Case Study
Insurer Reduces Manual Effort by 80% with Automation
Results
80%
80% reduction in manual work
6.5K
6,500 policy conversions in the first year
$200K
$200k saved annually
Company Profile
Major North American religious-affinity fraternal benefit society, provides life insurance, annuities, long-term care, and disability income exclusively to its members and their families through a captive agent force. Tens of billions in life insurance in force, top-tier A.M. Best ‘Superior’ rating, and recognized for industry-leading ethics. Members contribute hundreds of millions annually to charitable causes.
Challenge
Time-consuming manual data entry
This life insurance provider’s policyholders sometimes ask to convert or exchange an existing policy to a new one. Fulfilling insurance policy conversions was a tedious process that required the Insurer’s Operations team to perform extensive copying and pasting across multiple back-office applications. This process was time consuming and prone to errors.
Leadership sought an automation solution that would streamline this manual data entry process.
Solution
Custom Automation Solution
WonderBotz provided a Custom Automation Solution that could manage data entry across the Insurer’s internal systems. The automation is triggered when a conversion or exchange request is entered into the case management system. It extracts and transforms all of the existing policy and customer information including banking, policy, and profile data. Then, it loads the data into the policy admin platform.
The automation solution required zero manual intervention, eliminating the manual data entry between insurance policy admin and case management systems.
It reduced the operations team’s manual work by 80% and saved the Insurer $200k annually.
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