Insurance - Collections Processing

Job description

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This case study examines how an Australian-based specialist risk insurance company used SolveXia's automated process to solve its collections processing issue.

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Client: Australian-based specialist risk insurance business with a market cap of more than $100 million.

Problem: Manual processes taking an increasing number of hours each day to prepare lists of unpaid premiums for resubmission for payment.

Solution: Created an automated solution to reduce the time needed to prepare multiple new submissions.

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‍Key metrics:

Time reduced from 2 hours to ~10 minutes
Over a 100 manual steps automated
2 staff members previously performed manual process so saved 4 hours a day
No manual errors, all unpaid polices are processed
Clear visibility over status of all payments

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Client

Australian-based specialist risk insurance business with a market cap of $113 billion.

Problem

Needed to create a list of unpaid premiums for resubmitting payment collections which was a time consuming, repetitive and prone to error task.

Solution

Created an automated process that generates the individual reports and emails them to the corresponding cost centre head.

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