TOTAL LOSS CANCELLATION USING ROBOTICS PROCESS AUTOMATION (RPA)
Cancellation of Auto policy upon Total Loss is a critical business process in insurance premiums and closure of policy.
Reducing the time to cancel policy from 4 minutes to under a minute ensures enterprise wide risk elimination and accurate estimation of premiums pending prior to canceling the policy.
Claims processing during accidents where assets (vehicles are totaled) is a major customer relationship challenge. Insurers need to assess the policy premium are paid in full or send notices to insured about pending premiums prior to closing the transaction including cancelling the policy altogether.
Prior to automation, the Claims officer raised a service request, and the Consumer Policy Office (CPO) downloaded the service request for cancellation the next business day to assess and process the claim. Following, the CPO sends an email to Claims Team if the insurer has any premiums pending as on date. Based on the response received, CPO then canceled the policy in their mainframe system and closed the transaction. CBC automated the process for fast, responsive and accurate operations using UiPath. BOTS minimized the manual process between Claims Officer and CPO creating an efficient, systems-driven process that took less than a minute to complete the critical business process.
BENEFITS REALIZED BY CUSTOMER
RPA solution reduced the process time by 60%, created savings in FTE (labor) and delivered a responsive and accurate outcome enhancing the customer services experience overall.