Automating Hazard Insurance Quality Control for 20x Faster, Error-Free Processing using Copasys®
Overview.
A Top 20 U.S. bank struggled with time-consuming, error-prone manual checks for hazard insurance changes in their loan portfolio. Coforge's Copasys® solution automated the entire process, achieving 20x faster completion and 100% accuracy, along with valuable data insights.
The existing process at the Bank required manual intervention and was backlogged due to the ebb and flow and the volume of changes requested. The challenges the process faced:
Long time and effort to perform quality checks for flood zone and other changes to loan portfolio.
Errors in system changes and in meeting compliance requirements (e.g. NFIP flood zone requirements).
Our Solution.
Coforge assessment determined that the Copasys® QC (Quality Control) automation solution would work best for quality control and compliance checks across any process and in this case, specific to hazard insurance processes
Recommended ownership around scoping and implementation of the automation and ongoing governance, change management and support activities.
Recommended data analytics for trend analysis and improving upstream processes.
Configured application and developed rules-based automation customized for the Bank’s testing objectives.
Validated and deployed new automated QC solution for Hazard insurance process.
The Impact.
45 minutes to 3 minutes: Change in time required to complete QC for non-participating flood test.
30 minutes to 3 minutes: Change in time required to complete QC for flood zone change.
20X faster than manual process: Where automation could be applied.
100% accuracy: For test results, next steps, and corrective actions.
Custom reporting: With actionable insights and executive dashboards.
