Financial Adviser
Global Financial Services automates annual reminders saving on time and increases efficiency with RPA
Overview
Global Financial Services is a leading provider of mortgage and insurance services for two decades. The mortgage and insurance markets are highly regulated, and the customer needs to be engaged and made aware of all protocols even after policy submission.
The company is well established and has a team of close to 50 growing across the North Island. The mortgage and insurance industry handles numerous manual and mundane tasks on a day-to-day basis. There is a requirement to focus on customer experience and explore growth opportunities. Automation can assist with end-to-end life cycle of a business process and can give employees time to plan and innovate on products and services.
Applications Engaged
- Excel
- CRM
- SharePoint
- Insurance Adviser Portal
Automation Tool
Ui Path
# Opportunity
Compliance along with great products and services is paramount for financial advisory services. The onboarding and maintenance of clients is a tedious task but one which cannot be ignored. There was a need to eliminate mundane tasks and free up resource. Policy anniversary data administration is repetitive process which was a good candidate for process automation and was high volume in nature. The timely processing of customer data would also assist advisers to access frequently updated customer information and reduce policy administration costs. It was imperative to select the right process to build RPA for scalability.
-
- Rule based
-
- Data collating / searching
-
- High volume
-
- Write to database / CRM
# Challenge
An established organisation which has arranged more than $10bn in loans and insurance has multiple processes and it was important to select the right process to instil confidence in RPA, achieve ROI and build for scalability. Data entered manually was inputted infrequently and it was important for the automated process to reduce lag between data received and updated in CRM. As the user engaged in multiple duties, task priority conflicted and there was a need to eliminate the mundane and repetitive job being put on the back burner. The requirement was also for the BOT to be operated even from a remote location.
-
- Reduce processing time
-
- Read documents and extract information
-
- Established process
-
- Fixed Budget project
# Solution
Broca implemented an attended BOT from UiPath which incorporated web automation. It could mimic the user by logging into the insurance portal using assigned credentials to download policy anniversary files. The BOT could read each file and extract stipulated policy data. The extracted data was then inputted to the respective customer records in CRM, the BOT achieved this by built in parameters and rules. The BOT further ensured that each policy anniversary file was stored in the respective folders in a shared drive. The BOT further assisted the process by creating a log of downloaded data and emailing it to the user for consideration, this assisted the user with additional activities down the process like commissions. The user was able to run the BOT as frequently as possible pertinent to demand and could additionally set the period for download. The BOT was built for scalability to enhance additional processes in the future.
# Benefits
Reduced Cost to serve
The time taken to process information was significant and resources could not be deployed to other activities in the business. Automating the process enabled the staff to be deployed to other value adding activities thus reducing the overall cost of the process and creating opportunities in other areas.
Compliance achieved
Customer data was updated on timely basis to ensure products and services advised are aligned to the needs of the customer.
ROI achieved
Return on investment was recuperated in an agreeable time frame with the client.
Improved accuracy
98% data accuracy achieved in updating the CRM.
Zero downtime
Policy anniversary data can be updated 24/7 and from any remote location with reliable internet.
Reduce turnaround time
The time required to collate customer anniversary data and update to CRM was reduced by 90% benefitting the policy administrator and advisers.
Improved
Accuracy
98%
Reduced
turnaround time
90%
ROI Achieved
12
months
