It’s no secret that insurance companies globally are beginning to take digital technology, or more specifically insurtech more seriously. As a way of launching the industry into the digital future. Despite being ever so slightly behind the curve, insurance firms large and small are toying with technology like software bots, artificial intelligence and IoT. Helping to increase customer loyalty, push their expenses down, and create more competitive products.
Business Process Automation
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Business process automation has been on the cards for some time now. You know you need it. You know how it will impact your company, but you’re not quite sure how to go about it. Here at Velocity IT, we are BPA pros and have seen it all. Let us take you through the three main steps we recommend you take to catching the process automation train.
So, you’ve started your own business and, so far, things have gone swimmingly well. Demand is increasing, and you’ve even got a small team. But resources are limited, and optimising time and making your investments work harder for you are crucial to taking the business to the next level. While it’s still tempting to be a jack of all trades and do many of the tasks yourself, there are certain processes that, if automated, will help you make those much-needed time-savings. Here are three simple ways of getting started with BPA.
Automation technologies help firms to optimise resources, elevate performance and maintain a competitive advantage. In industries where growing regulatory pressures, data volumes and customer expectations are a challenge, robotic process automation (RPA) can lighten the load. RPA solutions can be configured to automate routine, repetitive and time-consuming processes. The software ‘bot’ operates on application user interfaces (UI) in the same way a human would – only much faster and more accurately.
How to grow a company without having to increase spending? That’s the question on many a small business owner’s mind. Traditionally, to scale a business, a decision will be made to hire more staff because more staff equals higher capacity to manage demand, and to manage the day-to-day running of the business. But with process automation, this is no longer necessarily the case. Automating business processes gives small business owners the ability to put digital processes in place. This allows the company to take on increasing demand and generate higher revenue, without increasing costs proportionally. Let’s take a look at some of the ways BPA helps to scale a business more effectively.
Over the past year we’ve seen IoT reach its tentacles into different areas of our lives. From controlling our gas and electricity, to driving our vehicles. Despite the enormous consumer market success it has had so far, and will have going forward. The real opportunities for IoT lie in its business applications. These investments over the next two years is set to grow more than $600 billion, according to recent PwC research.
The modern business workforce is increasingly technologically aware and capable. Thanks to the high accessibility of smart and connected devices, many employees couldn’t imagine life without digital technology, both in the office and beyond. In most industries, people are growing more comfortable using technology as a business tool and a digital transformation is an exciting step forward.