Opening new contracts with RPA

In leasing, robots perform data entry, selection, and generating reports. Software robots are great for the leasing industry since they are non-invasive but function as add-ons to legacy systems. In addition, they have a low error rate and don't get tired after processing thousands of documentations.

Automation at its best

Even though it’s pretty straightforward that Robotic Process Automation automates processes, for the client, it means that no more employees need to print the documentation, sign it, then scan it manually, and then copy all the information into CRM Software robots go through different resources and take the necessary data from each, often saving people from clicking through multiple websites and moving numerous papers. They let the fingertips rest.

The organization is an international company offering financial services for a broad range of products, including vehicles, machinery, and equipment. And how do they handle the paperwork?

Automated processes presented in this case study

- Opening new contracts in the core system

- Adding insurance policies

- Searching for additional information to add

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See how the robots helped the leasing company.

Hiring more or hiring a robot

It is well-known that leasing companies face significant amounts of paperwork, which entails repetitive tasks for employees, and, consequently, a higher error rate.

As companies grew, more and more leases opened and change requests that needed to be processed daily rose steadily. To a person, processing one such task does not require a lot of mental capacity but dealing with hundreds of them ends up consuming way too much time and energy. Also, all these minor changes had to be done across multiple systems, which requires reliable connections between them.

All things considered, the board was aware of the need to keep the competitive advantage in the long run, and they recognized process automation as a more cost-effective solution than massive hiring.

Since leasing companies have access to sensitive client data, such as personal and financial information, it is crucial to managing it responsibly. Moreover, due to legacy systems, that data was stored in databases where it couldn’t have been accessed directly, so changes had to be made in a separate application and only then entered into the database.

So, what can a man do?

Well, a man can develop functional up-to-the-task software robots with the clients’ requirements in mind. At least, that’s our approach.

First, we always guide a client through the roadmap creation so that RPA gets the most for them. It includes process selection and assessment, ending with confirmed RPA suitability. Then, when the client presents us with a process they want automated, we make sure that developing a robot is entirely possible and will bring savings for the client.

In other words, we check all the details, make a process video and create a process map. Before the robot is pushed to production, the process and testing results are presented and confirmed in the testing environment, followed by the UAT.

Specifically, in this case, there were some limitations regarding the data entry. On the one hand, their CRM didn’t have an API to enable any kind of communication with its database. On the other hand, solutions that would enable that sort of integration were costly.

The best solution for handling this problem was – and generally is – process automation.

Robots in the client’s company are part of the broader and more intelligent solution, as they finish off the process of an AI-powered contract processing solution. In short, the documentation is verified in the web app and gets saved to their CRM and DMS.

The delivered RPA solution replaced manual entry with two processes executed by software robots. The first robot bypasses the struggle of copying data manually from a PDF file to the CRM, and the second robot makes filling in the rest of the information about the lessee a lot easier by using publicly available data sources.

Let’s dive into a bit more details about the automated processes.

When the insurance company mails a PDF file of an insurance policy to our client, the first robot reads the file and enters the data in the client’s CRM. The process seems simple, but the fact that robots replace all the manual scanning and transferring of information from the PDF into the system makes it quite impressive.

After the minimal identifiable data from the insurance policy is entered into the web interface (in most cases, this is the MBO or OIB), the search for additional information starts. As part of the second process, the robot extracts additional information on the lessee using FINA’s API, e.g., IBAN, number of employees, financial information, contact information, and owners.

Automating the two mentioned processes enables faster data entries, lower error rates, and less employee fatigue. Based on the information entered, an actual human being finally steps in to make the important decision on leasing approval.

After finishing this process for one lessee, and before moving to the next one, the robot sends a notification to the management website provided specifically for their case. It informs them that, either the process was completed successflly or, if not, it sends out the corresponding error. In addition, the same information is sent via email to the process owner, who is the person responsible for executing the process.

Imagine having a meeting where you explain the boring process your employees are doing each day. You give testing environment rights to people you trust and, fast forward two months, those processes are automated. Without any fuss. Amazing.

- IT director, leasing company