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. 

3 Strategies for cloud enabling your business

As per IDG Cloud computing survey, 92% of organization’s IT environment is at least somewhat in the cloud today. If you are in those 8% who have not adopted cloud yet, you are clearly missing out on the benefits that other organizations are getting. By now, I am sure you know the most benefits that Cloud infrastructure offers, but let’s refresh it once more –

  1. More Resiliency – The cloud providers scale up and down as per your seasonal needs. It is the most ideal way to support your growth, as you don’t need to purchase and hold assets for a peak requirement, but you can adjust as you go along.
  2. Less Headache – You don’t need to keep an army of people to upkeep your servers, manage security and hardware failures. You can sleep well knowing that the cloud providers are well-equipped in security and disaster recovery capabilities to ensure safekeeping of your assets and data. You, of course, need help to plan, configure and monitor it, but once you get the setup right, it is a smooth journey.
  3. Access to new capabilities – The cloud providers offer advanced capabilities and services that make your life easier. With a competitive market, the more and more services are being made available and the cost is going down. In 2021 AWS: reinvent, Amazon announced more than 50 new services on the top a very mature array of services. You can access these capabilities with a click of button, right from document storage to artificial intelligence, and create growth opportunities for your business.
  4. Potentially less cost – I am being careful here as many organizations have seen increased monthly spend when they compare with their current ‘infrastructure’ costs. However, if you look at it holistically by adding people/process/tools costs of running your current (and future business), the cloud costs will be potentially much lesser.

If you are convinced and are thinking of adopting cloud for your business, what should be your strategy for adoption?

There are following three popular strategies that our customers have adopted –

  1. Lift and Shift

    If you have a portfolio of applications on your premise, the fastest way to address your ‘cloud adoption’ business case is by lifting and shifting your applications cloud. It makes sense if you are going to get rid of your data center (or hosting provider) and save money on operations by migrating to cloud.
    Although you can do it manually by evaluating every application, for a portfolio of applications, tool-based migration process is preferred. There is a very strong tooling ecosystem for AWS, including its own Cloud endure ( now AWS MGN), to support the migration. The tools can help you right from ‘Discovery and Planning’, ‘Creating a business case’, Migration and also post-migration ‘Monitoring and Support’.

  2. Fit and Shift

    It is my favorite option as it lets you leverage the new capabilities that Cloud offers while preserving the value of your legacy investments. It includes selectively replacing components of your current application by ‘cloud managed’ components. For example, you can swap an Oracle database for AWS RDS, and reduce your license costs and maintenance efforts. As you are developing a strategy by assessing every application, it takes a longer time (~8-12 weeks for 30 applications) to define your migration strategy, but your potential benefits are likely to be much higher than just ‘lifting and shifting’ to cloud.

  3. Don’t Shift, Go Native

    If you are convinced that your legacy is not going to support your future growth, it is better to re-architect your applications and re-develop using cloud native capabilities. The cloud provides many platform services to rapidly build and deploy a ‘cloud-native’ application, so it may not be overly expensive option. For a global association of risk professionals, we recently re-developed their mission-critical financial risk estimation application within just 2 months, by reusing their existing python based code and leveraging AWS serverless and RDS services. This approach not only saved the development and maintenance costs, but also provided a scalable solution to onboard new associates very easily.

In conclusion, the cloud provides significant benefits to your business and there are proven strategies to adopt the cloud. Futran, in partnership with AWS, helps organizations to define the migration strategies and adopt it in cost-effective, risk-free way. Please contact a Futran Cloud Specialist if you want to know more about how we can help.

Futran Solutions is proud to announce Service Partnership with AWS

Futran Solutions has joined AWS as a Service Partner and will be focusing on its ‘Fit and Shift’ offering that is designed to maximize the value from AWS by leveraging native services.

In News: 

Futran Solutions is a Digital Technology organization focused mainly on Cloud Services, Data Analytics, Automation and New Age App Development has announced a strategic collaboration with Amazon Web Services, Inc. (AWS). 

Futran Solutions will be focusing on its ‘Fit and Shift’ offering that is designed to maximize the value from AWS by leveraging native services. Our approach lets you leverage the new capabilities that Cloud offers while preserving the value of your legacy investments. It includes selectively replacing components of your current application by ‘cloud managed’ components. 

The collaboration will enable deployment by making simulation workloads more user-friendly while offering scalability and flexibility with easy access to software and storage solutions from anywhere with a web browser. By leveraging connected ecosystem applications in a cloud environment, customers will reduce time to market, reduce costs, and innovate faster. 

By delivering deep visibility into AWS-hosted, on-premises and hybrid environments during every phase of a cloud migration, Futran Solutions helps leading organizations achieve their digital transformation goals with confidence. 

Futran Solutions gives AWS customers a unique blend of cloud software and services to support their business plans in addition to the Migrate, Run and Evolve services to help customers with their end-to-end AWS experience.

The Big Data Game: How Data is Causing Major Metamorphosis in The Insurance Industry

Today, data is an asset that can be used both internally and externally. Companies can collect more information than ever before in a variety of ways. Digital interactions with customers on mobile devices and stationery allow us to track interactions and requests.

The Internet of Things (IoT) has provided billions of connected devices and objects equipped with tools to measure, record and communicate information about purchases, customer responses to advertising campaigns and marketing messages that can be captured and analyzed.

Accurate information requires data analysis programs that can easily collect, store, analyze, display, and report on information from a variety of sources. These insights provide business leaders with the information they need in real-time to make better decisions.

The Data-Backed Change

With converting client expectancies and the sheer expanse of data being collected, insurance businesses are already converting their models and processes.

Among the high-quality modifications are the following:

  • Investment in tools to better understand their customers, their expectancies and their needs
  • Development of recent insurance alternatives to provide guidelines which are shielding extra items
  • Responding to an ageing populace whose insurance needs are converting in massive numbers and quickly
  • Realtime processing and mobile apps that respond to the expectancies of younger customers, who anticipate a digital-first approach (this pace and responsiveness are often contrary to the traditional approaches insurers had in the past)
  • Using new technology inclusive of blockchain, artificial intelligence, machine learning, and the IoT to create better operational efficiencies and create more connections with objects and customers

Challenges faced by insurers in leveraging data to drive digital transformation

Digital transformation provides a fantastic possibility for insurance companies. However, the same companies may also face limitations that delay the utilization and leveraging of data.

Among those problems are:

Lack of Policies and Procedures: 

Many insurance companies have grown because of acquisitions, which means that the integration of systems and policies is challenging.

The data-driven insurance company needs:

  • Data governance structures and policies
  • Consistent data definitions
  • Clarity of data ownership
  • Standards for the collection, storage and use of data
  • Data security guidelines

Cultural and Organizational Roadblocks: 

An insurance company that desires to achieve success in the use of data in new approaches needs to address these concerns promptly:

  • Internal cultural variations in how data is seen, valued and used
  • Data stored in silos without standardization and a single source of information
  • Complex data structures
  • Inconsistent data formatting
  • Reluctance to share data internally
  • Data quality and more than one kind and sources for data (structured, unstructured, collected, purchased)

Technological Barriers:

Technology is a common barrier or leveraging data. Challenges include:

  • Data stored both in the cloud and on-premises
  • Legacy systems, often highly customized
  • Lack of certified internal IT resources

Leverage data with Futran  

Here are some recommendations for optimizing the opportunity for digital transformation for Insurance companies.

  • Invest in Data Analytics – Big data analysis tools enable insurers to collect and use data from multiple sources at the same time, identify patterns, better detect fraud, and resolve cases faster.
  • Using advanced OCR software – The insurance process still relies on paper, either that it generates or that comes from other sources. Sound OCR software reduces manual entry and re-entry, promotes better storage, retrieval and analysis of unstructured data while accelerating processes.
  • Improves two-way communication – Insurers need to better engage with their customers — apps, content, and messaging tools. Tools should be primarily mobile and include features to capture interactions and outcomes.
  • Use AI to improve engagement – Artificial intelligence tools like virtual assistants can provide customers with the information or live assistance they need, saving resources and fixing routing issues.
  • Partners for Transformation – Insurers need strategic partners to help them collect, analyze and use data for digital transformation.

Conclusion

Emerging Leaders in the insurance industry are using insurance data analytics to manage risk selection and pricing strategy decisions. New-gen technology is working progressively to implement regulatory approaches to understand big data in a variety of insurance transactions such as underwriting, claims management, customer satisfaction and policy management to provide better predictive analytics. This allows insurance companies to describe the analytical decision-making process in all of their internal processes and business operations.

Futran helps insurance companies with their digital transformations by providing the best Data Analytics solutions such as Cloud-Based Data Warehouse & Data-Lake, Data Management, Managed Services & Analytics Model Development.

EZJobs announces unique employment support architecture for ITServe CSR initiatives

Edison (New Jersey) [USA], July 2 (ANI/PNN): ITServe Alliance has announced a partnership with EZJobs to help community members hire talent in the post-Covid employment ecosystem.

All community members can benefit from EZJobs for free as it is being offered as a part of ITServe’s CSR initiative.

ITServe Alliance is the largest association of IT business owners in the USA.

The Covid-19 pandemic, especially in its second wave, has wreaked havoc in many countries of the world, India in particular. The kind of disruption and utter chaos this has caused for numerous families is well-documented yet insurmountable.
News reports of one of the parents losing their jobs, putting the great burden of keeping the house fire burning on the partner have been particularly troubling.
Raghu Chittimalla, National President of ITServe Alliance mentioned that at this time of need ITServe Alliance has donated 20 ventilators and 200 units of oxygen concentrators.
Goutham Goli, National CSR director added that ITServe continues to support the needy during this pandemic by offering employment to candidates who have lost their jobs or lost the singular breadwinner of the family because of Covid-19 through member companies who have their offshore offices in India.
More than 18 months into the pandemic, the most deafening silence comes from job losers, who might have even lost their aptitude for an ongoing job hunt even as they suffer other devastations of the pandemic.
Amid all of this, the ITServe leadership has decided to contribute and give back to the community in partnership with the digital recruitment platform, EZJobs, where candidates can post their resumes and connect directly with IT business owners.
Speaking about the collaboration, Jyoti Vazirani, co-founder of EZJobs and PR Director of ITServe, laid out how this works for job seekers: “The job seekers can post their resumes by clicking the link where they will be connected with the member companies.”
“From there, member companies of ITServe will be able to view the profiles of these candidates and invite them for employment – part-time and full-time opportunities,” Jyoti added.
The EZJobs candidate portal for ITServe community members is open and actively functional at the time of release.

About Futran Solutions

Futran Solutions is a Digital Technology organization focused on Data Analytics, Cloud, Automation, and New Age App Development.
This article was originally published On Business Standard.

Futran Solutions Joins Duck Creek Technologies Partner Ecosystem as Consulting Partner

EDISON, N.J., June 21, 2021 /PRNewswire/ — New-Jersey-based digital technology organization Futran Solutions announced today that it has been named a consulting partner of Duck Creek Technologies, a leading provider of SaaS core systems for P&C insurance businesses.

As a digital in sourcing partner, Futran is able to extend the Duck Creek Platform’s capabilities and technology to partner organizations and mutual customers. Futran’s move to partner with Duck Creek comes just a few weeks after Anil Vazirani joined Futran Solutions as CEO. With over 20 years of dedicated experience in the insurance sector, Vazirani has adopted a host of measures to broaden Futran’s insurance practice. This consulting partnership with Duck Creek is slated to be the first of these important measures.

Futran Solutions Joins Duck Creek Technologies Partner Ecosystem as Consulting Partner

Commenting on the partnership, Vazirani said, “Futran’s vision is to be the ‘Best Insourcing Partner’ for insurers and help them build in-house competency in the insurance domain and Duck Creek solutions by seeding in the best talent and bringing in proven accelerators. Futran specializes in Business Analysis, Front Ends, Integrations, and Data Solutions.”

Futran has also developed its “Make it Ez” framework for simplifying implementation and testing processes, and has invested in developing accelerators such as EzApp, EzBot, and EzAPIs with a set of reusable components. Using its experience in the insurance domain, Futran has developed add-on engagement solutions such as Quick Quote, Claims FNOL and Underwriting Approval Management.

The partnership between Futran Solutions and Duck Creek technologies has been effective since June 1, 2021.

Futran Solutions appoints Anil Vazirani as its CEO

Futran Solutions, Inc. announced today that Anil Vazirani has been appointed the new CEO of the company. An experienced industry leader with a solid sales track record of 30 years, Anil brings to the fore new relationships and business partnerships.

Anil has IT industry experience across the Americas, Europe, and India. Prior to joining Futran Solutions, Anil had a 23-year long career at LTI where he was the Chief Business Officer for the Insurance and Healthcare verticals.

“In this post-pandemic situation, we at Futran believe that Mr. Vazirani has the right arsenal to take Futran to the next cycle of growth and add in new capabilities while bolstering the existing strengths of the team,” Krishna Vemuri, Chairman of Futran group of companies said.

“Apart from Futran Solutions core IT Services business, Mr. Vazirani will also take up the responsibilities of being the CEO of Futran-funded tech start-up, EZJobs®, Inc, a digital marketplace for blue and grey collar job seekers,” Krishna added.

Anil Vazirani said: “I am thrilled to join Futran Solutions and to be a part of such a talented and dedicated team. I look forward to working closely with Krishna, senior leadership, and the hugely talented employees of Futran to achieve multifold growth.”

Anil Vazirani has a B.Tech from the University of Bombay besides a management degree from Narsee Monjee Institute of Management Studies, Mumbai.

Futran Solutions, Inc. Partners With Automation Anywhere to Strengthen its AI, RPA Offerings to its Clients

AI has made its way to data processing and data analysis. Futran Solutions, a pioneer in Data Analytics,  has recently partnered with Automation Anywhere – a Leader in AI with specialization  in Robotic Process Automation(RPA) 

New Jersey, April 5, 2018

Futran Solutions, a BigData Analytics, RPA, AI, and IT solutions company has signed a partnership agreement with Automation Anywhere, the largest enterprise software provider in robotic process automation (RPA). Futran has been a full stack IT solutions provider for 7 years and aims to further their AI capabilities with the  partnership with Automation Anywhere for offering RPA solutions

As part of the partnership, Futran Solutions is now an official reseller for Automation Anywhere. Futran Solutions is also on the way to provide RPA training on behalf of Automation Anywhere soon. Krishna Vemuri, CEO of Futran Solutions, commented on the latest development: “We see it as another step ahead for Futran Solutions. With our strong foothold in IT, it was time we expanded our RPA prowess.”

“Presently, 49% companies are using marketing automation. And the machine learning market is poised to swell up to $15.3 billion by 2019”, Jyoti Vazirani, President of Futran Solutions, reiterated the value of robotic process automation “The automation scene is here to stay – and grow. Our partnership with Automation Anywhere will add to our extended capacity in the IT space.”

Priyadarshan, VP at Futran Solutions emphasized, “As a part of the partnership, Futran Solutions can officially resell Automation Anywhere software, offer solutions and train professionals on the Automation Anywhere platform. When a new and productive technology sets in, it is becoming the existing industry players to propagate it further and make sure it reaches the end user. Automation Anywhere is already playing a big role in many industries. We are here do our part to help our clients find the best RPA solutions.”

About the Company

Futran Solutions is an IT consulting, project implementation, and staffing, company. It has recently partnered with Automation Anywhere to improve upon its existing RPA offerings.

For more information, please contact:

Krishna Vemuri 

+1 (732)-236-8877

vkrishna@futransolutions.com

This news release was first published on PR WEB.