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Automated processing of policy administration requests to reduce costs and enhance the customer experience

The Process

The Client is a leading financial institution that was looking at optimizing its customer onboarding process. They have sales teams spread across the geo who are responsible for acquiring new Current Account and Savings Account (CASA) customers; the application process for account opening was through a paper form with supporting documents. These were then scanned and sent to a central operations team to complete the onboarding process. The process was manual in nature and had a high Turnaround Time (TAT) of about ten days for completing the onboarding formalities. The inflow of forms was variable and unpredictable depending on new campaigns and offer which resulted in staffing challenges to meet demand.

The Solution

We developed a solution using AI/ML models for the bank to automate approximately 90% of the onboarding process. The first step was to digitize the account opening form at the source, read scanned forms using computer vision and Intelligent Data Capture (ICR) technology. The data extracted was then auto-completed in the Core Banking System (CBS) by applying applicable limits and facilities. We used our Enterprise Automation Suite, Aiwozo, to reduce the TAT to less than one hour for onboarding customers, which included the time to scan the documents. Extra validation was added at the local scanning facilities to identify supporting documents validity, which ensured less to and fro between the operations team and sales representatives.

Challenges Addressed

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Multiple systems for different insurance products
Seasonal and daily volume fluctuations
Handoffs in the process increased error chances
Stringent quality checks required large QA team

The Outcomes

0.5 Million US

Cost savings per annum on policy admin operations.

8 %

Improvement in TAT met.

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