Data Anamytics

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.

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25,000 + Followers – Counting More….!

We are delighted to announce that Futran Solutions has reached the extraordinary milestone of 25,000+ followers on LinkedIn, and we could not be more thrilled. You help us grow bigger & better, and we are profoundly grateful that so many of you have chosen to join our community by following and collaborating with us.

 A huge THANK YOU to everyone who follows us, likes our posts and shares our content.  

25,000+ followers are an exceptional result that we have achieved quickly. It reflects our growing brand awareness within the world’s largest professional network. We strive to deliver engaging, understandable, and meaningful content that adds VALUE.  

With over 500 million global users, there is no denying that LinkedIn is the most powerful social network for business professionals. It is an important platform that allows us to communicate with followers. We invest time and effort in sharing quality content, news, and jobs with followers. You have helped us grow bigger & better, and we are grateful for that. We appreciate your continued support and look forward to engaging with all of you.  

Finally, if you are not already following Futran Solutions, join us today and become part of our Futran family.  

Following us on LinkedIn allows you to:   

  1. Learn – Be the first to learn about our latest innovative solutions. Please find out about our modern technologies, notable ventures, and other insights.  
  2. News & Updates – Stay on top of our latest news, events, key industry insights, and industry trends.  
  3. Hiring – Find out more about our new vacancies and get the chance to join our exclusive team.  

We look forward to welcoming new followers, growing our LinkedIn base, and reaching the next milestone with you. 

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Calculate the ROI on Infrastructure Automation

Programmable infrastructure and a world where you can take your data with you wherever is the future.

A new era has arrived, one in which software development practices are being applied to physical objects such as roads or bridges for greater efficiency; this idea of transparent skies could very well become a reality soon!

You can’t put a price on efficiency. The return on investment (ROI) of infrastructure automation is essential to consider before you start implementing changes that could be expensive and time-consuming.

How is Automation Valued?

The process of automating a long, manual task can be very beneficial. If you run it frequently enough and with the right system, your savings will grow exponentially as time goes on!

Regarding infrastructure automation, one of the first questions businesses ask is, “What’s the ROI?” In other words, what are the tangible benefits of automating tasks such as provisioning, configuration management, and deployments? And more importantly, how can we quantify those benefits?

In this blog post, we’ll walk you through a simple process for calculating the ROI of infrastructure automation. By the end, you’ll have a clear understanding of the financial benefits of automation and be able to make a strong case for why your business should invest in it.

The Advantages of Infrastructure Automation

Infrastructure automation is the process of automating IT infrastructure configuration, provisioning, and management. It can help organisations to manage their infrastructure more efficiently, improve service quality, and reduce operational costs. In this blog post, we will explore some of the main advantages of infrastructure automation. 

  • Improved Efficiency and Productivity

Infrastructure automation can improve efficiency and productivity. By automating configuration, provisioning, and management tasks, organisations can free up time for other activities, such as developing new features or products and providing customer support. These tasks can reduce errors and improve accuracy.

  • Improved Service Quality

Another advantage of infrastructure automation is that it can improve service quality. By automating tasks such as monitoring and maintenance, organisations can ensure their infrastructure is always running smoothly and efficiently. Additionally, automating these tasks can help identify problems early before they cause significant disruptions. Organisations can provide better service to customers.

  • Reduced Operational Costs

Finally, another advantage of infrastructure automation is that it can help to reduce operational costs. This is because automating tasks such as provisioning and management can help to reduce the need for manual intervention. Additionally, automating these tasks can help improve efficiency and productivity, which can lead to reduced labour costs. In addition, automating these tasks can also lead to reduced energy consumption and waste generation. As a result, organisations can save money on their operating costs. 

There are many advantages of infrastructure automation. Automating tasks such as configuration, provisioning, and management can help to improve efficiency and productivity, improve service quality, and reduce operational costs. If you are considering implementing infrastructure automation in your organisation, carefully weigh all of these factors to make the best decision for your business.

Calculating the ROI of Infrastructure Automation

Now that we’ve looked at some of the benefits of infrastructure automation let’s talk about how you can calculate its ROI. To do this, we’ll use a simple formula:

 (Total savings from automation – Cost of automation) / Cost of automation = ROI%

For example, you spend $5,000 per month on labour to manually provision and manage your servers. You estimate that by investing in an automated system, you could reduce that cost by 50%. The cost of the computerised system itself is $10,000 upfront plus $500 per month in maintenance costs. Using our formula, we get: 

 ($5,000 * 0.5 – $10,000 – $500) / ($10,000 + $500) = -9%

This means that over two years—the amount of time it would take to fully recoup your upfront investment—you would see a negative return on your investment (ROI). In other words, investing in automation wouldn’t make financial sense for your business now.

Conclusion:

As you can see from our example above, calculating the ROI of infrastructure automation is relatively simple. However, it’s important to note that other factors besides financial ones should be considered when deciding whether or not to automate your infrastructure. These include the size and complexity of your infrastructure, your company’s culture, and your willingness to embrace change. That said, we hope this blog post has given you a better understanding of how to calculate the ROI of infrastructure automation and why it’s such an important consideration for businesses today. Thanks for reading!

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Redefining Business Process Outsourcing through Business Process Automation

The business process outsourcing (BPO) industry is worth an estimated $190 billion. But what is BPO, and how has it evolved? In this blog post, we’ll explore the history of BPO and how business process automation (BPA) is redefining the industry.

Business Process Outsourcing: An Introduction

Business process outsourcing (BPO) has been a popular cost-cutting measure for businesses for many years. The concept is simple enough: rather than having an in-house team handle a specific process or task, you outsource it to a third-party provider. This often results in significant cost savings, as BPO providers can leverage economies of scale to deliver services at a lower cost than most businesses could achieve on their own.

However, new development is beginning to change the BPO landscape: business process automation (BPA). BPA involves using technology to automate tasks previously performed by human workers. This includes data entry, customer service, and even complex financial processes.

The History of Business Process Outsourcing

BPO had its roots in the late 1800s when American companies began outsourcing manual labour to countries with lower wages, such as China and India. This practice continued into the 20th century with the rise of telephone operators and data entry clerks. However, it wasn’t until the 1990s that BPO began to take off. 

This was primarily due to technological advances that allowed communication and collaboration across vast distances. Suddenly, businesses could outsource not just manual labour but also knowledge work to countries with lower living costs. This led to the rise of call centres and other forms of customer service outsourcing.

In recent years, there has been a shift away from traditional BPO models. This is due to several factors, including the increasing cost of labour in countries like China and India, as well as the advent of new technologies that make it possible to automate many business processes.

Benefits of BPA 

There are several benefits that businesses can reap from implementing BPA: 

  • Cost savings: One of the primary benefits of BPA is that it can help businesses save money. Companies can reduce their labour costs by automating tasks that human workers previously performed. In some cases, BPA can also help enterprises improve their efficiency and reduce other costs, such as errors and rework.
  • Improved quality: Another benefit of BPA is that it can help improve the quality of work. BPA is designed to follow pre-determined rules and procedures. This contrasts with human workers, who may make mistakes or take shortcuts that result in lower-quality work.
  • Increased capacity: A final benefit of BPA is that it can help businesses increase their capacity without incurring additional costs. This is because BPAs can work faster and for longer hours than human workers. In some cases, this increased capacity can help businesses meet spikes in demand or complete time-sensitive tasks more quickly. 

Implementing BPA

If you’re interested in implementing BPA within your business, there are a few things you’ll need to do:

  1. Determine which processes you want to automate: The first step is to evaluate your business processes and determine which ones would be candidates for automation. To do this, you’ll need to consider factors such as the complexity of the process, the frequency with which it needs to be performed, and the availability of data and applications required to support it.
  2. Identify the right tools: Once you’ve identified which processes you want to automate, you’ll need to select the right tools. There are many different types of BPAs available on the market today, so you’ll need to evaluate your needs and choose the tool best suited for your specific requirements.
  3. Define success criteria: Before beginning any automation project, it’s essential to define what success looks like. This will help you select an appropriate tool and set realistic expectations for the project’s outcomes.
  4. Implement and test: Once you’ve chosen an agency and defined success criteria, you’re ready to implement your BPA solution. Be sure to test it thoroughly before rolling it out into production to address any potential issues before they cause problems for your business operations.

Business Process Automation: The Future of BPO?

Business process automation (BPA) is the use of technology to automate repetitive, low-value tasks typically performed by human workers. BPA can be used to automate a wide variety of business processes, including data entry, invoice processing, and lead generation.

One of the critical benefits of BPA is that it can help businesses reduce their dependence on human labour. This is especially important in today’s economy, where many companies struggle to find enough qualified workers to fill open positions. By automating low-value tasks, companies can free their employees to focus on more strategic initiatives.

BPA is also more efficient and accurate than human workers, and machines can work 24 hours a day, 365 days a year, without getting tired or making mistakes. This increased efficiency can help businesses save money and increase profits.

Conclusion:

The business process outsourcing industry is evolving thanks to advances in technology rapidly. Business process automation is redefining what is possible in terms of outsourcing and helping businesses save money and increase efficiency in the process. In the future, we can only expect BPA to become more prevalent as companies continue to search for ways to cut costs and improve performance.

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How to Embed Tableau or Power BI Dashboards into Web Pages without Using an Iframe

Iframe: An Introduction

Iframes are an HTML element that allows you to embed one HTML document inside another. While they are commonly used to embed videos or maps on websites, they can also be used to embed dashboards created in Tableau or Power BI. However, iframes can cause problems with security and website loading times, which is why some developers prefer to avoid using them. So, how can you embed a Tableau or Power BI dashboard on a webpage without using an iframe? Keep reading to find out.

Ways to Embed iFrame to your Web Pages

Many web developers shy away from using iframes because they can be difficult to work with. However, iframes are often the only way to embed Tableau or Power BI dashboards into web pages. If you’re looking for a way to embed your dashboards without using an iframe, read on!

Let us walk you through 3 methods for embedding Tableau or Power BI dashboards into web pages. These methods are:

1. Use Tableau’s or Power BI’s JavaScript API

2. Use a third-party service like Publitas

3. Use an open-source solution like Koalas

We’ll also provide a brief overview of each method so that you can decide which one is right for you. 

Method 1: Use Tableau’s or Power BI’s JavaScript API

  • If you’re aTableau or Power BI user, then you’re in luck! Both platforms offer a JavaScript API that allows you to embed your dashboards into web pages without using an iframe. 

The biggest advantage of using the JavaScript API is that it gives you full control over how your dashboard is rendered on the page. For example, you can choose to display the dashboard as a lightbox pop-up or inline within the page. You can also specify the size and position of the dashboard on the page. 

Another advantage of using the JavaScript API is that it’s relatively simple to set up and use. However, one downside is that it requires some knowledge of HTML and CSS in order to properly configure it. 

Method 2: Use a Third-Party Service like Publitas 

  • If you’re not a web developer and don’t have any knowledge of HTML or CSS, then using a third-party service like Publitas is probably your best bet. Publitas offers an easy-to-use platform that allows you to embed your Tableau or Power BI dashboards into web pages with just a few clicks. 

The biggest advantage of using Publitas is that it’s very user-friendly and doesn’t require any knowledge of HTML or CSS. Another advantage is that Publitas offers a wide range of customization options so that you can control how your dashboard looks on the page. 

However, there are some downsides to using Publitas. First off, it’s a paid service, so you’ll need to sign up for one of their subscription plans in order to use it. Additionally, because Publitas is a third-party service, there’s always the potential for compatibility issues between their platform and your dashboard software (e.g., Tableau or Power BI). 

Method 3: Use an Open-Source Solution like Koalas

  • Koalas is an open-source solution that allows you to embed Tableau or Power BI dashboards into web pages without using an iframe. The advantage of using Koalas is that it’s free to use and doesn’t require any knowledge of HTML or CSS. Additionally, Koalas offers a wide range of customization options so that you can control how your dashboard looks on the page. 

There are some downsides to using Koalas, however. First off, because it’s an open-source solution, there’s always the potential for compatibility issues between Koalas and your dashboard software (e.g., Tableau or Power BI). Additionally, Koalas doesn’t offer as many features as Publitas (e .g . , lightbox pop – ups), so keep that in mind when deciding which solution is right for you. 

Choosing the right method for embedding your Tableau or Power BI dashboard into a web page depends on several factors, including your level of technical expertise, budget, and desired features. We hope this blog post has helped you better understand your options so that you can make an informed decision about which method is right for you.

Conclusion: 

Iframes are commonly used to embed dashboards created in Tableau or Power BI onto websites. However, they can cause problems with security and website loading times. As such, some developers prefer to avoid using them altogether. Luckily, there are two methods that you can use to embed a Tableau or Power BI dashboard on a webpage without using an iframe. So, whether you’re a developer who wants more control over the code or someone who just wants an easy solution, there’s a method here for you.

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.