The Zero Error Digital Worker
that saved the hours and the Dollars
during the pandemic

The Zero Error Digital Worker that saved the hours and the Dollars during the pandemic

AIA Global Insurance

Solution
RPA Implementation – Automation Anywhere

 

Expertise
Intelligent Automation

AIA Global Insurance

Solution
RPA Implementation – Automation Anywhere

Expertise
Intelligent Automation

Challenge

AIA Group Limited is an American founded Hong Kong multinational insurance and finance corporation. It is the largest public listed life insurance and securities group in Asia-Pacific. It offers insurance and financial services, writing life insurance for individuals and businesses, as well as accident and health insurance, and offers retirement planning, and wealth management services, variable contracts, investments, and securities. AIA is headquartered in Central, Hong Kong, with a presence in 18 markets in Asia-Pacific, with wholly owned branches and subsidiaries in Hong Kong, mainland China, Taiwan, Macau, South Korea, Singapore, Thailand, Malaysia, the Philippines, Indonesia, Vietnam, Brunei, Cambodia, Myanmar, Australia, New Zealand, Sri Lanka, and a 49% joint venture in India.

For AIA Sri Lanka, every day, tens of thousands of premiums are paid by more than 27 banks. The company has to rely on manual processes to reconcile statements generated by the bank’s online systems and the insurer’s core systems. This is a business-critical activity that ensures the insurance payments related to life insurance policies are updated in the company’s system correctly.

The Organization also had multiple Finance Related processes being performed manually which was also highly prone for automation. With COVID 19 bringing in its own unique operational restrictions, the organization also was faced with how certain physical tasks can now be re-imagined to be done on Digital Mediums.

Solution

We deployed a bot that primarily removes human interference in reconciling bank statements from banking partners with the company’s core system for insurance policies. This bot is able to securely read various formats (PDF, CSV, XLS) provided by the bank and ensure that the payments are correctly recorded against the correct policy number in the company’s system. The bot works within a secure environment and protocols that work with the bank’s current systems, mimicking human behavior to automate the task. This allowed the bot to be deployed with zero interference to the bank’s systems, allowing the bot to be deployed without third party dependencies. The bot worked seamlessly with both online and over the counter payments and generated a list of payments that could not be connected to a policy number. This allowed the Insurance company to immediately revert to the bank and obtain additional details of the payee and ensure customer balances are updated correctly

With the collaboration of AIA’s internal teams, 18 Finance Processes were also identified for automation, including highly complex processes such as actuarial processes within the organization. With the emergence of COVID-19 and its unique restrictions on business operations, Intelligent Automation also was applied on innovative approaches to otherwise physical mediums such as providing E-Policies rather than physical policy confirmation documents. The collation of 8+ sub documents needed for the creation of e-policies are now completely handled by Digital Workers or Bots.

Impact

Impact

90% Reduction
in time taken
for Bank
Reconciliations

Same Day
Reporting

Zero on
Boarding Cost

200 +
Work Hours
per Month Saved

90% Reduction
in time taken
for Bank
Reconciliations

Same Day
Reporting

Zero on
Boarding Cost

200 +
Work Hours
per Month Saved

The Bank Reconciliation process previously required a full working day by the insurance company. With the bot, the company was able to reduce it to just two hours, freeing up resources for other tasks as well company being able to revert to the bank on the same day regarding payments which needed clarification and added information. This same day reporting ensures the company’s systems are updated on a near real-time basis. Automating the task allows the insurance company to onboard other payment partners at zero costs with regarding to bandwidth to process the payments. This allows the company to grow its payment channels and offer a better service to its customers

Finance Actuarial Process Automation – Before and After

Finance Actuarial Process Automation
– Before and After

Pre-Automation

3600 Minutes
Spent on the Process

Post-Automation

45 Minutes
Spent on the Process

Pre-Automation

3600 Minutes
Spent on the Process

Post-Automation

45 Minutes
Spent on the Process

Let’s begin your transformation. A call to walk the talk.