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A global provider of risk management reduces TAT by 76% with automation

Client

The client is a global provider of risk management products and services. Its businesses provide a diverse set of specialty, niche-market insurance products in the property, casualty, extended device protection, and preneed insurance sectors

Industry 

Insurance

Region

United States of America

 

Challenges

The client received a tremendous amount of insurance claim documents daily, which ranged from a five pager document to a hundred pager document. Processing these documents were error-prone as the entire task was carried out manually.

The client wanted to automate the processing of insurance claim documents to improve efficiency

Solution

Datamatics proposed its Robotic Process Automation (RPA) tool TruBot to automate the task of processing claims and its Intelligent Document Processing (IDP) tool TruCap+ to capture the required data from the forms.

TruCap+ automatically extracts the required data from the forms after scanning through the entire multi-page insurance claim documents with minimum human intervention.

Impacts

99% Accuracy achieved - RPA & IDP Case Study

99%

Accuracy achieved

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76%

Reduction in turnaround-time'[

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2% Exception rate

Redcued by 11% which was 13% earlier

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3 minutes

Time taken to process each document which was 30 minutes earlier

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