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.
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.
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.
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.
A Power BI dashboard has been constructed to generate need-based audit reports. These reports are valuable for quarterly and annual audit processes.
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.
The digitized user interface incorporates custom-built executive modules. These modules assist accounting managers in seamlessly updating standard values.
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.