A positive customer experience is at the center of the insurance claim process. A study conducted by The State of Connected Customer report showed that 87% of customers found the experience they received weighed as much as the products and services that were being offered....
The insurance industry, particularly small and medium-sized (SME) firms, faces several process bottlenecks. Employees are often engaged in repetitive tasks such as updating policies, reviewing claims, approving claims, and other clerical tasks. These tasks significantly add-up a firm’s operational expenses and are a constant pressure...
Manual claim adjudication is prone to significant bottlenecks. The tedious task involves entering the policyholder’s personal details, assigning a claim account, and transferring the claim form to a queue to be subsequently forwarded to the respective teams. A study by PwC shows that, on average,...
The Banking, Financial Services, and Insurance (BFSI) Industry stands at a crucial juncture, marked by the integration of technological disruption and shifting consumer dynamics. At the forefront of this lies the advancement of Generative Artificial Intelligence (AI) technology, offering banks unparalleled opportunities to revolutionize customer...
The Automation Generation is transforming company operations in an age of rapid technology innovation and digital disruption. Today's automation technologies alter workflows throughout industries, unlike prior waves concentrating on industrial processes. Robotic Process Automation (RPA) allows enterprises to automate repetitive, rule-based operations with unparalleled speed, precision,...
Slogging through manual, paper-laden processes. Constant re-keying of data between systems. Applicants are stuck in limbo, waiting for approvals. These are just some of the all-too-familiar frustrations bogging down loan processing workflows in financial institutions. But a transformation is underway. Hyperautomation - combining technologies like Process...
Introduction Innovations in technology have caused profound shifts in the dynamic Banking, Financial Services, and Insurance (BFSI) sector. Nevertheless, this transformation has created a new array of obstacles, including heightened rivalry, regulatory demands, and operational complexity. BFSI faces several challenges, including regulatory compliance, customer service demands, fraud...
Data accuracy is the foundation of evidence-based decision-making in the business world. The expanding data-driven business has brought the necessity for precise and reliable information to the forefront. However, to fully realize the potential of their data, companies need to determine what stands in the...
For modern business enterprises, digital transformation can be achieved without end-to-end automation of its business processes. In its December 2019 report titled “Move Beyond RPA to Deliver Hyperautomation,” Gartner emphasizes that organizations “must deliver end-to-end automation beyond RPA by combining complementary technologies to augment business...
Every financial organization has faced challenges with regards to process, procedure and operational efficiency. Any professional in the area of finance knows that time is money and money, as well as it’s proper management and allocation, is key to supporting any enterprise....