Automated Payment Reconciliation

One of the leading general insurance providers, the client faced challenges in reconciling policy payment data from various sources, including external vendors. The process was labour-intensive, required significant data massaging and validation, and incurred high operating costs due to its manual nature.

Friction Points

• ‍Manual Reconciliation: A time-consuming process requiring significant manual effort.
• High Operating Costs: Labor-intensive operations increased overhead expenses.
• ‍Error Risks: Data validation and massaging were prone to inaccuracies.

Solution

• ‍Automated Data Retrieval: Bots fetched vendor, bank, and internal reports for reconciliation.
• ‍Efficient Updates: The bots updated vendor portals or internal systems when payments were made, or checks rejected.
• ‍Seamless Validation: Automated data messaging and validation ensured a smooth reconciliation process.

Impact

• ‍Time Savings: Reduced reconciliation time by 2/3rd compared to manual efforts.
• ‍Enhanced Accuracy: Achieved 99% accuracy in reconciliation processes.
• ‍Cost Efficiency: Lowered operational costs by minimizing manual intervention