Harness-IT-Modernization-Strategies-for-Successful-Digital-Transformation-in-the-Insurance-Industry

Harness IT Modernization Strategies for Successful Digital Transformation in the Insurance Industry

Harness IT Modernization Strategies for Successful Digital Transformation in the Insurance Industry

Harness-IT-Modernization-Strategies-for-Successful-Digital-Transformation-in-the-Insurance-Industry

The insurance industry  increasingly relies on digital technology to develop products, assess claims, and most importantly provide customers with a satisfying experience. Just as technology is transforming the social landscape, it is also transfiguring IT Modernization in the insurance industry. The industry needs to modernize its systems to meet consumer demands and desires. In insurance, attaining the full benefits of digitalization needs real-time data access and the development of agile features in the core systems. To help this vision flourish, insurance companies must substantially modernize their core systems and transfigure their complete business model as well as harness IT Modernization strategies for successful digital transformation in the insurance industry 

As digitalization accelerates and encompasses an ever-wider share of the insurance value chain, an improvement on the front end alone is not enough. Achieving the full benefits of digitalization requires real-time data access as well as agile features development in core systems. IT modernization has become a key enabler for success because of successful digital transformation in the insurance industry. However, there are several challenges that need to be addressed to achieve successful IT modernization.  

Key Challenges in Insurance IT Modernization

Legacy System Issues Legacy systems

Legacy System Issues Legacy systems are a major roadblock to IT modernization in the insurance industry. These systems are often outdated and difficult to maintain, making it hard for insurers to integrate new technologies and innovate. Additionally, legacy systems often lack the necessary security features and compliance requirements needed in today’s digital landscape.  

Data Security and Privacy Concerns

Data security and privacy concerns are another major challenge in IT modernization for insurers. As more customer data is being collected and stored, it becomes increasingly important to ensure that this data is protected from cyber threats and breaches. Furthermore, privacy regulations like GDPR and CCPA require insurers to comply with strict guidelines, which can be difficult to achieve with legacy systems.  

Integration with Emerging Technologies

The insurance industry is constantly evolving, and new technologies are emerging all the time. However, integrating these technologies with legacy systems can be a major challenge. Insurers need to be able to integrate new technologies seamlessly and efficiently to stay competitive and meet the evolving needs of customers.  

Skills Gap and Talent Shortage

IT modernization requires specialized skills and expertise that may not be readily available within the insurance industry. Insurers may struggle to find the right talent to implement and manage new technologies, which can lead to delays and higher costs. 

Best Practices for IT Modernization in Insurance

Best-Practices-for-IT-Modernization-in-Insurance

Conducting a Comprehensive Assessment

Before embarking on an IT modernization journey, insurers need to conduct a comprehensive assessment of their existing systems and processes. This assessment will help identify areas of weakness and inefficiencies, as well as opportunities for improvement. 

Prioritizing IT Modernization Efforts

With limited resources and budget, it is important for insurers to prioritize their IT modernization efforts based on business goals and customer needs. This will help ensure that the most critical areas are addressed first, resulting in the greatest impact on the business.  

Embracing Cloud Computing

Cloud computing offers a flexible and scalable solution for insurers to modernize their IT infrastructure. By migrating to the cloud, insurers can benefit from improved data security, reduced costs, and increased agility.  

Automating Processes and Workflows

Automation can help insurers streamline their processes and workflows, improving operational efficiency and reducing errors. Insurers can automate tasks such as claims processing, underwriting, and customer service to improve the overall customer experience.  

Collaborating with Technology Partners

Collaborating with technology partners can help insurers overcome the skills gap and talent shortage in IT modernization. Technology partners can provide expertise and resources that insurers may not have in-house, helping to accelerate the modernization process. 

IT Modernization Strategies for Successful Digital Transformation

Adopting Artificial Intelligence and Machine Learning

Artificial intelligence and machine learning can help insurers automate tasks, improve decision-making, and enhance the overall customer experience. Insurers can use AI and ML to detect fraud, personalize customer interactions, and optimize underwriting processes. 

Implementing Blockchain Technology

Blockchain technology can help insurers improve data security, reduce costs, and increase transparency. Insurers can use blockchain to securely store and share customer data, automate claims processing, and streamline regulatory compliance.  

Leveraging Big Data Analytics

Big data analytics can help insurers gain insights into customer behaviour, improve risk management, and enhance operational efficiency. Insurers can use big data analytics to optimize pricing, detect fraud, and improve claims processing.  

Building a Scalable and Agile IT Infrastructure

A scalable and agile IT infrastructure is essential for successful digital transformation. Insurers need to be able to quickly adapt to changing customer needs and emerging technologies. By building a scalable and agile IT infrastructure, insurers can remain competitive and innovative.  

Providing a Seamless Omnichannel Customer Experience

Customers expect a seamless experience across all channels, whether online or offline. Insurers need to provide a consistent and personalized experience across all touchpoints to improve customer satisfaction and loyalty. This requires a modern IT infrastructure that can support omnichannel engagement. 

Benefits of IT Modernization in Insurance

    • Improved Operational Efficiency: The implementation of automation and digitalization streamline business processes, reduce manual errors, and save time and resources. For example, modernizing legacy systems can improve data processing times and reduce operational costs. 
    • Enhanced Customer Engagement and Satisfaction: IT modernization can enable insurance companies to enhance the customer experience with personalized services, quicker response times, and improved communication channels. For example, the implementation of mobile applications, chatbots, and self-service portals can facilitate seamless interaction between customers and insurance providers, increasing convenience and efficiency. 
    • Increased Agility and Innovation: With IT modernization, insurance companies become more agile and innovative, allowing them to quickly adapt to changes in the market and customer needs. This can be achieved by adopting new technologies such as cloud computing, artificial intelligence, and blockchain, which can enhance product development, increase collaboration, and improve decision-making. 
    • Better Risk Management and Regulatory Compliance: By implementing strong security measures, real-time monitoring, and advanced analytics to detect and prevent fraudulent activities, IT modernization can assist insurance companies in managing risks more efficiently and meeting regulatory requirements. Moreover, modernization can help insurance providers stay updated on regulatory changes and adjust to new compliance requirements. 

Implementing Adaptable Cybersecurity Solutions

Adaptable cybersecurity solutions are becoming increasingly important for insurance companies to protect themselves against cybercrime and become more resilient. It is essential to implement cybersecurity measures that are resilient, adaptable, and agile, as this can help insurance companies move away from a reactive approach that restricts modernization. To achieve this, insurance companies need to develop an implementation plan that identifies objectives and tasks for improving their cybersecurity while balancing risk tolerance against the cost of implementing these measures. By prioritizing adaptable cybersecurity, insurance companies can ensure that they are well-equipped to protect their sensitive data and prevent cyberattacks. It is crucial to focus on adaptable cybersecurity solutions to ensure that insurance companies can thrive in a digital world. 

IT modernization is a critical enabler for successful digital transformation in the insurance industry. While there are challenges to overcome, there are also best practices and strategies that can help insurers modernize their IT infrastructure and stay competitive. By adopting emerging technologies, prioritizing IT modernization efforts, and collaborating with technology partners, insurers can reap the benefits of improved operational efficiency, enhanced customer engagement and satisfaction, increased agility and innovation, and better risk management and regulatory compliance. The future of IT modernization in the insurance industry looks bright, and insurers that embrace it will be well-positioned for success. 

Contact us today to learn more about our digital solutions and services tailored for the insurance industry. Our expertise in Cloud Services, Salesforce Services, Data Analytics, or Intelligent Process Automation can help drive successful digital transformation for your business. We also offer industry-specific solutions to ensure that your insurance business is future-ready., Get in touch with our Expert now to know more 

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Improve-Fraud-Detection-in-the-Insurance-Industry-with-Intelligent-Process-Automation

Improve your Fraud Detection in the Insurance Industry with Intelligent Process Automation

Improve your Fraud Detection in the Insurance Industry with Intelligent Process Automation

Improve-Fraud-Detection-in-the-Insurance-Industry-with-Intelligent-Process-Automation

Fraud is a significant issue in the insurance industry. It takes many forms, including staged accidents, false claims, and exaggeration of damages. Fraudulent activities not only increase the insurance companies’ financial losses but also cause a significant impact on policyholders’ premiums. Detecting and preventing insurance fraud is essential to maintain the financial stability of the insurance industry. In this article, we will discuss how intelligent process automation (IPA) can improve fraud detection in the insurance industry.

What is Fraud Detection and Its role in the insurance industry?

Fraud detection is the process of identifying and preventing fraudulent activities. In the insurance industry, fraud detection plays a crucial role in mitigating financial losses due to fraudulent activities. Insurance fraud can be committed by policyholders or third-party service providers, such as healthcare providers or repair shops. Fraudulent claims can be challenging to detect as they may appear legitimate. For instance, an individual might stage an accident to receive a payout, or a healthcare provider might overcharge for services not provided. 

Challenges of Fraud Detection in the Insurance Industry

Fraud detection in the insurance industry faces several challenges. Here are the most common ones: 

Vast Amounts of Data: The insurance industry generates large amounts of data that need to be analyzed to identify fraudulent activities. The data can be in various formats, including text, images, and videos. 

Complex Fraud Patterns: Fraudulent activities in the insurance industry are becoming increasingly sophisticated. Fraudsters use advanced techniques to evade detection, such as creating multiple false identities. 

Lack of Expertise: Fraud detection requires specialized skills and expertise. Many insurance companies do not have the necessary skills in-house to detect and prevent fraud. 

Time-consuming Processes: Traditional fraud detection methods are time-consuming and manual. For instance, investigators might need to manually review hundreds of documents and interview several individuals to detect fraud. 

How to Overcome the Challenges with Intelligent Process Automation

How-to-Overcome-the-Challenges-with-Intelligent-Process-Automation

Intelligent process automation (IPA) can help overcome the challenges of fraud detection in the insurance industry. IPA refers to the integration of artificial intelligence (AI) and robotic process automation (RPA) technologies to automate and streamline business processes. IPA can help automate the fraud detection process, making it faster and more accurate. Here are some ways in which IPA can help improve fraud detection in the insurance industry: 

Data Analysis: The utilization of IPA enables the analysis of extensive quantities of data sourced from diverse channels, facilitating the identification of patterns and anomalies that point towards fraudulent activities. The integration of machine learning algorithms allows for improved detection accuracy by learning from historical data pertaining to fraudulent activities. 

Real-time Monitoring: IPA can monitor insurance claims in real-time, flagging suspicious activities as soon as they occur. This can help insurance companies detect fraud early and prevent financial losses. 

Streamlined Investigations: IPA can help streamline investigations by automating time-consuming processes such as document review and data collection. Investigators can focus on more complex tasks that require human expertise. 

Collaboration: IPA can facilitate collaboration between different departments within an insurance company, enabling them to share information and work together to detect and prevent fraud. 

We can help you to Improve Fraud Detection with our IPA Solution

We-can-help-you-to-Improve-Fraud-Detection-with-our-IPA-Solution

Our IPA solution can help insurance companies improve fraud detection and prevention. Our solution leverages AI and RPA technologies to automate and streamline fraud detection processes. Here are some benefits of our IPA solution: 

Faster Fraud Detection: Futran Solutions offers a comprehensive IPA solution that can analyze vast amounts of data in real time, enabling insurance companies to detect fraudulent activities as soon as they occur. 

Reduced Costs: You can reduce the costs of fraud detection and prevention in your insurance company by using our IPA solution. By automating time-consuming processes and improving accuracy, it will reduce the need for manual investigations. 

Better Customer Experience: Our IPA solution can improve the customer experience by reducing the time taken to investigate and resolve claims. Customers will have a better experience knowing that their claims are being processed efficiently and fairly automating time-consuming processes and improving accuracy, reducing the need for manual investigations. 

Conclusion -

Fraudulent activities in the insurance industry cause significant financial losses for insurance companies and policyholders. Detecting and preventing fraud is essential to maintain the financial stability of the insurance industry. The use of intelligent process automation can effectively address the difficulties associated with fraud detection in the insurance sector. Through automation and streamlining of the fraud detection process, IPA presents a viable solution to these challenges. With our IPA solution, we can assist you to enhance your fraud detection and prevention capabilities, leading to faster detection, heightened accuracy, reduced costs, and improved customer experience. 

If you’re looking for Intelligent Process Automation services, Salesforce Services, Cloud Services, Data Analytics also you can learn more about industries specific digital transformation solutions for your business, Get in touch with our Expert now 

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Learn About The 4 Main Types of Cloud-Based Computing Services

What are Cloud-based computing services?

Cloud-based computing services are a type of internet-based computing that provide users with access to a virtualized computing environment. In a cloud computing system, there is a pool of physical or virtual resources that users can access and use on demand. These resources may include storage, networking, computing power, and applications.

There are three types of cloud computing: public, private, and hybrid.

    • Public cloud computing refers to the use of public cloud services, which are owned and operated by third-party companies. These companies provide access to their cloud services over the Internet.
    • Private cloud computing refers to the use of private cloud services, which are owned and operated by a single company. These companies provide access to their cloud services over a private network.
    • Hybrid cloud computing refers to the use of both public and private cloud services. These companies provide access to their cloud services over a hybrid network, which combines the features of both public and private networks.

There are many benefits of cloud-based services, including the ability to scale resources on demand, pay-as-you-go pricing, and increased flexibility and agility. Additionally, cloud-based services can help organisations reduce their IT costs by eliminating the need to purchase and maintain expensive hardware and software.

What are the advantages of Cloud-Based Computing Services?

Cloud computing uses a network of remote servers hosted on the Internet to store, manage, and process data rather than a local server or a personal computer. Cloud computing relies on sharing of resources to achieve coherence and economies of scale, similar to a public utility. The cloud model comprises five essential characteristics, three service models, and four deployment models. Three Service Models: Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS). Four Deployment Models: private cloud, public cloud, community cloud, and hybrid cloud.

There are many advantages of cloud-based services. 

    • One of the main advantages is that it can help organizations save money. With cloud-based services, organizations can avoid the high upfront costs associated with traditional on-premises computing infrastructure. Additionally, cloud-based services can be scaled up or down quickly and easily to meet changing needs, which can further help organizations save money.

    • Another advantage of cloud-based services is that they can improve organizational agility. With cloud-based services, new applications and services can be deployed quickly and easily. This can help organizations keep up with the latest market trends and better meet the needs of their customers. Additionally, cloud-based services can make it easier for organizations to experiment with new technologies and applications.

    • Finally, cloud-based services can improve security. With cloud-based services, organizations can benefit from the expertise of the service provider in areas such as data security and disaster recovery. Additionally, cloud-based services can make it easier for organizations to comply with data security and privacy regulations.

What are the 4 main types of Cloud-Based Computing Services?

Cloud-based computing services are delivered over the internet and provide users with access to a virtual environment that can be used to store, manage, and process data. There are four main types of cloud-based computing services:

1. Infrastructure as a Service (IaaS):

Infrastructure as a Service (IaaS) is a cloud computing model in which a service provider delivers computer infrastructure—including servers, storage, networking, and data center facilities—to its customers on a pay-as-you-go basis. IaaS is one of three main categories of cloud computing services, alongside Platform as a Service (PaaS) and Software as a Service (SaaS).

IaaS providers typically own and operate the underlying hardware and software resources, and customers access those resources via the Internet. This model enables customers to avoid the upfront capital expense of purchasing and managing their own infrastructure, and pay only for the resources they use on an as-needed basis. 

2. Platform as a Service (PaaS):

Platform as a Service (PaaS) is a cloud-based computing service that provides users with a platform for developing, testing, and deploying applications. PaaS is typically offered as a subscription service, and users can access the platform via a web-based interface or a set of APIs. PaaS services can include everything from simple application hosting to complex data processing and analytics.

PaaS is a popular option for developers who want to focus on building applications, without having to worry about managing the underlying infrastructure. PaaS can also be a cost-effective way to scale applications, as users only pay for the resources they use.

Some of the most popular PaaS providers include Amazon Web Services, Google App Engine, and Microsoft Azure.

3. Software as a Service (SaaS):

SaaS is a cloud-based computing service that allows users to access and use software applications over the internet. These applications are typically hosted by the service provider and delivered to users on a pay-as-you-go basis.

SaaS is a convenient and cost-effective way for businesses to access the latest software applications and tools, without the need for expensive on-premises hardware or software licenses. SaaS applications are also easy to set up and use, and can be accessed from any internet-connected device.

The SaaS model has become increasingly popular in recent years, as businesses of all sizes look to take advantage of the many benefits it offers.

4. Storage as a Service (STaaS):

Storage as a Service (STaaS) is a cloud-based computing service that provides users with a platform for storing, managing and accessing data. STaaS is a scalable, pay-as-you-go service that offers users a flexible and cost-effective way to store and access data. STaaS is designed to meet the needs of businesses of all sizes and can be customized to meet the specific needs of each business.

How to make the best use of Cloud-Based Computing Services for your business?

There are many different cloud-based computing services available, and the best one for your business will depend on your specific needs. To make the most of these services, you’ll need to carefully consider what your business needs and how the various services can best meet those needs.

For example, if you need a lot of storage space for your business data, you’ll want to choose a service that offers plenty of storage space. If you need to be able to access your data from anywhere, you’ll want to choose a service that offers cloud-based computing services.

No matter what your specific needs are, there’s a cloud-based computing service that can help your business. By taking the time to find the right service for your business, you can make sure that you’re getting the most out of these services.

How can Futran Solutions help you?

Futran Solutions has a lot to offer when it comes to cloud computing. They can help you with everything from setting up your infrastructure to managing your data. They also offer a variety of services that can help you save money and increase efficiency. In addition, Futran Solutions is always innovating and expanding their services, so you can be sure that they will always be able to meet your needs. 

If you’re looking for help with cloud computing, Futran Solutions is the perfect partner. We have a team of experts who can help you with everything from migrating your data to the cloud to managing your cloud-based applications. We can also help you optimize your cloud infrastructure for maximum efficiency and performance.

Conclusion –Cloud-Based Services are very useful to a business. You just have to do the research and the hard work of finding the right type of Cloud-Based Computing Services for you! If you are still unaware on what is the Cloud-Based Computing service for you, you should definitely reach out to the experts at Futran Solutions. 

    • Simplifying patient appointment scheduling
    • Speeding up account settlements
    • Streamlining claims management
    • Implementing discharge instructions
    • Recording audit procedures
    • Improving the healthcare cycle

RPA in Insurance

RPA in Insurance helps improving transactional, administrative tasks which are repetitive, high volume and rules-based activities by building a high-growth responsive business. Adopting RPA in Insurance sets the industry to become more customer-centric and efficient to help insurers by integrating new front-end technologies with back-office environments. Here are few uses cases for RPA in Insurance.

    • New Business & Underwriting

    • Claims Processing

    • Business and Process Analytics

    • Manual Data Entry Process

    • Usage of Legacy Applications

    • Regulatory Compliance

What are the Benefits of RPA?

RPA helps you to include flexibility, agility, adaptation, and price potency into your business processes.

    • Enable you to scale operations: Unlike humans, Robots can work longer hours without any breaks.

    • Saves time: Using a robotic application helps to reduce human errors and the time required correct them which leads to better customer experiences.

    • Cost Effective: Surveys estimated that RPA deployment is cost effective.

    • Minimizes IT department interference: With the help of RPA employees are allowed to train and manage their own robotic assistants using RPA.

    • Ensures there are no extra infrastructure costs: As there is no significant changes required to the infrastructure by implementing RPA in finance and banking.

    • Increases human employee efficiency: As per the studies, robots can work up to five times faster than humans on specific tasks which results in time saving and increasing the job satisfaction.

    • Reduces human error: Financial RPA increase output quality by eliminating human errors that happens due to human nature.

What are the Challenges of RPA?

    • Organisations have struggled to deploy RPA automation process as it is easy to implement but hard to manage.

    • A big challenge to automate end-to-end processes as many RPA tools may be insufficient to automate all the process steps.

    • Technical ambiguity: RPA installation is very easy and therefore it is one of the key features of RPA. For the successful RPA deployment, it is important to conduct in-depth research to resolve technical and functional queries.

Conclusion – Leveraging AI and RPA enables faster decision-making and reduces the chances for human bias by improving efficiency for organizations across the industries such as Insurance, Finance and Healthcare. Futran solutions is the best RPA solutions provider to automate your business processes and facilitate digital transformation rapidly. Learn more about how companies can successfully implement digitalisation to scale their operational excellence.

Deploying RPA for Finance, Healthcare and Insurance

What is Robotic Process Automation (RPA)?

Robotic process automation (RPA) is a technology application that automates business activities using business logic and structured inputs. RPA technology simplifies design, deploy and manage Software robots. RPA will partly or fully automatise manual, rule-based, and repetitive human processes. It works by simulating the behaviors of a real person engaging with one or more software applications to perform various tasks like data entry, standard transaction processing or responding to simple client service queries.

Robotic process automation services are often confused with artificial intelligence (AI), but both are different. AI is combination of automation, machine learning (ML), natural language processing (NLP), reasoning, hypothesis generation and analysis.

How Does RPA Work?

Automation process technologies like RPA enable information through legacy systems by integrating with other applications through front-end integrations. So, it helps the automation platform to work like a human worker to work on some routine tasks such as logging in and copying and pasting from one system to another.

To process automation technology like RPA software, include following core capabilities:

    • Low-code capabilities to build automation scripts
    • Integration with enterprise applications
    • Orchestration and administration including configuration, monitoring and security

RPA in BFSI (Banking and Financial Services)

Robotic Process Automation is processed in different industries such as Banking and Financial services, healthcare, manufacturing and Insurance sectors. According to Gartner research, more than 80% of enterprises in Banking and Financial sector are using RPA for various purposes. Here are some of the most prominent benefits of financial process automation:

Banking was one of the prominent industries to accelerate the automation implementation

Here are some of the RPA Use cases in banking and finance industry.

    1. RPA for report generation

    2. RPA for accounts payable

    3. RPA for mortgage processing
    4. RPA in know your customer (KYC)

    5. RPA in fraud detection

RPA in Healthcare

While it is mandatory to maintain the accuracy and compliance of all internal processes for many health care companies as they prefer customers’ health and well-being first and foremost criteria for them. So, here are some of the RPA use cases in Health care industry. By leveraging on RPA in healthcare many healthcare providers in the world use robotic process automation to streamline information management, insurance claim processing and other processes for improved experience

    • Simplifying patient appointment scheduling
    • Speeding up account settlements
    • Streamlining claims management
    • Implementing discharge instructions
    • Recording audit procedures
    • Improving the healthcare cycle

RPA in Insurance

RPA in Insurance helps improving transactional, administrative tasks which are repetitive, high volume and rules-based activities by building a high-growth responsive business. Adopting RPA in Insurance sets the industry to become more customer-centric and efficient to help insurers by integrating new front-end technologies with back-office environments. Here are few uses cases for RPA in Insurance.

    • New Business & Underwriting

    • Claims Processing

    • Business and Process Analytics

    • Manual Data Entry Process

    • Usage of Legacy Applications

    • Regulatory Compliance

What are the Benefits of RPA?

RPA helps you to include flexibility, agility, adaptation, and price potency into your business processes.

    • Enable you to scale operations: Unlike humans, Robots can work longer hours without any breaks.

    • Saves time: Using a robotic application helps to reduce human errors and the time required correct them which leads to better customer experiences.

    • Cost Effective: Surveys estimated that RPA deployment is cost effective.

    • Minimizes IT department interference: With the help of RPA employees are allowed to train and manage their own robotic assistants using RPA.

    • Ensures there are no extra infrastructure costs: As there is no significant changes required to the infrastructure by implementing RPA in finance and banking.

    • Increases human employee efficiency: As per the studies, robots can work up to five times faster than humans on specific tasks which results in time saving and increasing the job satisfaction.

    • Reduces human error: Financial RPA increase output quality by eliminating human errors that happens due to human nature.

What are the Challenges of RPA?

    • Organisations have struggled to deploy RPA automation process as it is easy to implement but hard to manage.

    • A big challenge to automate end-to-end processes as many RPA tools may be insufficient to automate all the process steps.

    • Technical ambiguity: RPA installation is very easy and therefore it is one of the key features of RPA. For the successful RPA deployment, it is important to conduct in-depth research to resolve technical and functional queries.

Conclusion – Leveraging AI and RPA enables faster decision-making and reduces the chances for human bias by improving efficiency for organizations across the industries such as Insurance, Finance and Healthcare. Futran solutions is the best RPA solutions provider to automate your business processes and facilitate digital transformation rapidly. Learn more about how companies can successfully implement digitalisation to scale their operational excellence.

Salesforce Automation: How it can Help Your Business?

What is Salesforce Automation exactly?

Salesforce automation uses software to automate sales tasks, including customer relationship management (CRM), order processing, and inventory management. Businesses can improve efficiency and productivity by automating these tasks, freeing employees to focus on more strategic tasks.

Salesforce automation software typically includes a CRM system, which helps businesses manage customer data, track sales opportunities, and automate marketing and customer service processes. Order processing and inventory management features can also help businesses automate sales.

Salesforce automation has several benefits, including improved efficiency and productivity, greater visibility into sales data, and reduced manual data entry. Automating sales tasks can also help to improve customer service levels by giving employees more time to focus on customer interactions.

What should I keep in mind before considering Salesforce Automation for my business? 

Salesforce automation automates the sales process from start to finish. This can include tasks like lead generation, contact management, opportunity management, quote and proposal generation, and invoice creation. Automating the sales process can help businesses close more deals in less time and improve the overall efficiency of their sales teams.

If you’re considering salesforce automation for your business, there are a few things to remember. 

    • First, choosing a software solution that meets your business needs is important. There are several different sales force automation software solutions on the market, so it’s important to compare features and prices to find the right fit for your business.
    • Second, salesforce automation requires a significant investment of time and resources to implement and maintain. Be sure to factor in the costs of training employees on the new system and the ongoing costs of support and maintenance.
    • Third, salesforce automation can majorly impact your business, so it’s important to carefully consider the potential benefits and risks before making a decision. Salesforce automation can be a powerful tool for businesses, but it’s only right for some organisations. Carefully weigh the pros and cons to decide if salesforce automation is right for your business.

How can Salesforce Automation help your business?

Salesforce automation can help your business in many ways. It can automate your sales processes, including lead generation, follow-up, and closing. It can also help you manage your customer relationships more effectively. Additionally, Salesforce automation can provide valuable insights into your sales data, allowing you to make more informed decisions about your business. Ultimately, Salesforce automation can help you increase your sales and improve your overall business operations.

How does Salesforce Automation benefit your business?

Salesforce automation provides several advantages for businesses. Perhaps most importantly, it can help to improve sales productivity by automating key sales tasks and processes. This can allow salespeople to focus on more important tasks like prospecting and building relationships. Additionally, salesforce automation can help improve data quality and accuracy and provide valuable insights through data analytics. Ultimately, using salesforce automation can help businesses to improve their overall sales performance.

Salesforce automation is a powerful tool that can help businesses increase sales and improve customer satisfaction. There are many advantages to using salesforce automation, including 

    1.  Increased sales: Salesforce automation can help businesses increase sales by automating lead generation, follow-up, and closing tasks.

    2. Improved customer satisfaction: Salesforce automation can help businesses improve customer satisfaction by providing customer relationship management (CRM) and customer service tools.

    3. Increased efficiency: Salesforce automation can help businesses increase efficiency by automating sales and marketing, customer service, and administrative tasks.
    4. Reduced costs: Salesforce automation can help businesses reduce costs by automating tasks and eliminating the need for manual processes.

    5. Increased flexibility: Salesforce automation can help businesses increase flexibility by providing features such as customisable workflows and reports.

How can you integrate salesforce automation into your business?

Salesforce automation can help your business in several ways. For one, it can help you keep track of your sales data and customer information in one place. This can save you time and effort to Manually input this data into your system. Additionally, salesforce automation can help you manage your sales pipeline more effectively. Having all of your data in one place can better track your progress and see where your deals are in the sales process. Finally, salesforce automation can help you create more efficient marketing and sales campaigns. By segmenting your customer data, you can create targeted marketing materials and sales strategies that are more likely to result in conversions.

What are some Dos and Don’ts of Salesforce Automation?

Salesforce automation is a process of automating sales-related tasks and workflows within the Salesforce CRM platform. It can help sales teams to improve efficiency and productivity and manage their sales pipeline more effectively. 

There are a few things to remember when automating sales processes in Salesforce to get the most out of the platform. 

    • First, it’s essential to clearly define the goals and objectives that you want to achieve with automation. This will help you to select the right automation tools and features and configure them most effectively.
    • Once you clearly understand your goals, you can start automating individual tasks and workflows. For example, you can use Salesforce’s workflow rules to automate lead assignments or create custom buttons and links to automate repetitive tasks. It’s essential to test your automation processes thoroughly before rolling them out to your sales team to ensure that they are working as intended.
    • Increased efficiency: Salesforce automation can help businesses increase efficiency by automating sales and marketing, customer service, and administrative tasks.

Salesforce automation can be a great way to improve your productivity and efficiency. However, you should keep a few things in mind to ensure it is used effectively. Here are some clear pointer dos and don’ts of Salesforce automation:

Do:

    • Clearly define your goals and objectives for automation.

    • Understand your current processes and how automation can help.

    • Work with a trusted Salesforce partner to help you implement automation.

    • Train your users on the new system and give them time to adjust.

Don’t:

    • Automate just for the sake of automation.

    • Try to automate everything at once.

    • Go it alone – get help from experts to ensure a successful implementation.

    • forget to test your automation before going live.

How can Futran Solutions help you?

If you’re looking for a way to automate your sales process and improve your salesforce productivity, Futran Solutions can help. We offer a range of services that can help you streamline your sales process, including salesforce automation, data integration, and custom development. We have a team of experienced salesforce automation experts who can help you customise your solution to your specific needs. We can also provide training and support to help you get the most out of your Salesforce investment. Contact us today to learn more about how we can help you improve your salesforce productivity.

Conclusion – This was your practical and detailed guide to salesforce automation. Salesforce automation is a great way to grow your business when used well. If you are still confused about how salesforce automation can benefit your business, you should consult the Salesforce Automation experts at Futran Solutions.

5 Impactful Ways IPA is Disrupting the Insurance Industry  

The use of Intelligent Automation (IPA) in insurance is making big waves in a once archaic industry. By operating in a highly regulated environment with demanding clients, insurers advocate the introduction of artificial intelligence into their daily processes. 

To gain a competitive advantage, several insurers have already deployed an automation strategy in areas like new Business Processing, Claims Processing, and Finance. The insurance industry is currently intensively evaluating use cases for intelligent automation in order to increase the efficiency of current processes and thus reduce operating costs. 

According to McKinsey: “IPA can cut the cost of insurance claims processing by up to 30% and a large insurer could more than double profits over 5 years by digitizing existing business.” On that note, let’s quickly understand how IPA is disrupting the insurance industry.  

1. Digitally powering a changing insurance landscape  

The insurance market has become competitive and more robust in recent years with the arrival of online P2P insurers, technology operators, and insurance players. While digitization in the insurance sector is bound to create opportunities, it also presents new challenges for traditional players. 

With low-interest rate scenarios, the income streams of old insurance companies quickly dry up, as premiums from clients investing in different financial institutions do not pay the same returns as in recent years. In the future, these challenges may increase, due to the rapid pace of digitization and changing customer preferences. 

However, insurers who have taken the pulse of the digital revolution and innovated their products and value chain have grown. 

2. Analyzing operations and optimizing business processes 

The insurance industry is taking an approach where it holistically implements intelligent process automation more effectively to improve its performance.  

The whole approach is to analyze end-to-end operations and find new and efficient ways to use automation technologies to optimize business processes. The technology not only liberates the employees from the hassle of doing repetitive, paper-based tasks but focuses more on people-oriented tasks and helps in delivering personalized, top-quality customer service backed by complicated and real-time data profiles. 

IPA can be effectively utilized by insurance companies to scan photographs and analyze and clear damage or settlements in a more effective and quick manner. Nowadays, the use of high-end voice technologies can help bring down the insurance settlement error rates to about 6 percent (which equals that of an average human). The combination of voice analysis and image recognition technology can help an insurer reduce the challenges or complexities associated with adjusting and assessing claims. 

3. Addressing challenges faced by the insurance industry  

Insurance companies face multiple challenges in this increasingly digitized world. Here are some of the main hurdles insurers face: 

Manual Data-Entry  

Insurers suffer from tedious, prolonged, and tiresome activities like collecting and entering data which is done by humans. These processes are expensive, prone to inaccuracies due to human error, and result in slow response times.  

Accommodates Strict Regulatory Standards  

Operating in multiple regulatory jurisdictions, insurers must adhere to evolving rules regarding capital regulation, transparency, reporting, and interactions with clients. Insurance companies can face heavy fines and damage their reputation if they fail to comply.  

Legacy Applications and Miscellaneous Systems  

Insurers’ banking processes are heavily dependent on legacy systems and software. These programs can no longer meet the needs of modern customers and processes. Companies must invest a large part of their budget and resources to implement new technologies capable of meeting these requirements 

Scalability 

Insurers are subject to seasonal peaks which only become more difficult in the event of a large-scale disaster. Such spikes require the complaint process to be efficient and accurate when dealing with a large amount of incoming data.  

Increasing Demand for Better Client Service 

Today’s insurance customers are tech-savvy and have little patience for bad customer service. They expect transparency, customizable options, and fast response times and are ready to go around a large number of competitors in the market if their needs are not met. 

4. Deploying bots for rudimentary decisions 

IPA is already changing the way insurance companies operate. The bot’s hardworking workforce not only emulates repetitive, rule-based transactional and administrative tasks but also handles some basic decision-making levels. Experts in the human domain are therefore free to focus on more strategic tasks involving reasoning, judgment, and emotional intelligence.  

This digital workforce of bots is getting smarter with Intelligent Automation enabled by transformational technologies like Machine Learning (ML), Computer Vision, Artificial Intelligence (AI), and Natural Language Processing (NLP). Typical areas where intelligent automation makes a huge difference are: 

  • Policy Administration and Servicing  
  • Renewal Processing 
  • Claims Processing  
  • Underwriting 
  • Regulatory Compliance  
  • Process and Business Analytics 
  • Sales and Distribution  
  • Finance and Accounts 

5. Future-proofing the insurance industry  

With IPA in the increasingly sophisticated insurance industry, it will provide a cost-effective way to meet rapidly changing regulatory requirements and help businesses focus on long-term strategic issues. AI-based support can reduce documentation times by up to 80%, making insurance companies more profitable.  

Today’s businesses need to rethink how they want to use human potential and how much they can trust a computer to run their operations. In this way, one thing becomes clear: human contact will become paramount in the future, especially when robots will perform most of the repetitive and mundane tasks.  

Although high-frequency products are digitized and automated to a greater extent, it can be difficult to convert existing policies in this new field, it is not only a technological challenge, but the product must also evolve to meet the needs of current market conditions and regulatory landscape. Insurers will need to consider digitization from a broader perspective that includes product innovation, services, and business models. 

Conclusion 

Insurers can profit vastly from Intelligent Automation, and those who have already turned to automated solutions are already seeing the impact. By effectively planning and implementing AI solutions, businesses can transform their operations, reduce costs, increase employee engagement, and improve the customer experience. 

Futran Solutions has partnered with leaders in the industry (e.g. Automation Anywhere) to provide a solution that is rooted in domain experience, built on a solid foundation, and can be scaled incrementally. We specialize in AI and RPA technologies, however, we understand that the critical success factor for automation programs is the domain knowledge about the processes, and not only the technology. 

Futran Solutions has worked with insurtech start-ups as well as global insurance leaders to develop Intelligent Automation solutions for improving business processes. Our team has experience in creating custom automation applications that use visual recognition, machine learning, and other AI tools that simplify the management of routine tasks, whether it’s underwriting, claims processing, or customer experience. 

Futran Solutions is a Digital Technology organization focused on Data Analytics, Cloud, Automation, and New Age App Development. 

How to Balance RPA Risk and Opportunity in Seven Easy Steps

How to Balance RPA Risk and Opportunity in Seven Easy Steps

RPA is helping speed up processes in organizations of all shapes and sizes. It reduces costs and liberates human workers off grunt work to focus on research and innovation. The revolution is rampant in every industry from manufacturing to banking and customer services to research and development.

Today, RPA is one of the core technologies driving turnkey changes in products and services in every industry. Along with other ground-breaking technologies like AI, Big Data, and the Internet of Things, RPA promises to revolutionize things as they are.

Process automation is particularly impactful in banking. Simplified transaction processing means banks can cut costs while they can speed up customer services. In the finance industry, RPA helps streamline NAV calculations and trade reconciliations. In industry 4.0, which is the present industrial revolution we are living through, manufacturers depend on RPA for several applications including inventory rotation and process monitoring.

RPA Risk Dilemma

Multiple companies are skeptical of the impact of RPA on their organizations. Most of them have the perfectly legitimate apprehension of risking the productivity of a stable process by adding new technology. To help overcome the grand RPA dilemma, here are seven easy steps that will help you implement RPA solutions in your organization without having to deal with unnecessary risks.

1. Be Patient

The excitement of process automation can be overwhelming at times. Some companies can barge in head first, trying to automate as many processes as fast as possible. This brings us to the first major RPA risk. Frantically introducing new technology can throw the flow of data and products into disarray, causing disturbances in the workforce.

It’s way better to take out time to analyze what part of organizational workflow will benefit the most from automation. Then, you must plan to ensure that the team understands the role of RPA as well as RPA risks if any in automating the process.

2. Chase Small and Early Successes

In the larger industry equation, RPA is meant to tackle work-heavy and error-prone processes. And it can be tempting for organizations to do just that. However, the best approach is to start small and find a bunch of easy successes.

Starting with a limited scale execution of RPA lets the team understand the technology and reach a certain degree of comfort with it. Plus, it also avoids the risk of needless shipments and customer service. As the team handles more and more automated processes, they gain the experience to handle trickier processes.

3. Simpler the Better

Among the very first steps to executing RPA is to chart the existing process so you can better understand the steps and flow of information. It is easy for teams to become overzealous and try to implement every possible exception in the process. This could be to prove that human intervention is required or that a robot simply cannot handle some core process. Regardless of the nature of the motivation, it is important not to give in.

The wise way to avoid RPA risk here is to start with a process and let the automation handle the typical flow. Follow a case-by-case approach to eliminate the possibility of human intervention for exceptions. Complex rules can always be built at a later stage. In the beginning, follow a simple approach to RPA implementation.

4. Focus on Training

The infrastructure and business process of an organization can be heavily impacted with RPA. Train people rigorously on how the coming process will impact their workflows and methods. The IT team needs to learn the technology – that one’s a given. But the managers and workers cannot afford to miss out on key RPA sessions either.

Ample time and monetary budget must be spent on training the staff of the organization. Treat RPA less like another new technology and more like a digital transformation course. Only then can you overcome the temptation to rush or avoid this part.

5. Keep Communication Open

There aren’t many employees that will say ‘no’ to training. But most employees will also want to know what the training means to them. It is important to communicate to the employees what every training session means to them as well as what their future roles might look like.

Many employees have registered positive responses on automation handling routine tasks in their existing workloads. Some others have experienced the need for upgrading their own skill set to accommodate an automation-enriched work life. Being respectful to the team means that you help them understand the role they have to play in the changing work culture.

6. Assess the Criticality of RPA in Business Success

As new technologies are incorporated into business processes, the flow of energy is immense. RPA can only become a contributing factor in business success when you take time to plan for it. Jump into RPA only after taking clearly defining your objectives. Every potential milestone must be carefully deliberated upon before becoming an official entry into the list of objectives. Lastly, document everything right from the drawing board observations to the achieved milestones.

7. Brave the Bot Change

Automation does not necessarily amount to the cancelation of risk. Organizations can aim to maintain an optimal processes-to-bots ratio. But there is always the risk to threaten the status quo itself with drastic systemic change.

The human teams running the business must strive hike up their knowledge on par with their bots. Find a way to engage and store the automation processes so they can be easily updated and accessed by teams at any place and time. That way, the process can recover in minimum time should automation fall off the grid for any reason. Most importantly, it is the people who must create the best processes for bots. Only this can instill a sense of genuine responsibility among teams.

The above seven ways coupled with a more organic approach can sure achievement of RPA objectives. Plus, you can dive a long way away from any potential risk that the new technology might carry along with it.

Futran Solutions specializes in delivering composite RPA solutions and resources. As Blockchain technology is evolving, so are the resources that shoulder the needs of the industries. Speak to a Futran blockchain RPA specialist today to find out how we help you achieve your business and marketing objectives.

Automation 2020: 9 Key Trends To Watch Out For

Automation 2020: 9 Key Trends To Watch Out For

Automation is not a new phenomenon. It comes with its own baggage of promises of development, prosperity and what not. In today’s world, robots do most of the physical work and that too, at a cheaper rate than humans. But it is also capable of cognitive functions like sensing emotions or even driving. But how quickly would this automation become reality? It is important to know these automation key trends to predict future development.

Automation of activities has enabled growth both at an individual level and at the business level. Will these impact on the employment and global economy?

Here are some of the automation key trends to watch out for in the IT domain in 2020.

Automation of technology to replace humans

The technology used for automation of tasks that once required humans is known as Hyperautomation.

The application of machine learning and artificial intelligence is increasing to automate processes. A range of tools can also be automated in Hyperautomation. It can be also referred to as sophisticated automation.

The main goal of Hyperautomation is to increase AI-driven decision making. This can be achieved by including robotic process automation(RPA) and intelligent business management software (iBMS). While it’s not the main goal, but Hyperautomation often results in the creation of a digital twin of an organization (DTO). This is one of the important automation key trend of all.

Focus on immersive experience.

Technologies like AR (Augmented Reality) and VR(Virtual Reality) come under immersive experience. This is also known as Multiexperience. 

It is far apart from the traditional method of single point interaction. It covers multisensory and multi-touchpoint interfaces like computer sensors. 

For example, Dominos pizza added a smart speaker communication and pizza tracking feature to their app.

Easy access to technical and business expertise

The focus is to gain easy access to technical and business expertise without any extra cost or training. This is often known as Democratization. It is mainly based on application development.

Some of its key factors are data, analytics, and citizen access. Citizen access is also known as design and knowledge. This has also led to an increase in the number of data scientists, programmers and more.

Democratization would enable developers to rather rely on AI-driven development to generate code or automate testing.

Physical human augmentation

Changing or enhancing physical capability is Human Augmentation. A physical capability can be changed or enhanced by implanting or hosting a technology within or on the human body. This is used to enhance a human’s cognitive or physical experiences. 

Human augmentation mainly falls into 4 categories: Sensory augmentation, appendage and biological function augmentation, brain augmentation and genetic augmentation.

Cognitive augmentation enhances the ability of the human body to function, think and make better decisions.

Traceability and Transparency

Ethics, integrity, openness, accountability, and consistency are the five key elements this trend requires. As the evolving technology increases development and prosperity, it also creates a trust crisis.

Most of the times AI and ML are used to make a decision in place of humans. This evolves trust crisis. Such a condition drives the need for ideas like explainable AI and AI governance.

Edge Computing

Edge Computing is a technology where sources of information are placed closer to information processing and content collection. This reduces the latency by keeping traffic local and distributed.

This includes IoT. IoT stands for Internet of Things. Moving the key application and services closer to people and the devices is known as Empowered edge .

Provide Distributed cloud

The goal is to provide cloud facilities to users from outside the physical data centers. No matter if these cloud facilities are from outside the data centers, they would still be controlled by the cloud provider.

All the aspects of cloud service is the responsibility of the cloud provider. Owing to this, cloud centers can be located at different locations. This not only reduces latency but also solve stubborn technical issues.

Semiautonomous to fully autonomous things

The exploitation of AI to perform tasks usually done by humans is performed by Autonomous things. The Spectrum of intelligence ranges from semi-autonomous to fully autonomous things. It includes a variety of environments such as air, sea, and land.

Autonomous things include drones, ships, robots, and other appliances. These things are also used in collaborative swarms. For example, drones can be used in the Olympic games.

Security

Evolving technologies like autonomous things and Hyperautomation, lead to economic development. It also offers transformational opportunities in the business world. However, it leaves security vulnerable.

AI security could be vulnerable and could be a potential point of attack. Security teams must address these challenges and be aware of how AI will impact the security space.

Creativity and strategy are still human skills even though the world is getting automated rapidly. Bots can automate a multitude of designs and admin tasks but cannot automate creative thinking. It’s simply a matter of identification as in which things are done manually and which things need your input and imagination