Global Financial Services organization scales use of RPA to respond to the increased volume of claims due to COVID-19 and reduces errors by 90%
Company Size
1,000+
Region
- America
Country
- United States
Product
- Blueprint’s Enterprise Automation Suite
- Business Process Modeler
- BlueDocs Document Importer
- Test Script Mining
- Impact Explorer
Tech Stack
- Robotic Process Automation (RPA)
- Automation Software
- Digital Blueprints
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Customer Satisfaction
- Productivity Improvements
Technology Category
- Analytics & Modeling - Robotic Process Automation (RPA)
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Fraud Detection
- Predictive Quality Analytics
- Regulatory Compliance Monitoring
Services
- Data Science Services
- Software Design & Engineering Services
- System Integration
About The Customer
This customer is a financial services company that offers a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. The company has over 51,000 employees and generates an annual revenue of $64 Billion. They have been a customer since 2018. The company has been leveraging robotic process automation (RPA) within certain aspects of their business, but their claims processing was labor-intensive and inefficient.
The Challenge
This financial services company that offers a variety of products and services, has leveraged robotic process automation (RPA) within certain aspects of their business. However, their claims processing was labor-intensive and inefficient. In the wake of COVID-19, the team responsible for processing claims became overwhelmed as they could not keep up with the sudden and significant increase in the volume of submissions, leading to a 2x increase in errors during processing and frustrated customers that was increasing the risk of churn. The company considered hiring more claims processors or outsourcing to help meet the demand, but this would lead to a significant increase in costs for full time employees (FTEs). They also looked at how they could take tedious, mechanical processes that are excellent candidates for RPA and automate them. They considered targeting their most labor-intensive processes to reduce the current strain on their employees. In the end, they decided to focus on increasing their use of robotic process automation.
The Solution
Blueprint worked closely with the customer to get them out of Word documents and Excel files, and have them work directly in Blueprint’s centralized repository. Using Blueprint’s Enterprise Automation Suite, they were able to model their end-to-end process for processing claims. In Blueprint’s Business Process Modeler they performed their process decomposition to identify what could and should be automated to increase the speed and quality for their claims processing. With Digital Blueprints they were able to automate 30% quicker with a 90% reduction in errors. Key aspects of the Enterprise Automation Suite that drove automation success include BlueDocs Document Importer, Test Script Mining, Business Process Modeler, Reviews & Approvals, and Impact Explorer.
Operational Impact
Quantitative Benefit
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