Automation Solution for Contract Tracking and Data Management to Enhance Revenue Growth

The client’s operations team spends significant manual hours checking contract statuses across multiple carrier websites and updating a CRM system, leading to inefficiencies, high error rates, and delayed data updates. This hampers timely decision-making and impacts revenue growth.

A mid-sized insurance firm specializing in annuities and life insurance products, aiming to modernize operations and increase revenue through automation.

• Reduce manual processing time for contract status checks from 5 hours weekly to under 15 minutes per cycle.
• Enable twice daily automated updates to ensure real-time accuracy of client data in CRM systems.
• Eliminate errors in contract data entry, aiming for zero percent error rate.
• Free up operational staff to focus on higher-value activities such as customer engagement and application processing.
• Achieve an estimated annual revenue increase of at least $100,000 through improved efficiency and sales enablement.

• Automated login and data retrieval from multiple carrier systems
• Data comparison to identify status changes (e.g., 'in transfer', 'closed')
• Data extraction of pertinent fields such as issue date and amount
• Seamless updates to internal CRM or sales management system (e.g., opportunity status)
• Scheduled execution at specific times (e.g., 11 am and 3 pm EST)
• Error handling and logging for auditability and troubleshooting
• User interface for monitoring process health and manual overrides if necessary

• Carrier websites or APIs for data retrieval
• Customer Relationship Management (CRM) system for data updates
• Scheduling and orchestration tools for process automation

• System should operate with a 99.9% uptime
• Process should handle data extraction from multiple sources simultaneously
• Execution time per run should not exceed 10 minutes
• The solution must ensure data security and compliance with relevant regulations
• Zero percent error rate in data updates post-deployment

Implementing this automation system is expected to save over 260 manual hours annually, reduce processing time by approximately 97%, and increase revenues by at least $100,000 annually. The system will enhance data accuracy, provide real-time insights, and enable staff to focus on higher-value activities, supporting sustained growth and operational excellence.