Insurance Company FTE Optimization, Texas US

Complex and manual billing process in Finance department contributed to lost revenue, delayed customer experience and constant staff overtime.

StereoLOGIC helped Texas Life to identify major process bottlenecks and pinpoint automation opportunities in less than 6 weeks. Following this success Texas Life continued using StereoLOGIC for all other departments, such as Customer Service, Case Implementation, New Business, Reporting and even suggested StereoLOGIC to its parent company WiltonRe.

CHALLENGE:

• Billing department was facing daily issues with premiums distribution and reconciliation, due to process complexity containing manual and repetitive tasks
• Customer Service was facing slow and manual processing of deposits and voided cheques authorizations with frequent involvement of department leads for cross checking
• Case Implementation was facing complex, repetitive case setup process requiring manual reconciliation, checking for discrepancies and re-keying customer information

SOLUTION:

StereoLOGIC provided the ability to:

• Precisely map Billing processes, identifying deviations and exceptions
• Establish and standardize payment processing logic enabling true scalability and separating payment processing from discrepancies resolution
• Accelerate RPA implementation for manual processes
• Improve operational efficiency across all organizational departments

RESULTS:

• Mapped and measured all payment distribution processes
• Identified Low-Hanging Fruit Candidates for Automation
• Determined 35% of FTE savings company wide