InsuranceDekho (ID), a leading digital insurance platform, manages a high volume of policy transactions across multiple insurers. Maintaining consistency between internal systems and insurer data became increasingly challenging due to scale, frequent endorsements, and evolving policy details.
The Challenge
- Mismatch in policy data between internal systems and insurer-provided files
- Duplicate and updated records caused by endorsements
- Delayed discrepancy detection due to monthly reconciliation cycles
- Lack of structured reporting for operational visibility
The Solution
With BoxPay Reconciliations, InsuranceDekho implemented a scalable and automated operational reconciliation workflow:
- 32-Parameter Policy Matching: Deep comparison of 32 policy parameters between InsuranceDekho’s internal system and insurer files.
- Endorsement-Aware Deduplication: Intelligent filtering of duplicate records to correctly account for policy endorsements and updates.
- Daily Reconciliation: Transition from monthly to daily reconciliation to identify gaps in near real-time and enable faster corrections.
-
Custom Operational Reports:
- Insurer-wise summary reports
- Policy parameter mismatch reports
- Exception tracking and discrepancy reports
The Impact
- Reduced policy data inconsistencies across systems
- Faster turnaround time for identifying and resolving discrepancies
- Improved operational efficiency through automation
- Enhanced visibility with structured, actionable reports
Conclusion
By leveraging BoxPay Reconciliations, InsuranceDekho moved from reactive, manual reconciliation to a proactive, automated approach. This shift enabled better control over policy data accuracy, reduced operational overhead, and improved responsiveness to discrepancies.