June 23, 2022
By Shane Reid
Workflow automation is taking the world by storm. One of the fastest-growing technologies globally, workflow automation is now a mainstay in warehousing, manufacturing and other product-based industries.
However, businesses don’t need to produce a product to take advantage of the rising tide of automation. Forbes recently called out service-based industries, like Fintech, sales and marketing and law, for their slow rate of workflow automation takeup.
With opportunities to streamline complex and labour-intensive functions such as accounts payable, client onboarding and claims processing, workflow automation represents a cost-effective way for finance, mortgage and insurance firms to get the edge in their market.
The ability to create dedicated workflows and harness integrations to automate repetitive tasks offers a range of time and cost savings. It also promises improved customer interactions, with document processing taking a fraction of the time.
According to IBM, workflow automation “optimises processes by replacing manual tasks with software that executes all or part of a process.” Workflow automation utilises a range of tools such as artificial intelligence (AI), machine learning (ML) and even simple rule-based logic programs to streamline tasks.
From automatically scanning inbound documents through to more complex validation and reporting tasks, workflow automation simplifies repetitive operations for faster and more accurate results.
Here are 5 ways workflow automation could enhance the operations of your insurance, banking or mortgage business.
Complex processes are common in the finance world. Just consider the steps required in mortgage pre-processing, insurance claims assessment or in opening a new bank account? With a raft of compliance, regulatory and organisational requirements, it’s not uncommon for documents to be passed through multiple departments for varying levels of action and approval.
Workflow automation can make a big difference to these necessary processes. Developing an automated process removes the need for manual routing of documents, saving time and hassle for operatives. By setting out a clear workflow, there is less risk of documents going missing or being sent to the wrong approver, simplifying the process and delivering a better outcome.
In today’s dynamic finance and insurance market, personnel changes are the norm rather than the exception. This presents challenges when it comes to keeping up with designated approvers. If your teams are reliant on seeking approval from specific individuals, constant personnel changes can greatly impact approval times and seriously affect the client experience.
Workflow automation takes the guesswork out of the approval process. Instead of routing documents to a specific person, you can automate the process to route documents to a designated role for approval. This eliminates the guessing game for teams, ensures documents are always routed to the correct approver and saves time and frustration on all sides.
Exceptions are a part of life with document processing, whether that’s due to incomplete information, indecipherable handwriting or inaccurate data. While there will always be the need for some kind of human intervention, document processing can be seriously delayed if exception handling relies solely on manual action and intervention.
Workflow automation speeds up exception handling in several ways. First, thanks to artificial intelligence and machine learning, documents only move out of the automated process when needed, significantly reducing the exception rate. Second, identified documents are sent directly to staff with the knowledge and authority to take action, saving valuable processing time.
Data is only useful if it’s accurate. That’s why your organisation prioritises quality control and data validation activities. However, data validation takes time, especially if you rely on manual processes to match disparate sets of data. The truth is, even the most careful operative can make mistakes and inadvertently allow incorrect data to enter your organisation.
Workflow automation goes a long way to enhancing the quality and validity of data. Building automated data matching into your processes can save valuable time and improve the overall quality of your data set. Creating a series of automated data validation steps limits the chance for human error, speeds up validation and ensures a more streamlined experience.
Considering the sensitive nature of data in the finance, banking and insurance sectors, document security is vital. Data breaches damage reputations, erode confidence and affect bottom lines. The risk of a breach is unmistakably higher when organisations need to manage, store and transport paper documents to various areas (or multiple sites), for action.
Workflow automation increases data security by taking the paper out of the equation. Using custom business rules, documents are precisely routed across an organisation, minimising the risk of data loss and unauthorised access. Sorting by document type, classification and other predetermined rules, workflow automation delivers new levels of data security.
Need more convincing? Here are more ways that workflow automation benefits every organisation:
Umlaut are leaders in automating processes for finance and insurance firms. Experienced in consolidating and automating complex processes, we build on your organisation’s strengths to deliver streamlined processes and reduced costs for your business. This also results in a better experience for your customers.
Partnering with Hyperscience, we offer a full suite of workflow automation solutions. Leveraging the power of AI, ML and deep learning, the Hyperscience platform unlocks the potential of your workforce. Discover end-to-end automation that seamlessly brings together the speed and accuracy of machines with the expertise and understanding of the human touch.
Want to learn more about workflow automation for your finance or insurance firm? The experienced team at Umlaut is ready to lead the way. Book a demo to see how our partnership with Hyperscience can streamline and transform the way you do business.
Financial services is a tough industry right now. Costs and compliance demands are only increasing. You need a clear roadmap for reducing business costs, increasing efficiency and ensuring compliance. In this free guide we will take you step by step through how to automate your business and become more profitable.
Download our guide to see how we've helped leading firms embrace modern systems to radically reduce operating costs.