Today, low code application development platforms are becoming the go-to option for enterprises to accelerate their digital journeys. According to Gartner, “low-code application platforms (LCAP) are expected to remain the largest component of the low-code development technology market through 2022, increasing nearly 30% from 2020 to reach $5.8 billion in 2021.”
What do you need to know about low code application development platforms?
A low code application development platform empowers professional IT developers and streamlines enterprise-wide workflows by enabling rapid development and deployment of complex, context-aware, and customer-centric business applications. It can help enterprises deliver a frictionless and hassle-free experience to their customers, employees, and partners.
With a low code platform, enterprises can:
Enable end-to-end automation of complex and content-centric business processes
Create domain-rich solutions to cater to dynamically evolving business requirements
Rapidly design and develop enterprise-grade applications for web and mobile
Drive continuous process improvement and enable a rich user experience with new-age technologies
Key business benefits to unlock
Ensure happy customers: Today’s tech-savvy customers want you to respond quickly to their evolving needs. Here, low code arrives as a savior by allowing you to rapidly adapt to the changing market and customer needs.
Empower IT: IT teams are burdened with the maintenance of systems with periodic updates, compliance checks, and various performance measurements. You can minimize this technical burden by automating such recurring tasks through low code capabilities, thereby letting your IT team handle more critical and dynamic processes.
Enable Faster go-to-market: The platform can help reduce application development duration through reusable components and drag-and-drop tools. This enables enterprises to bring their applications to market quickly and timely incorporate any required changes.
Enhance IT governance: Shadow IT is one of the most significant areas of concern for enterprises as it accrues technical debt and affects its overall risk monitoring. Low code deftly handles shadow IT by reducing dependency on third-party applications and ensuring a collaboration-driven work environment. Low code boosts IT governance by doing away with data, process, and security vulnerabilities.
Your enterprise can gain much more than speed and agility by leveraging low code with a suitable platform. Read this whitepaper to learn how a low code-based digital transformation platform can help organizations unlock simplicity by managing their content, processes, and communications.
Robotic process automation (RPA) is rather exciting in a company’s digital transformation journey. Robotic process automation utilizes a set of automation technologies to handle repetitive and mundane human tasks. The software emerged in the early 2000s and, since then, has become one of the most effective tools for businesses to maximize their process efficiency. COVID-19 has only accelerated enterprises’ interest in robotic process automation to digitally power their key business processes. Gartner projected global RPA revenue will reach nearly $1.89 billion in 2021 and is expected to grow into double digits by 2024.
Unparallel Advantages of Robotic Process Automation
If we look at RPA very closely, it is more than just hype. It solves many common problems for companies of all sizes. RPA is a boon to tackle challenges such as low process visibility, inefficient manual tasks, and poor exception handling, to name a few. By leveraging RPA, organizations have experienced significant positive outcomes, including increased efficiency, higher accuracy, better security, and frees the bandwidth of knowledge workers.
Discover the Core Capabilities of Robotic Process Automation
Various use cases need different types of RPA bots, making it necessary for firms to ensure that their RPA initiatives are founded on a clear strategy and good governance. Some of the fundamental capabilities of robotic process automation system include:
Bot scripters can allow firms to easily create bot conversations and perform web/desktop automation. This allows seamless integration with commercial and open-source bots. Cognitive bots provide an additional AI edge to process automation.
Bot Process Designer
A bot process designer can allow firms to configure and manage bots, organizations can study existing processes and develop roadmaps for RPA integrations into the right processes. A bot process designer helps configure exceptions, alerts, business rules, and more. It empowers business users to easily identify, measure, and resolves bottlenecks. The capability can provide instant access to information and enhance turnaround time.
Robot Control Center
The bot control center provides workload management, actionable process analytics, and bot deployment in multiple environments, which can increase operational efficiency and decrease errors. The control center allows firms to monitor and manage robotic agents in real-time.
RPA will continue to play a significant role across a range of industries from shared services, insurance, banking to healthcare, and more. Robotic process automation can deliver value to organizations, but it is important for firms to leverage the tool strategically with business process management software (BPM). Firms have to be careful of not falling into a data rabbit hole with their RPA initiatives by viewing RPA as a part of the solution as not an end in itself.
Automation in silos is not enough. If you are looking for ways to handle multiple disjointed applications, drive contextual engagement, meet changing business demands, and provide an omnichannel customer experience, workflow automation software would be the perfect fit.
Workflow automation software helps you develop applications rapidly, automate end-to-end customer journeys without losing context across all digital touchpoints, and drive continuous process development. The software provides various tools and technologies to simplify your business processes, increase productivity, reduce operational costs, and improve customer experience.
What are the typical Enterprise Challenges?
Given below is how workflow automation software can help overcome enterprise-wide challenges and overcome process inefficiencies.
Simplifying Application Development
Workflow automation tools like point-and-click and drag-and-drop simplify the processes of designing, developing, and delivering responsive, enterprise-grade applications for web and mobile. It automates your simple departmental functions to complex business-wide operations, bringing agility to the business workflow. Workflow automation software provides user interface-designing and low-code application development to meet changing business requirements.
Per Gartner, “by 2025, 70% of new applications developed by enterprises will use low-code or no-code technologies, up from less than 25% in 2020.”
Automating Intelligent Business Processes
Workflow leverages robotic process automation (RPA) to manage and streamline end-to-end complex and content-centric business processes. It automates repetitive and mundane tasks allowing your skilled employees to perform more critical tasks. Workflow automation software empowers your employees with dynamic case management capabilities to collaborate and respond to real-time as well as unanticipated situations.
Creating Contextual Engagement
Workflow automation captures, manages, and derives context from information generated across various sources. Based on context derived from data and information, your employees deliver personalized communications to customers across multiple user-interface. It also increases the conversion rate.
Facilitating Continuous Improvement
Improvement is an ongoing process. Workflow software uses artificial intelligence and multi-experience applications to evaluate historical data, analyze the trends, predict the impact of strategic changes. It uncovers business risks makes intelligent recommendations to improve employee productivity and reduce operational costs.
In a nutshell, workflow automation helps you with low code application development, business rules management, dynamic case management, and process insights across your organization. It brings in cost benefits, enhances employees’ productivity, minimizes human-prone errors, ensures continuous process improvement, reduces turnaround times, and enhances customer satisfaction.
Your enterprise’s critical information may exist in different forms, such as paper, digital formats, office documents, and across multiple locations. Gathering and capturing the sheer volumes of information effectively and accurately from the deluge of organizational content is a tedious process, especially when it is done manually. To overcome these challenges, it is important for business leaders, like you, to streamline the process of data acquisition and information capture.
What Is Information Capture?
It is the process of capturing unstructured information from paper-based or digital documents and translating the same into structured data, readable by a digital device.
The first step in an organization’s digital transition starts with digitizing its paper-based processes. With the help of information capture software, you can streamline data management while replacing traditional paper-based forms.
Understanding with a Use Case
A financial institution can leverage an information capture tool to extract relevant details from a supporting document provided by the customer, such as identity proof. The software will automatically retrieve information, including name, address, contact details, etc. from the document. This helps minimize manual errors, boost employee productivity, and drastically reduce the time for account opening.
Business Benefits of Leveraging Information Capture Software
In the above example, it is evident that enterprises can maximize their organizational efficiency by using information capture software. Let us dive deep into some of the other business benefits of the software:
Reduction of operating costs through automation of document-intensive business processes, such as document handling, storage, and manual data entry
Resource optimization through automating time-consuming and error-prone manual tasks, including document classification, data separation, and data indexing
Faster document processing through concurrently performing bulk scans, classifications, image enhancements, and extractions
Furthermore, the information capture software can be advanced to the next level by combining data capture functionalities with content management, process automation, and workflow capabilities. It can unlock new avenues for enhanced data capture, efficient content management, smarter decision-making, and improved workforce productivity.
“Do I really need to modernize my customer communication management platform?”
This is a pertinent question today, especially with the changing demographics and digital-native customers who expect businesses to communicate with them in context across channels. So, if you are still dependent on your legacy customer communication management system, it’s time you give it a digital facelift.
Per marketsandmarkets.com, “the global CCM market size is projected to grow from USD 1.3 billion in 2021 to USD 2.2 billion by 2026, at a compound annual growth rate (CAGR) of 11.2% during the forecast period”.
Benefits of Modernizing Your Customer Communication Management Platform:
Providing 360-degree View of Customers’ Communication Lifecycle
By tracking the delivery of communication across various channels, an ideal CCM platform facilitates you with a holistic view of customer interactions through reports and dashboards. It helps you understand how your customer interacts with your communications, which can help you design personalized promotional offers, improve cross-sell and up-sell opportunities, and increase your revenue.
Delivering Omni-channel Experience
Pursuing customer-centricity is a fool-proof approach to being ahead in the competition. And for this, you need to ensure a fluid customer experience across channels. Even if a customer switches the communication channel during the transaction, you should be able to continue the process/conversation without any difficulty. An ideal CCM platform provides consistency in customer experience across channels, like phone calls, e-mail, SMS, chat, or social media.
Knowing Your Customers Better
An ideal CCM assists your executives by consolidating past customer interactions across various channels. You know your customers by their name, understand their preferences, and purchase history, which can help improve customer interaction and lifetime value. CCM also helps in delivering personalized communication by arranging variable data and information in structured templates. Sending e-cards on birthdays and anniversaries can improve your customer engagement.
Employing Cutting-edge Technologies
An efficient CCM leverages modern technologies such as artificial intelligence, machine learning, and digital sensing to track your customer interactions across various touchpoints. This can help you auto-route and prioritize cases based on urgency, requirement, and resource skill set.
Designing Flexible and Extensive Template
Ideal CCM platforms have in-built, easy-to-use, drag and drop tools, enabling you with component-based designing of communications for consistency, compliance, and standardization. Extensive template management capabilities facilitate security, collaboration, and sharing of content.
Automating Communication Generation
An ideal CCM can generate various kinds of communications as per requirements. It can be in batch, on-demand communication, and interactive. Batch generation enables structured, scheduled, and consistent communications processed in large volumes. On-demand generation delivers real-time communications with triggers from enterprise business applications. Interactive generation adds a human touch to the communication by arranging variable data and content in a structured template.
Generating Documents Quickly
Minimal to no-coding simplifies the document generation process, cutting the processing time. An efficient CCM platform also helps in reducing errors in communications generated with controlled and permission-based editing rights.
Reimaging Communication Using Customer Communication Management Platform
In a nutshell, by considering all the factors mentioned above, an ideal CCM can help you track the customer journey across various channels, deliver personalized messages, reduce operational costs, and increase selling opportunities, thereby maximizing return on investment.
Is the insurance underwriting process slowing you down? Are you struggling to manage high volumes of paperwork? Are you taking more time to initiate new quotes and policies? Is a hard-coded legacy system inefficient to meet your requirements? Are you finding difficulty in determining risks? To overcome these hurdles, automation comes into the picture.
Why Automate Your Insurance Underwriting System?
An automated underwriting system helps you streamline the end-to-end process and enables you to make informed business decisions. The system comes equipped with robust functionalities, thereby enabling you to witness a host of business benefits, including:
Minimized turnaround times
Higher operational efficiency
Transform into a Truly Digital Insurer
Listed here are the seven simple ways to automate your insurance underwriting system and transform into a truly digital insurer.
Managing a High Volume of Content A content service platform helps underwriters manage a high volume of content, which otherwise is a cumbersome task. The system captures, digitizes, and extracts data from content generated across multiple channels
Analyzing Applications An intelligent business process management platform helps automate the insurance underwriting process. It analyzes incoming applications, identifies the concerned areas, and sends straight-through processing if it meets all the given criteria. If not, it is sent for review
Generating Summary Sheet An automated insurance underwriting engine helps consolidate the information collected from multiple sources and generates a summary sheet. The system helps gain a 360-degree case view to the underwriter
Enabling Error-free Underwriting Optical character recognition (OCR) enables error-free insurance underwriting of quotes. Further, it ensures simplified and consistent policy issuance
Initiating Case On-the-move Mobile-based initiation platform helps field agents to initiate cases ‘on the move’, thereby reducing processing cycle times and improving customer experience
Analyzing Geo-specific Data Satellite imagery data analyzes geo-specific data of a particular region. It determines the risk and helps caseworkers to decide the premium in a hassle-free manner
Finding Co-relations Between Claims and Risk Elements Natural language processing extracts texts and audio data, categorizes them, finds co-relations between specific claims and risk elements, and accordingly determines the premium
The Way Forward
Underwriting is one of the key functions in the financial world and plays an imperative role in gaining performance excellence. Hence, to make a reasonable profit in insurance, underwriters are required to intelligently assess risk and cover the losses of the insured and related expenses. Therefore, the need of the hour is to automate the end-to-end underwriting process.