Suspense Accounts Clearance for a major Insurance provider
Domain : Insurance
A prominent multinational insurer based in Mauritius faced critical inefficiencies in suspense account management due to fundamental incompatibilities between global bank feeds and internal enterprise systems.
Challenges
Non-standardised transaction data, including inconsistent payer naming conventions, missing policy
references, and ambiguous payment descriptions, created hundreds of unresolved records monthly.
Finance teams were overwhelmed by manual reconciliation efforts, spending excessive hours chasing discrepancies across spreadsheets, triggering significant clearance delays, trapped liquidity, recurring regulatory risks, and persistent operational bottlenecks that undermined financial agility.
Finance teams were overwhelmed by manual reconciliation efforts, spending excessive hours chasing discrepancies across spreadsheets, triggering significant clearance delays, trapped liquidity, recurring regulatory risks, and persistent operational bottlenecks that undermined financial agility.
Solution
Leveraging Robocorp’s open-source RPA platform, we deployed an end-to-end automation
framework engineered to resolve data fragmentation without vendor lock-in or complex
middleware
- Intelligent Data Harmonization: Bots ingested diverse bank statements and ERP outputs, converting all entries into a unified standard while applying contextual parsing to unstructured fields.
- Adaptive Reconciliation Engine: A tiered matching system resolved transactions through exact policy/amount alignment, intelligent fuzzy matching for partial data, and seamless exception handling.
- Automated Refund Orchestration: Validated discrepancies triggered full audit trails, ERP-ledger updates, and approval workflows - eliminating manual intervention for routine cases.
Benefits
- Significant reduction in backlog with clearance time reduced from weeks to days
- Full liquidity recovery
- Complete elimination of manual matching errors
