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Business Case Three

RPA Opportunity Payment Reconciliation (Insurance)

Opportunity

The current process for managing Travel expenses charged on various corporate cards is manually managed by the business travel team processors. Information from the banks are manually provided to the Insurance company and merged into an excel spreadsheet and manually confirmed. Once the amounts have been confirmed then it is imported into the Total Reconciliation System (TRS). The statements from the banks are manually compared to reports from the 6 regional business units of the Insurance company prior to importing into the TRS.

Proposed Solution

Apply Robotics in the following way:

  • Retrieve the credit card statements from the banks
  • Obtain the Reports from an internal system that houses all the electronic expenses
  • Confirm the banks statements with the reports from the 6 regional business units
  • Provide a report to the business on the exceptions and the successfully verified transactions

Business Area

  • Expense Reconciliation

Success Metric

  • Eliminate the manual efforts and related staff needed to process transactions and verifications
  • Increase the cycle time for the processing of each daily file
  • Reduction in count of manual entry errors

Dependencies/Constraints

  • Lack of standardization of the reports from all 6 regional business units. This meant that all Business Units needed to agree on a standard reporting format specifically for this solution.

Benefits/Savings

  • $360,000 in cost reduction through 6 FTE elimination (60k per FTE)

RPA Costs

One Time

  • Development $170,344
  • IT Governance $55,656
  • Vendor & Application Support $48500

Recurring (Annual)

  • Maintenance & Support $37,500
  • License Cost (Cost Per Bot is $13,500)
  • Total Benefits: $360,000.00/Year
  • Total Costs: $393,000
  • ROI: Year 1 -- $33,000

Atlanta,
Georgia, US

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Sales: 703-955-0397

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