Financial Services Company and Canon Take Claims Processing to a Higher Level
With the deployment of bots, financial services company handles unprecedented increase in processing unemployment claims with impressive accuracy and 24-hour processing.
Leverage Robotic Process Automation to Tackle Complex Forms and Data Processing
A leading financial services company experienced a major challenge caused by the onset of the COVID-19 pandemic. At that time, Canon managed an onsite team dedicated to supporting one of the company’s business activities, processing millions of Human Resources (HR) claims. This process includes receiving the claims from various states, primarily by mail. Our team opens the claims, then scans, indexes and enters them into the company’s workflow. This process includes such activities as classifying each claim by such criteria as state type, extracting relevant information, and forwarding the claim to an adjudicator. The latter makes decisions about benefits to which claimants are entitled and sends that information back to their particular state. One key workflow automation element of Canon’s solution includes deploying nine software robots (bots). The bots facilitate the process by taking a claim policy number, searching a database for that policy number and locating individual information related to it (name, address, etc.), and then entering that information into the indexing data for the HR claim. The claim can then be provided to the adjudicator as a single, uniform case.
The RPA Solution Enabled 24/7 Processing and the Ability to Accurately Process an Unprecedented Increase in Claims
With the pandemic, however, the company experienced a dramatic increase in claims, which quadrupled within months. The huge volume increase strained the company’s capacity to scale up its people and technology resources dedicated to scanning, indexing and processing the claims. To help manage the situation, we increased the number of bots from nine to 20. The backlog of work continued to grow. Canon added another 15 bots, bringing the total to 35. The amount of claims processing still increased. Then we augmented the number of bots to 70, which work 24/7, helping to streamline the company’s resources, costs and time needed to process the enormous increase in claims.
Robotic Process Automation Enhances Overall Claims Processing Efficiency for Major Financial Services Company
Canon’s solution has delivered significant business value to our client. Without deploying the bots, the company potentially faced hiring, training and managing 70 new employees as well as expanding the space and equipment needed to handle the workload. In contrast, licensing and cloning new bots (i.e., replicating existing bots that already “know” what to do) is a significantly more cost- and time-effective approach that requires virtually no expansion of existing staff, space and equipment requirements. Canon also utilizes its Philippines-based Business Processing Center to help support the solution. This capability enables the Canon team to take advantage of the time difference and monitor the claims process on a 24-hour basis. Finally, the bots can process a high percentage of claims and forward them to adjudicators without any human intervention, which greatly enhances overall claims processing efficiency. The financial services leader’s mission includes using knowledge and technology to drive progress and help move people forward. Canon also has a commitment to using knowledge and technology to help our clients when they need it most, now and in the days ahead.