Case Study
Insurance Firm
Introduction
Insurance leader repatriates outsourced processing of broker commission statements, transforming their business
An insurance industry leader with $2.5B+ in revenue engaged with Lydonia to help them repatriate millions of dollars’ worth of outsourced work, mainly processing broker commission statements, back to the United States. Together, this insurance giant and Lydonia developed a world-class intelligent automation strategy that enabled a major cost-takeout initiative, bolstered data security, and greatly reduced errors.
Before IDP & Automation
- A high volume of PDF Documents were being processed overseas, which was a data security issue
- The cost per document for simple data entry was exorbitant
- The team was experiencing a major communication lag for exception handling due to time zone differences
- There was a high potential risk of errors that could have audit implications
- The team's objective was to bring work back on shore to reduce errors, processing time, and hard dollar savings
- Relied on expensive and inefficient traditional bank lockboxes for processing incoming checks
Approach
The program timeline was 18 weeks from implementation to go LIVE. The team leveraged digital workers to support the high volume of documents and large page counts from the broker commission statements. Lydonia and the client developed a strategy that will scale and grow as more carriers are added, resulting in more documents to be processed. This insurance leader implemented an in-house lockbox process using IDP to scan and classify incoming mail checks, extracting necessary information for deposit-documents without relying on costly bank lockboxes, resulting in significant time savings and ROI.
Results
- The time to process the broker commission statements reduced from ~1.47 hours to 5 minutes per document (94% reduction in task time)
- Reduction from 51 Full Time Employees performing processes reduced to 7 Full Time Employees after introducing automation
- The team will save over $8.1M within 3 years
- 238% ROI
- Streamlined check processing, achieving significant time savings and ROI, without the need of costly bank lockboxes