Global Insurance Provider – Bank Statements Reconciliations

Sector: INSURANCE | Region: GLOBAL

Our Client, a leading insurance company, wanted to automate their bank statement Reconciliation process to improve control & reduce TAT, manual errors .
Key Challenges
  • The average volume of transactions is 2500 per day
  • Manual AHT of this process is 3 hours a day
  • The reconciliation is done around 20 days a month
  • Around 5% human errors, which result in re-work
Benefits Derived
  • The average handling time reduced from 3 hours to 40 minutes.
  • The same BOT can be optimised for multiple process automations, delivering significant cost reduction
  • Human errors eliminated
Our Approach

Bank Statement, shared by the bank via email needs to be reconciled against the bank book downloaded from the internal system and the control sheet for the claims department. The bank statements downloaded from email are reconciled with various merchant reports (Paytm, PAYU, Phonepe, Paytm Seller, Policy Bazaar and ET money) and with the corresponding bank book downloaded from the in-house application.

TAO’s team of specialists developed the business case to assess the benefits of RPA and designed a solution to increase the efficiency, improve control, reduce TAT and reduce the overall processing costs.

TAO’s solution for near real-time reconciliations – AUTORECON formed the backbone of this solution.

For more information on this assessment case please write to us at [email protected]