A leading general insurance provider automates policy payments reconciliation
Insurance | ndia
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One of the leading general insurance providers
Challenges
The insurance provider received policy payment reports from multiple sources including third parties, which needed to be reconciled in a timely manner. It was a manual process, which entailed data validation and data massaging prior to reconciliation and involved high overheads and operational costs.
Solution
Datamatics automated policy payment reconciliation using RPA. The bot retrieved bank reports, vendor reports, and internal reports for the reconciliation. In case of payment realization or cheque bounce, the bot appropriately updated the vendor portal or the internal systems.
