In a series of surveys on the finance and insurance industry, respondents within this sector noted the benefits their firms have achieved through automation of common processes. This blog post will discuss the major benefits they cited.
Improved processing time, customer satisfaction top benefits
Regardless of whether the respondent works in banking, loan underwriting, or insurance, he or she was most likely to say that highly automating processes has improved processing time. The below chart shows responses from insurance claims representatives as an example. Customer satisfaction was often a common benefit as well, with on average two-thirds of finance and insurance professionals citing this as an automation effect.
For the processes you feel you have been able to highly automate, what are some of the benefits you have seen?
Source: Keypoint Intelligence-InfoTrends
Implications of top automation benefits
Faster processing times and better customer service are something most organizations would like to attain. That said, it’s also important for finance and insurance firms to consider the top objectives within their organization. Is improving productivity a top goal, or has information accuracy taken on greater importance in recent years? The good news, however, is that automation appears to provide benefits in quite a few areas that may be top-of-mind for financial companies.
Other organizational considerations
Beyond the benefits included in the survey, other potential benefits of automation could tie into employee satisfaction, the environment, and accessibility of information. Once companies take stock of their major initiatives, they are encouraged to ask their business technology providers how new technology and/or automation can help them achieve their goals. Any case studies or specific information can help prove the benefits are indeed real.
Drawbacks of automation
Another healthy exercise for finance and insurance firms to perform is a consideration of the drawbacks of automation. For instance, are there certain clients that wouldn’t be able to benefit from digital and/or automated systems? Would it be possible to somehow maintain more traditional processes for these particular clients? Other key questions revolve around the cost, training, and maintenance required for new systems.
Research suggests that improved processing time and customer service are the top benefits of automation in the finance and insurance realm. Finance and insurance firms are advised to consider their top organizational objectives, and how automation might bring them closer to these goals. This could help ensure that any drawbacks of automation do not outweigh the impact of its advantages.