The insurance industry plays a very important role in the life of corporates as well as individuals. At any given point in time, insurance enterprises have to deal with a number of customers and their applications in different stages of the lifecycle. Manual processes become inundating to the insurance executives and the underwriters. As a result, streamlining and automating the processes not only becomes desirous but quintessential in an industry that mandates a fast-paced environment.
Top RPA insurance use cases
RPA brings in efficiency and agility in the insurance sector. It brings to the table straight-through processing (STP) that increases productivity and accuracy at the same time. By using Artificial Intelligence (AI) / Machine Learning (ML) algorithms, RPA can handle complex processes to provide end-to-end automation. Here are some RPA use cases for insurance that highly improves performance and improves customer satisfaction –
No Claim Bonus – RPA allows verifying the previous NCB status of the customer from different sites including both the private and public sector while deciding the premium of the current policy.
Policy issuance – RPA consolidates the new policy details collected from different channel partners, creates a consolidated file, and bulk uploads to the core system for policy document creation.
GL reconciliation – RPA downloads reports in spreadsheet format from different systems, reconciles the data based on different parameters, and uploads the data to the central system.
Payments reconciliation – During policy issuance, RPA reconciles data from the bank, channel, and the insurer and updates the core insurance system.
Receipt updation – RPA accesses service requests, statistical analytical system, & other systems to create a master file and uploads it to the core system to create insurance receipts.
Tax compliance – RPA allows integrating data from different registers and TDS master files and processes that data to upload the data to the tax collection site for compliance.
Installment tracker – RPA tracks installment due dates for all insured customers, generates installment letters at pre-defined days prior to the due date, and auto-emails them.
NTU intimations – RPA tools automate policy issuance and creates a separate spreadsheet for policies not taken up, creates emailers, and auto-triggers them to the respective applicants.
Accrual processing – RPA opens the periodic accrual reports, copies the renewals and actuals, updates the data as per pre-defined business rules, and emails to all stakeholders.
Underwriting – RPA conducts 2-way data transfer, verifies information and policies, etc., before commencing the underwriting process.
READ MORE – Case Study – RPA Automates the No Claim Bonus validation of a leading insurance provider
Simply put
RPA automates most of the insurance processes. By using AI/ML algorithms solutions, RPA can move beyond to handle complex insurance scenarios and offers end-to-end automation.
Web designer: two words that can add significant value to the job title. The demand for this skill-based career is soaring high worldwide. Nowadays, many people want to pursue a career in web designing and build their professional repertoire.
There is no short cut to success; every designer works hard to achieve a higher level. Yes, this is true that you might not succeed initially, but surely will. Overcoming daily issues, practising hard, and mastering your skills are the ways to become a successful designer.
Web Designing requires creative skills and polishing them to improve your skills. Here are a few tips that will help you become a successful designer:
Plan Before You Design
Many designers make the mistake of waiting for inspiration to happen. However, it is imperative to do a bit of planning to let the inspiration come. Before diving right into the web designing process, adequate planning and research are of utmost importance.
Communicate Graphics Work Better!
You might have seen designers using communicative graphics. This is because using too many graphics on the website is not a good idea. People get attracted to communicative graphics, as they are easy to read and grab their attention.
Use Responsive Designs
Responsive designs are the most popular these days and quite easy to learn. You can learn responsive designs and easily incorporate designs with the help of design books. Once you learn the web design basics, you can easily use it for websites. In addition to this, you can also make your own clip-art. Creating a website attractive is always a good experiment, and what can be better than making your own clip-art.
Learn New Designs but Don’t Copy
It is always good to learn new designs prevailing in the market but stay creative and use them an own way. Never copy any other’s design, as it will never improve your designing skills.
To become a professional web designer, you need the right guidance and assistance. Whether you are a newbie or experienced, learning never stops. Try to take guidance from your fellow designers and polish your skills.
Do not hesitate to try something new, as it is important to upgrade your skills. Also, simplify your navigation and keep your external and internal navigation links open that make the designs quickly available to readers.
Use Standardised Themes
Using a different style of themes without any standardized size will make the website weird. To keep symmetry, follow the standardized style that is good enough for the website. Keep the designs simple yet classy so that your website doesn’t look inappropriate..
Work on Your Soft Skills
Communication skills can make or break you in any field. For the smooth running of a project, a web designer needs to communicate with clients, directors, and developers. Effective communication helps in presenting yourself better and selling your work. The success of a project is based on various factors, communication being one of them.
Though creative people are not intuitively chatty in nature, speaking intelligently about your design choices helps in becoming a successful web designer. Working on your soft skills is imperative to survive and be successful in a highly competitive world.
Practice is the Key
Most of you know that practice is the key to success. Upgrade your skills by learning different software and programming languages such as Corel, PHP, JavaScript, CSS3, etc. In short, you need to work hard to expand your skills.
The Endnote
Access to the right tools and a firm grip on design helps in becoming a successful web designer. Choosing a highly recognized institution for web designing course in Chandigarh helps reach a successful designer’s position.
As the manufacturing and production business limps back to normalcy in the post-COVID world, consumer perceptions have changed drastically. With the majority transitioning into a minimalistic mode, the discretionary spending is curbed across the spectrum for the long haul. As the years of data for studying consumer behavior goes kaput amidst this changed business scenario, the need for connected data and connected ecosystems is emerging as the strongest ask to envisage a better and faster bounce-back.
Connected Consumer Data
Tapping the consumer mind has been an unfathomable tale. Traditionalmarket research or consumer research methods, such as observational data and video-graphs, have a limited scope while envisaging outcomes across entire market cross-sections. Hyper-personalization is asking for too much in a not so booming or otherwise swamp-like economy with near-zero discretionary spending. The only recourse that seems viable for all seasons seems to be Connected Consumer Data.
What is Connected Consumer Data?
Contrary to popular perceptions, Big Data is not just a “huge amount of data”. Big Data, in this case, Connected Consumer Data, is high amounts of authentic and viable data weaved together in a contextual environment. To put it simply, it is like an online book with an introductory preface set to create a predefined impact. It has multiple chapters, followed by multi-level sub-headings, with inner finer bulleted and numbered points, hyperlinks, and cross-references; with prefaces or summaries for each chapter. Of course yes, this online book is not researched, written, or built up in a day. Here, each point is painstakingly researched, curated, and only the final outcome is incorporated to build up the contextual environment or to add multiple nodes to augment the main storyline of the online book. A la Metcalfe’s law cut out to the consumer research environment.
A second popular belief is that collecting a lot of data and storing it in a data reservoir serves the research purpose. Contrary to this belief, the data has to be unidirectional to achieve a desired business impact, say for example: finding the off-the-shelf healthy and cost-effective FMCG products preferred by the majority, the reason behind their perception, their second best choice, and their perception of the product & brand value. Weaving the curated data across market cross-sections and pre-defined demographics enables the researcher to prepare a data environment that helps them land much closer to their desired goal. The key here is to obtain multi-point data over a period of time across the selected demographics towards building the Connected Consumer Data. This kind of data has higher business value as compared to high amounts of data collected without a unidirectional purpose and is almost akin to a data swamp.
Connected Data & Connected Ecosystems
Collecting data for highly objective and targeted research involves multiple teams scattered across a diverse ecosystem. This value chain involves on the ground qualified research partners or data gatherers, data curators, technology partners, research agencies, and brands. As data evolves through the refining process, it is rich in both strategic as well as transactional value. Here not only well-defined questionnaires but also personalized data collection platforms, such as HubSpot, observational data & video graphs, data curators, data unifiers, analytical solution providers, research agencies, and brands act in tandem to procure high-quality actionable data for predictive insight generation.
Business impact of Connected Consumer Data
Data curated, refined, and connected through multiple touchpoints has immense value. When weaved across multiple samples or subjects across different demographics, the data is closer to the real market sentiment. This data can be used for product up-gradation as well as product variant(s) launch. As the data is collected through personalized data collection platforms, the same data can be used for hyper-personalization and targeted marketing. This kind of connected consumer data has better viability for all seasons and market conditions.
In summary
Connected Consumer Data is refined through a multi-stage process to deliver business value and is closer to the authentic market sentiment. Connected Ecosystems or value chains play a stronger role in sieving and enriching the data to tap the right sentiment and ensuring a better bounce-back.
Small and mid-size enterprises (SMEs) play an essential role in the economy. SMEs account for most businesses worldwide and are critical contributors to job creation and global economic development. They represent about 90% of companies and more than 50% of employment worldwide & contribute up to 40% of national income (GDP) in emerging economies.
SME’s face competition, globalization, and everyday challenges like time, resources, changing processes, and priorities. SMEs need an Agile business application to manage challenges & run the operations effectively.
With Microsoft Dynamics 365 Business Central (BC) , a widely accepted and Global application on the cloud, SMEs are assured of cutting edge technology, Finance & operational system, data integrity, real-time MIS reporting, Security & analytics.
Standard Operation: SMEs will benefit from Business Central’s effective and proven business process standard operating process and prevent business losses.
Single Platform for all: Business central is a Single Platform covering business processes of Finance, Sales & Marketing, Purchase & Payables, Inventory & Warehouse Management, Manufacturing, Service Management, Project Management, and HR. The integrated system reduces duplicate transactions and inefficiency.
Move with Business Central: Business central gives SMEs wings to access the data from anywhere and on any device. Seamless integration with Microsoft Dynamics and Office applications for smooth functioning and high productivity.
Statutory made easy: Business Central manages complex Statutory requirements across multi countries & provides the statutory changes on time so that SMEs can focus on Business instead of statutory needs.
MIS Reporting: MIS reports are readily available in Business Central & Account schedule to configure complex financial statements. There are more than 400 Reports and document prints for every business need in Business Central.
Marketplace for Businesses verticals: Microsoft partners showcase & sell vertical industry applications on Microsoft App Source. Customers can purchase these plug and play applications on the App source.
Document Management: Documents are essential for discussions, decisions & conclusions with the customer. Business Central store the document and maintain the comment on the documents & can be retrieved from anywhere.
Technology adoption, AI & BI: SMEs have to adopt rapid technology changes. Business Central provides has inbuilt AI and BI technology Via Power apps & Insights to facilitate informed decisions.
Report Scheduler: Users can schedule the report in their inbox, reducing the dependency on other team members.
eCommerce: eCommerce is vital for SMEs to compete against global companies. Business Central connectors enable you to connect with significant eCommerce applications like Shopify, Magento, Woocommerce, etc., to open the growth path.
Pricing: Business central application comes at a budget price in comparison to other applications. SMEs quickly adopt and afford this application and get more than 100% ROI in its initial year.