Suite to map information about the day-to-day activities performed by their teams. This allowed them to to identify and prioritize RPA opportunities for the processes where most errors and costs were incurred. By mapping processes visually, the automation team was able to gain end-to-end visibility into their current reconciliation processes. This allowed them to optimize the process before beginning to build bots to automate parts of it. By reducing their documentation effort and leveraging Digital Blueprints, the insurance provider was able to scale their automation efforts for these high-risk processes. This improved process quality while saving 30% of their time managing risk and compliance by mapping various enterprise constraints and dependencies to processes in Blueprint’s Business Process Modeler.

Impact #1	The insurance provider saved 75% in documentation overhead by replacing process design documents (PDD) with Digital Blueprints for bot development.
Impact #2	By mapping constraints to these high-risk and error-prone processes, they also experienced 30% time savings in compliance handling.
Impact #3	Those time savings along with the increase in quality and execution for reconciliation processes is what led to the 5x ROI from their investment.

Impact #1

The insurance provider saved 75% in documentation overhead by replacing process design documents (PDD) with Digital Blueprints for bot development.

Impact #2

By mapping constraints to these high-risk and error-prone processes, they also experienced 30% time savings in compliance handling.

Impact #3

Those time savings along with the increase in quality and execution for reconciliation processes is what led to the 5x ROI from their investment.

Benefit #1	30% Time savings on managing change and compliance
Benefit #2	75% Reduction in documentation overhead
Benefit #3	5x ROI in less than 6 months

Benefit #1

30% Time savings on managing change and compliance

Benefit #2

75% Reduction in documentation overhead

Benefit #3

5x ROI in less than 6 months

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Overview

Leading Insurance Provider Saves 30% in Managing Risk for Reconciliation Processes

Operational Impact

Quantitative Benefit