Solution

We deployed a bot that eliminates human involvement in reconciling bank statements from banking partners with the company’s core system for insurance policies. This bot is able to securely read various formats (PDF, CSV, XLS) provided by the bank and ensure that the payments are correctly recorded against the correct policy number in the company’s system. The bot works within a secure environment and protocols that work with the bank’s current systems, mimicking human behavior to automate the task. This allowed the bot to be deployed with zero interference to the bank’s systems, without third party dependencies. The bot worked seamlessly with both online and over the counter payments and generated a list of payments that could not be connected to a policy number. This allowed the Insurance company to immediately revert to the bank and obtain additional details of the payee and ensure customer balances are updated correctly.

With the collaboration of AIA’s internal teams, 18 Finance Processes were also identified for automation, including highly complex processes such as actuarial processes within the organization. With the emergence of COVID-19 and its unique restrictions on business operations, Intelligent Automation also was applied to otherwise physical mediums such as providing E-Policies rather than physical policy confirmation documents. The collation of 8+ sub documents needed for the creation of e-policies are now completely handled by Digital Workers or Bots.

The Bank Reconciliation process previously required a full working day by the insurance company. With the bot, the company was able to reduce it to just two hours, freeing up resources for other tasks as well company being able to revert to the bank on the same day regarding payments that needed clarification and added information. This same day reporting ensures the company’s systems are updated on a near real-time basis. Automating the task allows the insurance company to onboard other payment partners at zero cost. This allows the company to grow its payment channels and offer a better service to its customers