In this episode, we explore how a leading general insurance provider collaborated with Datamatics to automate the reconciliation of new policy payments, significantly enhancing operational efficiency. The insurer faced challenges in reconciling policy payment reports received from multiple sources, including third-party vendors, which required timely and accurate processing. Datamatics implemented Robotic Process Automation (RPA) to streamline this process. The RPA bot retrieved reports from banks, vendors, and internal systems, performing data validation and reconciliation tasks. In instances of payment realization or cheque bounce, the bot updated the vendor portal or internal systems accordingly. This automation led to a two-thirds reduction in time spent on reconciliation and achieved 99% accuracy, significantly reducing operational costs and enhancing efficiency. Discover the strategies and technologies that facilitated this digital transformation, leading to improved accuracy and substantial time savings

https://www.datamatics.com/resources/case-studies/a-leading-general-insurance-provider-automates-reconciliation-of-new-policy-payments