Case Study

Digitization, Accounts Booking, Reconciliation

Enhancing P&C Insurer’s Accounting Efficiency: Tailored Automation Solution Revolutionizes Revenue Bookings and Reconciliation


The accounting team leveraged a powerful blend of RPA technology and a world-class low-code/no-code user experience platform to orchestrate an account booking automation process for 22 insurance programs. This strategic move yielded outstanding outcomes, including a remarkable efficiency gain of over 90% and a flawless record of zero processing errors. Notably, this transformative approach also resulted in substantial time savings, with the team reclaiming more than 1080 hours per year.

Leading P&C Insurer’s Accounting team keen on leveraging best of both worlds – ‘Digitization’ and ‘Automation’ to improve on their Monthly Accounts Booking, Reconciliation, and Audit process.
The accounting team is confronted with the demanding task of producing monthly Excel reports for premium and claim bookings across 22 insurance programs. They receive a minimum of 29 program files, each containing 500 to 85,000 policy details from third-party agents every month. These files are required to be verified to ensure that all policy details are correctly formatted. These files are then consolidated into 22 booking excels, where extensive and complex premium and claims calculations are conducted to summarize policy details on a state level. These summaries are then used to create booking reports for the accounts system. Additionally, the team must manage the premium and claims data along with booking reports for the statistical reporting team. Due to the substantial volume of policy details and calculations involved, this repetitive process consumes significant time and compromises the accuracy of bookings and audit expectations.
In response to these challenges, the company has collaboratively engaged with RNT to develop a digitized automation solution utilizing Power Platform technologies such as PowerApps, Power Automate, and Power BI. This strategic partnership aims to enhance user experience, streamline report generation processes, and establish a centralized data repository accessible to pertinent teams. Through the implementation of these technologies, the company anticipates significant improvements in operational efficiency, user satisfaction, and data management.
Digital, Customized, Accounts Booking & Reconciliation Automation
The teams collaborated to utilize PowerApps to create an exceptional user experience design. The team implemented Power Automate to establish a robust backend that handles intricate booking calculations for various premium and claims programs to generate monthly booking reports and audit reports. By leveraging Microsoft SQL Database, the team established a centralized data center and, employed Power BI to design customized audit dashboards for quarterly and annual audit purposes.
Monthly Process Cycles

The application incorporates a cycle management process that empowers users to initiate a cycle for the current month as needed. Once all the programs for the month have been processed, users have the option to conclude the cycle. Concluding a cycle creates the data inventory for the month.

Automated Files Verification Process

Each month, the team receives multiple policy detail files for premiums and claims from third-party agents. An automated functionality is developed to verify these files for policy formatting. This process generates a list of policies containing errors, enabling the accounting team to rectify these issues before proceeding with the booking process.

Fully Automated Reporting
Monthly Accounts Booking Reports

Automation has been implemented to create account booking reports using policy-level transactional data provided by the finance team. This fully automated approach eliminates the need for the team to perform complex premium calculations that can vary from program to program.

Power BI Dashboards for Audit

A Power BI dashboard has been constructed to generate need-based audit reports. These reports are valuable for quarterly and annual audit processes.

Inventory Reports

The backend contains a centralized inventory of policy details and monthly booking reports. This valuable data resource serves multiple teams and purposes, including the Reinsurance accounting team, statistical reporting team, state assessment payments, actuarial analysis for losses, as well as receivables and billing procedures.

Custom-Built Executive Modules

The digitized user interface incorporates custom-built executive modules. These modules assist accounting managers in seamlessly updating standard values.

Logs Section for Activity Monitoring

The application includes a dedicated logs section for accounting managers to monitor changes in bookings and program details made by the team. This feature ensures the accuracy of bookings.

Business Impact
Deploying this automation has enabled the accounting team to seamlessly create multiple monthly premium and loss booking reports, which are generated with high accuracy and efficiency.
Accuracy & Efficiency
Accuracy & Efficiency
The bot runs with an accuracy and efficiency of 90% along with zero process errors.
The accounting team saves upto 1080 hours per year with the automation.
More than 50% reduction in AHT for each program.
Bot operating hours
Bot operating hours
The unattended bot can operate for 24 hours with 2 bots processing parallelly.

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