Process Mining for Insurance Premium Collections

Optimize insurance premium collections and allocations to reduce leakage and improve reconciliation.

Premium collection and allocation is at the heart of every insurance company’s financial health, yet many insurers still face challenges in tracking incoming payments, reconciling accounts, and ensuring timely allocation.

This app provides insurers with deep visibility into premium-related processes by consolidating data from policy administration systems and finance ledgers. With UiPath Process Mining, insurers can identify missed or late payments, track allocation bottlenecks, and uncover reconciliation issues that often remain hidden in traditional reporting.

The solution is targeted at finance controllers, operations managers, and transformation leaders seeking to improve efficiency, enhance accuracy, and reduce revenue leakage.

By pinpointing gaps in collections and allocations, the app addresses the long-standing challenge of manual reconciliation and late premium posting.

It allows insurers to improve accuracy, reduce outstanding balances, and create a more predictable cash flow.

Benefits include reduced operational costs, lower error rates, and faster financial closing cycles. Many insurers see reconciliation and allocation efforts reduced by up to 40%, freeing resources for higher-value tasks and improving overall financial stability.

Payment Matching Insights: Identify missed or late matches between collected premiums and corresponding policies.

‍Operational Efficiency: Pinpoint slow or manual allocation steps and streamline reconciliation processes.

‍Cash Flow Optimization: Improve working capital management by accelerating the allocation of incoming funds.

‍Exception Management: Highlight and investigate recurring allocation mismatches or incorrect postings.