The insurance industry has always been known for heavy regulations, which further resulted in the lack of transparency and performance bottlenecks. The complex tasks made things even tougher for employees & agents. And, at the same time, processes remains time-consuming, impacting the businesses negatively. But, in this age of digitization, evolving technologies such as machine learning and work automation are bringing a radical shift in the insurance business.
Incorporating evolving technologies such as automation, cloud-computing, Software-as-a-Service (SaaS) and most importantly, Artificial Intelligence (AI), a BPA (Business Process Automation) software is rapidly transformed the functioning style of the insurance sector. Processes have become less time consuming and complexities in performing diverse business have receded sharply. Adding to the ease of performing diverse business operations with utmost speed and accuracy, an advanced automation software supports in gaining competitive advantages.
Value Creation Automation (VCA) is one such business process management software, which is helping the insurance business firms to reap benefits of the human intelligence and continuously evolving technological solutions.
Let’s discuss – How an insurance business can deliver value to customers and ensures a sustained growth from a long-run, having implemented a cloud-based and SaaS-enabled business process automation software such as VCA.
- Businesses today are customer-centric, where value matters more than just the quality of products and services. Understanding the customers continuously changing preferences, becomes a challenge for businesses. With improved analytical capabilities, technological models and real-time data update, it becomes uncomplicated to analyze the market and understand the end-user preferences and develop strategies accordingly.
- Designing a product, underwriting and the pricing are three important factors that can drive the overall performance of an insurance business. And, therefore, it becomes paramount to keep the error-rate to a minimum level, which can only be achieved through the adoption of an advanced automation software.
- Cloud-based business automation software such as VCA automates entire processes, including sales and marketing. Companies can creatively design and effective launch various campaigns, but can also analyze its performance. Customers can be approached through automated SMS and email marketing and can also remain connected round the clock on diverse social media platforms. With this, an advanced automation software supports in the generation of healthy leads and also in achieving an enhanced conversion rate.
- Having boosted the transparency level and having made processes fast, accurate and efficient through the implementation of automation software, businesses can significantly improve policy administration and the way services are being offered to customers. Digitization and automation reduces the role of middlemen and allow customers to interact with businesses and get their queries resolved anytime and from anywhere.
- Claim processing, being one of the most important pillars of insurance companies, must be fast, accurate and efficient. When automated, the claim processing helps in building a strong credibility among customers. Facilitating instant data retrieval, ensuring complete compliance and the integration of other elements such as documents, images and various stages of claims processing — tasks become uncomplicated.
- Incorporating disruptive technologies such as SaaS and Cloud-Computing, the BPM software such as VCA saves entire data in the cloud. This adds to the flexibility to perform diverse tasks such as preparing quotations & calculating premiums, delivering the policy to customers and many more. Employees can collect payments from customers and issue bills & statements from anywhere and anytime, through even mobile phones and tablets. Moreover, with the successful recording and reporting of every single transaction, ledger books are updated in the real-time.
- With keeping the data completely organized and transactions recorded in the real-time, an advanced automation software eliminates all sorts of the possibility of fraud. A cloud-based business software provides with better analytical abilities. Moreover, it keeps the data, statements and all necessary reports ready at any given point in time. All these factors together support the insurance companies in mitigating risks much in advance.
- With technologies such as Artificial Intelligence (AI) and advanced algorithms, complex data is simplified. An advanced business automation software helps in the efficient processing of a huge volume of data, which is saved in the cloud. The entire business data is available on one platform, which significantly supports in generating a business value out of it.
Competition is getting continuously fierce and even technologically sound start-ups can put an established business in peril. An advanced automation software becomes imperative as it keeps an insurance company fit for all future performances and can help in gaining complete competitive advantages.
- The market has innumerable business automation solutions, but VCA is uniquely designed. Unlike the traditional On-Premises ERP software, an advanced cloud-based business management solution is not complex and its installation & configuration is not time-consuming either. It prevents the insurance companies from saving operational costs in multiple ways.
- Moreover, automation software based on Software-as-a-Service (SaaS) technology, for instance, VCA, given even small insurance companies an equal opportunity to grow and gain benefits from the evolving technologies with almost zero capital requirement. No investment is required in hardware, software, servers, IT team or in paying for license fees.
- Entire business operations can be monitored through a visual dashboard, which is designed to successfully record and display every single transaction in the real-time. Owners, Directors, and employees can have instant access to the visual dashboard even through mobile phones and tablets, anywhere and anytime.
- The ability to integrate entire business functions is another factor that makes VCA unique than many other advanced automation software. Be it procurement, supply chain, HR, finance, sales, marketing or be it any other process — the integrated platform creates a shared platform, allowing Owners, Directors, and employees in sharing data across departments. It results in an enhanced visibility within processes and hence, gives better control on business operations.
- SaaS-enabled VCA supports automated update of the software application at regular intervals. This allows employees to work with an up-to-date version of the software and also help businesses in evolving with the constantly innovating technologies.
Boosting Transparency and Efficiency in Overall Business Performance
Traditional approaches do prove to be useful in the functioning of the insurance industry but productivity, profitability, and efficiency of the process remain to be in the question. In an age where customers are tech-savvy and tend to change their preferences at short intervals, it is the advanced business automation software such as Value Creation Automation (VCA) that can help the insurance companies in delivering value to customers and winning their confidence.
With advanced algorithms and better analytics, a business process automation software benefits both customers as well as the insurance businesses. No longer waiting, no much paperwork, no middlemen, 24 x 7 service, availability of entire information at your fingertips — all such factors adds to the customer satisfaction level and hence encourages them to remain loyal for a longer-term. Businesses, on the other hand, can mitigate risks, reduce fraud, can smoothen the claim process and even tasks such as premium calculation and collection also become uncomplicated. Advanced automation software helps in establishing a smooth workflow, resulting in a consistent business growth.