Proof of Value
rapidMATION ran a Proof of Value (PoV) process for Katrin and her team, building a demo focused on a simple automation opportunity:
One Steadfast agency specialises in motor vehicle insurance for high-end luxury cars. Underwriters have to find the average values for these vehicles, based on make, model and year. While this is a relatively simple process in the greater underwriting lifecycle, it typically requires five minutes per vehicle. Reducing that timeframe to a few seconds can save a considerable amount of time and money in the long run.
When Katrin watched the demo, she was amazed at the RPA bot’s speed. “We had to ask to slow down the recording of the bot’s actions, because it is so fast that you can blink and miss it. The five minute process was reduced to a two-second process. That was hugely impressive.”
Once the business unit saw the potential of RPA technology, they were all on board. The next step was to expand the automation project to include the entire insurance policy renewal process.
Since introducing their policy renewal bot, the agency has been able to process a much higher volume of renewals without increasing headcount. To achieve the same output, they would have had to hire an extra two or three people.
Overall, they’ve achieved an improvement on the renewal process of between 35% and 80%.
“This is huge,” explains Katrin. “If you compare this to the traditional approach of improving processes through standardisation and taking out low-value steps, you are lucky enough to achieve 25% improvement. Today, 25% is no longer good enough.”
Beyond the time and cost saving, Katrin is thrilled with the solution’s positive impact on both the employee and customer experience. “Now, no-one can imagine life without the bot working alongside them. The thought actually scares them! It’s really interesting because, before, staff were scared that the bot might take away their job. Now, they are scared of the bot being taken away from them.”
It’s beautiful to see that change of mindset in our people.