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Client: LOMBARD INTERNATIONAL ASSURANCE Region: Global Industry: Insurance

RPA Saves Lombard International 8,000 Hours Per Year with a Technology Employees Love

Lombard International Assurance went to great lengths to determine specific business processes that could benefit from RPA.

The effort was well worth it: automating vital processes helped the company increase productivity, save 8,000 labor hours, reduce error rates and improve client service, compliance, and risk management. For Lombard International, RPA has become a new competitive advantage. Lombard International Assurance (Lombard International) has been partnering with the advisors of high net worth individuals and institutions for over 25 years. The company seeks to create a secure future for its clients by addressing their complex financial needs on a global basis.

The company has built its strong reputation upon its commitment to evaluating existing operating models and doing all it can to deliver service excellence to its partners and clients. To continue to meet these goals in the digital era, Lombard International recently created its Performance Acceleration (PA) Team, a new team consisting of experienced employees from the business side of the company as well as Information Technology (IT). The team’s key objective is to embrace technology as an enabler supporting the company’s business goals.

We were looking for a strategic partnership with an RPA vendor who would be capable of working with us today, but could also deliver an innovative product roadmap to continue to help us in the future. UiPath clearly demonstrated its longterm vision and proved that their technology would give us far more capabilities in the future.

Cristian PaunHead of Business Transformation and Procurement Lombard International Assurance

The Performance Acceleration Team started their work by carefully examining the current business model and any supporting processes or related technologies. It also looked outside the company’s four walls: the team constantly evaluated emerging new technologies that could help Lombard International improve the way it operated, and ultimately, transform the business.

A focus on excellence

One of the first areas the Performance Acceleration Team targeted was a company-wide initiative named “Process Excellence.” The team’s mandate was to improve existing business processes, not only to be more productive and cost-effective, but also to help the company minimize risk, improve compliance efforts, and provide better client service.

This all started with an evaluation of the project from a business perspective—including for example, what could be done to standardize existing processes and make them more lean?—before considering it from a technological standpoint. After such a comprehensive review, one technology presented itself as the obvious choice: Robotic Process Automation (RPA).

“RPA was the best fit,” says Cristian Paun, Head of Business Transformation and Procurement, leading the PA Team. “After standardizing our existing processes, we realized RPA could help us continue to achieve meaningful results, such as reducing manual workloads to increase productivity or minimizing errors to improve compliance. Once we realized that RPA was the right technology for us, the only question was who to partner with.”

Lombard International Assurance Image #1

The winner is … UiPath

Lombard International evaluated three of the leading RPA vendors as part of its selection process. Each vendor was required to present its proof of concept (POC), including a demonstration of how its technology could automate Lombard International’s “Know Your Client” process. Paun reports that UiPath impressed the selection team with an RPA approach that was much faster and more effective than other vendors’, leading Lombard International to select the UiPath RPA Enterprise Platform.

UiPath has led to a highly visible change in the way we operate, but also in the way our employees now use their time. Instead of spending a lot of their time on manual, non-value added tasks, they can focus on higher-value, more strategic work such as providing better client service or improving compliance efforts.

Cristian PaunHead of Business Transformation and Procurement Lombard International Assurance

“We were looking for a strategic partnership with a vendor who would be capable of working with us today, but could also deliver an innovative product roadmap to continue to help us in the future,” says Paun. “UiPath clearly demonstrated its long-term vision and proved that their technology would give us far more capabilities in the future.”

A fast implementation led to fast results

Lombard International quickly created an internal Center of Excellence (CoE) that would communicate the value of RPA by sharing best practices, resources, and project-specific information. The CoE also sought to train RPA champions from each business unit who could serve as project sponsors with future RPA deployments.

The next step was to determine where to start. There were many processes that could potentially benefit from automation, but it was important to invest in those that would have the highest impact on the business.

“To get the most out of RPA, we knew it was important to make sure we selected the right processes,” Paun explains. “And it’s not always those processes that might seem like they would deliver the best results, such as workload or cost reduction. You also have to find processes that are mature enough and that don’t have many exceptions. Often, these are the best candidates for RPA.”

Key benefits

  • 8,000hours saved per year with the help of RPA
  • 20-50%The company reduced overall workloads by 20-50%
  • 1-3%in SLA for Front Line Phone calls, from 73% to 96% year-on-year
  • 75%The company now experiences error rates of just 1-3%

The Performance Acceleration Team developed very thorough weighted formulas and decision matrices to evaluate many different business processes. These tools factored in many details—some obvious, some less so—such as the frequency of each process, how many manual hours were involved, how many it could possibly save with RPA, the overall complexity of each task, and much more.

After such a thorough evaluation, Lombard International used RPA to automate a number of vital business processes within its partner-client, investment administration, and investment monitoring departments. The decision was made after close collaboration with these business units, but also because the company believed automating these processes would help employees improve compliance, risk management, and client service.

After a fast implementation—an average of just three to four weeks per process—Lombard International began to see impressive results. Paun reports that they have been able to reduce workload by 20-50% across these processes, which will add up to more than 8,000 hours saved on an annual basis.

“There’s already a highly visible change in the way we operate, but also in the way our employees now use their time,” he says. “Instead of spending a lot of their time on manual, non-value-added tasks, they can now focus on higher-value, more strategic work.”

Generating employee support

The Performance Acceleration Team of Lombard International knew it needed to take proactive steps to get employees to embrace RPA. The company did this with a combination of internal surveys and a clear demonstration of how RPA technology could make a positive impact on the employees’ work experience.

“We conducted surveys that showed that employees didn’t love the manual work that was sometimes required to support a particular business process,” explains Paun. “So we did all we could to let them know that we sympathized. We showed them how they would be able to use RPA technology to get away from these manual tasks and become more productive. Once the technology was in production, employees were able to see how it frees them to focus on the work they really want to do.”

Replicating success throughout the organization

After such a promising start, Lombard International is eager to capitalize on this success and has developed ambitious plans to roll out additional UiPath Robots.

“Many other business units are asking how they can achieve similar results,” says Paun. “We’re committed to quickly implementing RPA in many of their most vital processes, and look forward to working with UiPath to make it happen.”

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