Techwrx Implements RPA Solution for EFU Insurance
Introduction:
Techwrx, a leading provider of automation solutions, partnered with EFU Insurance, a
midsized insurance company, to implement a comprehensive Robotic Process Automation
(RPA) solution. This case study explores the impact of implementing RPA in claim processing,
data entry, and policy issuance, highlighting the transformative effects on EFU’s operations.
Challenges:
EFU Insurance faced challenges associated with manual processes in claim processing, data
entry, and policy issuance, leading to inefficiencies, errors, and increased operational costs.
These challenges hindered the company’s ability to scale and deliver timely services to its
customers.
Solution:
Techwrx designed and implemented an RPA solution tailored to EFU’s specific needs. The
solution automated claim processing, data entry tasks, and policy issuance, leveraging RPA
bots to execute repetitive tasks quickly and accurately.
Impact:
Cost Savings:
FTE Savings: Through the implementation of RPA, EFU realized significant reductions in fulltime equivalent (FTE) hours previously allocated to manual tasks. Estimates suggest FTE
savings ranging from 20% to 50% across claim processing, data entry, and policy issuance
functions.
Error Reduction: By automating processes prone to human error, EFU experienced a
decrease in error rates, leading to cost savings associated with error correction, rework, and
potential financial losses.
Efficiency Improvements: Faster Processing: RPA bots executed tasks at a fraction of the time it took manually,
resulting in faster claim processing, data entry, and policy issuance. EFU witnessed notable
reductions in processing times, with estimates ranging from 30% to 60% for claim processing
and 40% to 70% for data entry tasks.
Scalability: With RPA in place, EFU gained the ability to handle increased volumes of claims,
data entry tasks, and policy issuances without a proportional increase in operational costs.
This scalability supported EFU’s growth objectives and enhanced its competitive position in
the market.
Conclusion:
The implementation of an RPA solution by Techwrx has yielded tangible benefits for EFU
Insurance, including cost savings, efficiency improvements, and enhanced customer
satisfaction. By automating claim processing, data entry, and policy issuance, EFU has
optimized its operations, driving greater agility and competitiveness in the insurance industry
landscape.
In summary, the collaboration between Techwrx and EFU Insurance exemplifies the
transformative potential of RPA in streamlining processes, reducing costs, and delivering
value to organizations seeking to enhance operational efficiency and customer-centricity.
