Global Insurance Provider – Credit Card Reconciliations

Sector: INSURANCE | Region: GLOBAL

Our client, a leading health insurance company, wanted to automate their ‘reconciliation of credit card transactions’ from various statements. This was being required in order to reduce turnaround time and error and to eliminate the amount of manual intervention.

Scope of the project was to automate the Reconciliation Process for the Bank, Merchant & UPI statements from 2 Private banks and Ledgers downloaded from the company’s ERP portal. Bank, Merchant & UPI statements from two banks and Premia statement from ERP application requires the processing of 8000 to 10000 line items for one process and 2000 to 3000 line items for the other.

Key Challenges
  • Lowering the cost of the reconciliation process.
  • Reducing manual errors.
  • Thousands of line items being manually reconciled.
  • Long cycle time of the process.
  • Low productivity and efficiency.
Benefits Derived
  • Improved Timeliness - manual reconciliation done on irregular intervals is now done daily.
  • Improvement in process turnaround time from 4 hours to 30 minutes.
  • Productivity improvements, including reduced manual controls, higher quality and lowering the error rate.
Our Approach

TAO partnered with the client to come up with an intelligent Robotic Process Automation (RPA) solution to assess its benefits and design an automated solution to increase efficiency and reduce the overall processing time.

The TAO team decided to undertake the following tasks:

  • Provide a fully automated approach for statement reconciliation which involves downloading the various statements from emails and reconciling them with each other at first level and reconcile them against ledgers downloaded from ERP system at second level to create the overall summary report at the end.
  • The Macros and VB scripts were used in combination with Automation Anywhere. Bots were used to interact with various workflow and ERP environments.
  • Configured automation solution, including interactions/interfaces between various components
  • Added validation checks to ensure independence, accuracy and completeness.
  • Effort analysis and Implementation Plan of 10 weeks

TAO automated downloading the Bank, Merchant and UPI statements from the email and Ledger from the ERP portal and its formatting to standardize all of them to a bot recognizable template. Reconciliation of these statements at two levels and summary report generation report of the whole process along with various open items was also automated.

We also delivered the process design document with the solution approach, AS-IS and TO-BE process workflows and the Technical Design Document.

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]