Client Overview & Impact
SBI Life Insurance, the second-largest insurance company in India, serves millions of policyholders nationwide, ensuring their financial protection during critical times. As a leader in the insurance sector, SBI Life’s mission is to provide swift and efficient claims processing to maintain customer trust and satisfaction. However, manual and labor-intensive processes often posed challenges to meeting this goal.
The Claims Process
SBI Life processes millions of applications on an annual basis. A percentage of the same undergo claims. The claims filing is a physical process. It requires KYC data of the nominee along with their account proof and some other relevant documents. These documents are received at a physical outlet of the organization. The regional operator then scans all documents together and makes one PDF out of the application docket. This PDF is sent to the central operations team for verification and processing.
Business Challenges
SBI Life faced significant challenges in operations affecting the efficiency of its insurance claims processing:
Manual Verification
Claims verification is heavily dependent on manual checks, resulting in long processing times, high operational costs, and a reasonable amount of human errors.
Document Management
Handling large volumes of documents, including death certificates, claim forms, and proofs of identity and address, is labor-intensive. Ensuring document completeness and accuracy poses a substantial challenge, often leading to delays.
Data Validation
The process of validating policyholder-submitted data against existing records is time-consuming and prone to discrepancies, affecting the overall accuracy and reliability of claims decisions.
Glib.ai’s Solution: Comprehensive Automation of Claims Processing
Glib.ai deployed a holistic IDP solution tailored to address the unique needs of SBI Life, leveraging AI-powered document automation and Robotic Process Automation (RPA) to enhance speed, accuracy, and efficiency. Key components of the solution include:
Automated Document Classification
An intelligent system that classifies incoming documents automatically, including death certificates, claim forms, and KYC documents. This reduces manual sorting and streamlines the claims process.
Checklist Creation
A configurable checklist to ensure all necessary documents are uploaded correctly. This step minimizes back-and-forth communication between regional and central teams, expediting the initial verification phase.
Template-Based OCR for Data Extraction
Glib.ai’s template-based OCR solution extracts data swiftly and accurately from various document types, reducing manual data entry time and increasing processing precision.
Cross-Validation Mechanism
A robust cross-validation system to match extracted data with policyholder information captured during the onboarding process. This ensures data consistency, reduces errors, and bolsters the accuracy of claims processing.
Human-in-the-Loop (HILT) Interface
A Human-in-the-Loop (HILT) system for real-time oversight and corrections. This approach maintains high accuracy levels and supports continuous system training to handle unique or complex cases effectively.
Solution Workflow Diagram
Diagram Description:
Detailed Workflow
- Document Upload: Policyholders or their nominees submit documents via a secure online portal.
- Automated Classification: IDP technology categorizes incoming documents, streamlining the workflow.
- Data Extraction: OCR technology extracts relevant data points from the documents.
- Cross-Validation: The system cross-references extracted data with existing records for accuracy.
- Verification and Processing: The HILT interface ensures human oversight, correcting discrepancies as needed.
- Claims Approval: Once validated, the system advances the claim for final approval, significantly shortening TAT.
Results and Impact
The implementation of Glib.ai’s IDP solution brought substantial improvements to SBI Life’s claims processing operations:
Reduction in Turnaround Time (TAT)
Claims processing time was reduced by over 83%, bringing the median TAT down to an average of 55 seconds in STP from several hours.
Decrease in Manual Efforts
Achieved an 85% reduction in manual efforts, allowing employees to focus on higher-value tasks and reducing overall dependency on manual resources.
Improved Data Accuracy
The automated data extraction and cross-validation processes ensured an accuracy rate of over 80%, mitigating human errors and enhancing reliability.
Enhanced Operational Efficiency
The automated process streamlined the workflow, enabling the claims department to manage a higher volume of applications without proportionally increasing the number of FTEs.
Customer Experience Improvement
The reduction in processing time allowed SBI Life to offer faster claims settlements, significantly boosting customer satisfaction and trust.
Quantitative Impact Summary
| Metric | Pre-Glib.ai Implementation | Post-Glib.ai Implementation |
|---|---|---|
| Turnaround Time (TAT) | Several hours/days | 55 seconds |
| Manual Effort Reduction | High dependency on FTEs | 85% reduction |
| Data Accuracy | Prone to human error | Over 80% accuracy |
| Claims Processing | Labor-intensive, slow | Automated and efficient |
| Customer Experience | Lengthy processing, delays | Fast, seamless processing |
Conclusion
Glib.ai’s comprehensive Document Processing solutions provided SBI Life with an advanced, automated claims processing system that reduced manual labor, expedited turnaround times, and enhanced data accuracy. By automating critical aspects of the claims process and introducing a Human-in-the-Loop interface for quality assurance, SBI Life significantly improved its service delivery, solidifying its reputation as a leader in the insurance industry.
