ageas

Ageas Federal Life Insurance (Formerly known as IDBI Federal Life Insurance) is one of India’s rapidly growing life insurance companies that streamline its collection reconciliation process.

Ageas Federal leverages UI Path and Avaali to automate their collection reconciliation process to reduce human intervention, associated costs and improve efficiency.

The company is a joint venture between Ageas a multinational insurance giant based out of Europe, Federal Bank, one of India’s leading private sector banks and IDBI Bank, India’s premier development and commercial bank. Driven by growth and innovation the company continues to scale great heights and has achieved multiple milestones since its commencement in 2007. The company boasts of a good portfolio of product offering to its customers with wealth management, protection and retirement solutions.

Ageas Federal Life Insurance has been rapidly growing and has witnessed large trade transaction volumes combined with greater regulatory compliance demands.

The process of collection reconciliation is manual in nature, as it involves dealing with a big number of account types, payments, time zones and manually matching the transaction which makes the process complicated and exposes the business to operational errors and financial risks.

The company uses multiple banks and digital payment avenues for different processes and transactions which was one of the primary reconciliation challenges. The bank statements received for reconciliation are numerous and not very easy to compare with the internal records. Additionally, the data from external sources are in different formats and volumes to be matched are huge in nature. Hence there was a need for highly efficient preparation of bank statements for automated reconciliation and subsequent reporting of the reconciled results.

Ageas Federal Life Insurance explored various options and eventually chose to license and implement the UI Path RPA solution.

Partnering with Avaali to implement a solution efficiently and well within time

Ageas Life Insurance chose to partner with Avaali for the implementation of UI Path solution. The implementation team from Avaali conducted detailed workshops with key stakeholders from Ageas Life Insurance to understand the current system and business processes, their pain points, their requirements, and the roadmap. The workshops also covered all aspects of the proposed solution in detail to help Ageas Federal life Insurance appreciate how they could leverage the UI Path Solution to gain higher efficiency in their bank reconciliation process. The implementation was completed in approximately 5 months. Avaali helped Ageas Federal Life Insurance to better perform complicated and time-consuming process of bank statement preparation for reconciliation and accurate reporting of the reconciled results.

Industry
Insurance

Customer
Ageas Life Insurance

Partner
Avaali Solutions Pvt. Ltd.

  • There was a need to manage a huge volume of transactions that were generated per day.
  • The complexity of business rules surrounding the reconciliation process
  • Accurate preparation of banks statements for reconciliation
  • Timely reporting of the reconciled results
  • The process was required to be automated in such a way that it is consistent and comparable in order to provide reliable results.
  • Managing multiple transactions in order to avoid complicating the whole reconciliation process.
  • UI Path Robotic Process Automation Solution
  • UI Path Robotic Process Automation Solution
  • Solution implementation in 5 months
  • Better Bank statement preparation for reconciliation
  • Accurate and timely reporting of reconciled results
  • Reduction in time taken for the process, from 7-8 hours to 1 hour daily
  • 1 FTE Savings

Avaali Solutions enables large enterprises to drive and deliver business results by leveraging digital technologies. Avaali has strengths in providing Enterprise Information Management, (EIM), Enterprise Mobility, RPA, Artificial Intelligence, and Internet of Things (IoT) solutions. Avaali’s advisory, consulting and implementation services has enabled over 100+ enterprises globally to transform their operational and customer-facing processes.