A Standing Instruction (SI) is a service offered to customers of a bank, wherein the customer gives authorization to the bank to debit their account by a certain amount at regular intervals, which could be fixed and changed as per request/ requirements. Electronic clearing system (ECS) for transactions that are repetitive and periodic. Deactivation refers to the request made by the respective policyholder to deactivate their active SI ECS service.
This automation process, designed with SheetKraft for a major life insurance company creates a referral sheet with different criteria at the vendor level for the SI ECS deactivation requested by the customer for their Policy premium amount.
Challenges
- Currently, the process is done daily by a dedicated resource of the life insurance company.
- The dedicated resource is required to fetch the details from 14 different files to create the required output.
- The dedicated resource faces the problem of maintaining huge data files and a time-consuming process to compile and compare the data to fetch the correct status of the policy and report it to vendors in the bounded timeline.
- File preparation of the required referral sheet takes 2.5 – 3 hrs.
Methodology
- Input files are fetched from the shared path and working data is prepared by mapping required details from different input files.
- A centralized database is mapped against the working data to fetch the status and vendor details for the respective policy numbers.
- System-driven classification of policy numbers based on different criteria is done.
- The required output of the referral sheet with different criteria at the vendor level for the SI ECS deactivation requested by the customer is generated. This referral sheet is then further referred by vendors to update their system against policy numbers present in the referral sheet.
- The referral sheet generated consists of 6 different files named as Stop file, Deletion file, Urgent revoke file, Accepted communication file, Rejected communication file & CCH Code.
- The Stop file, Deletion file & Urgent revoke file consist of different sheets for different vendors as per the vendor present for each file.
- According to different criteria, the final files are created as required.
- A folder containing these 6 referral sheets is generated daily.
Impact of SheetKraft
- The correct status of the policy numbers is mapped centralized database created with SheetKraft.
- Output is generated in one click and the outputs are created efficiently without any errors and minimum human intervention.
- Application of automation process will be saving the file preparation time spent by the resources. Up to 2.5 -3 Hours are saved daily.
- The run time of the automation process is less than 3minutes.
