The Process

The client is a long-established specialist in insurance and reinsurance business, and part of the Lloyds of London market. It underwrites a wide range of specialist Marine, Energy, Aero, and liability classes of commercial insurance. A large part of the Lloyds market work is manual in nature with large binder files for specific insurance cases. The underwriters then update the Policy Administration System (PAS) with the policy details. A single cover might be insured by multiple insurers and has a very high transaction value. Onboarding the policy in PAS required updating numerous fields of data from a scanned image of the hard binders, resulting in a high Turn Around Time (TAT) and handle time.

The Solution

Robotic Process Automation (RPA) was used as a solution for automating the data entry into the PAS. Aiwozo’s Optical Character Recognition (OCR) feature was used to extract text from the scanned policy documents, and then the same was entered into the PAS using RPA. The cases where OCR was not able to detect, the text was marked as an exception and was handled manually.

Challenges Addressed