Automating Policy Payment Reconciliation with TruBot for Efficiency

The client is one of the largest and most trusted general insurance providers, with a strong presence in the market. Known for its comprehensive range of insurance products and commitment to customer satisfaction, the company has earned a reputation for reliability and innovation.

The Challenge: Scalability & Service Level Agreement (SLA) Risks

The insurance provider faced considerable challenges in reconciling policy payment reports, which came from a variety of sources, including third-party vendors. This process was entirely manual, requiring significant effort in data validation and massaging before any reconciliation could take place. The complexity of handling data from multiple systems led to high overheads, increased operational costs, and delays in processing. The manual approach not only resulted in a higher risk of errors but also strained the resources of the operations team, who were already overwhelmed by the growing volume of transactions.

Key leaders, including the Chief Financial Officer (CFO) and Chief Information Officer (CIO), were acutely aware of the bottlenecks this caused. The CFO was concerned about the escalating operational costs and inefficiencies that impacted the company's profitability. Meanwhile, the CIO recognized the limitations of the existing infrastructure, which was proving to be incapable of handling the increased workload as the business grew. The lack of automation was a barrier to scaling operations and meeting service level agreements (SLAs), putting both customer satisfaction and the company’s financial performance at risk.

The Solution: TruBot for Efficient Reconciliation

Datamatics implemented a seamless automation solution for policy payment reconciliation using TruBot, their advanced Robotic Process Automation (RPA) platform. TruBot was designed to automatically retrieve and consolidate data from multiple sources, including bank reports, vendor reports, and internal systems, streamlining the entire reconciliation process. The bot intelligently matched payments with policy details, removing the need for manual intervention.

In cases of payment realization or cheque bounce, TruBot took immediate corrective action, automatically updating both the vendor portal and the internal systems to reflect the changes. This ensured that all records remained accurate and up-to-date in real time. TruBot's ability to handle such exceptions helped maintain consistency across all platforms, reducing errors and preventing delays.

By automating the reconciliation process, Datamatics' TruBot solution significantly reduced the operational burden, improved accuracy, and enabled the insurer to meet service level agreements (SLAs) more efficiently. This automation not only lowered operational costs but also provided the scalability needed to handle a higher volume of transactions without compromising performance, ensuring the insurer was well-positioned for future growth.