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A leading general insurance provider automates policy payments reconciliation

Client

One of the leading general insurance providers


Industry 

Insurance


Region

India

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Challenges

The insurance provider received policy payment reports from multiple sources including third parties, which needed to be reconciled in a timely manner. It was a manual process, which entailed data validation and data massaging prior to reconciliation and involved high overheads and operational costs. 

Solution

Datamatics implemented Robotics solution, which included multiple steps. The bot retrieved bank reports, vendor reports, and internal reports for the reconciliation. In case of payment realization or cheque bounce, the bot appropriately updated the vendor portal or the internal systems.

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Impact

cc350

2/3rd 

Time savings over manual reconciliation 

cc63

99%

Achieved higher levels of accuracy

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