Success Factors For Financial Institutions And Insurance Companies
Erfolgsfaktoren
Work processes are tightly organised in most offices. Routines have been established in many banks and insurance companies over many years. In other words: There are fixed sequences of steps to increase the efficiency of the processes. Such systematic work processes are also called “business processes”. And these business processes can be both manual and automated in nature.
The digital finance industry
Business processes – they exist in every bank or insurance company. Whatever size. Most of the time, these are time-consuming, manual routine tasks that you or your employees have to carry out over and over again. However, they are essential and an important part of your company's operations.
The more frequently a process occurs in everyday work, the greater the pain employees in specialist departments feel when processing manually. Subsequently, such pain identifies where an automated process can add value.
The results of a current survey by Bitkom (2023) entitled “The German finance and insurance industry is so digital” highlights that the potential in the finance and insurance industry to enhance process value is far from exhausted.
Online Banking
of bank customers surveyed said they wouldn't miss anything if there were no more bank branches.
Claims settlements
of the insurance customers surveyed agreed with the statement "I would prefer to handle a claim with my insurance company completely digitally."
Retirement provision
of the people surveyed who are not yet retired would be open to receive advice on retirement planning from an AI based on their life situation.
Automation of repetitive processes
Processes are critical when they are stuck and run analogously, because then they are time consuming. They develop into annoying routines – at the expense of care and employee satisfaction. The good thing: such processes as address changes are predestined for automation. Likewise, every accounting department can be relieved if data entry during invoice processing is digitised and automated. Ultimately, automation generates space and time for meaningful strategic activities.
Promote internal suggestions for improvement
Unfortunately, only those who are confronted with analog processes every day suffer from the lack of automation. Anyone who wants to initiate automation internally always has to face the same path: reporting to the overloaded IT department and a long waiting time. Due to traditional resource loads, it sometimes can take months for a process to be optimised. Consequently, many people shy away from this and continue to carry out their activities manually. However, modern software can help you simplify implementation and accelerate the move towards a digital finance and insurance industry.
Business processes: Basis for successful business activities
Business processes are extremely important for insurance companies and financial institutions. Because they determine the way a company operates and engages in business. Business processes have a direct influence on the performance of a company and also determine the basic structure and processes. The digitalisation of business processes, provides the potential to review, enhance or even remove incorrect / poor existing practices. In short, addressing issues, revitalising collaboration, whilst creating added value for employees as well as brokers, insured persons and bank customers.
Financial and insurance organisations that have already digitised their processes
Signal Iduna
Signal Iduna relies on digital mail delivery to improve payroll process.
With more than 3,000 users, Signal Iduna saves 550,000 sheets of paper per year and therefore operates not only more sustainably, but also more efficiently.
andsafe AG
As the first German insurance company with cloud-based document management, andsafe AG is a pioneer in the insurance industry. The Provinzial subsidiary moved parts of its core processes to the cloud and replaced its DMS in a record time of just around 10 months.
Digital contract management now also simplifies andsafe AG’s insurance processes.
DZ Bank
DZ Bank is introducing electronic credit files based on a document management system. The bank is thus replacing the previous structures and implementing uniform, consistent file management throughout the organisation.
Based on this, the digitisation of subsequent administrative processes will be further advanced.
Interesting facts on the d.velop blog
Effective process management: basics and methods
Process management is an essential part of the efficient management of insurance and financial institutions. It ensures that all processes in an organisation are structured, optimised and continuously improved.
In this blog article we look at the topic of process management and explain why it is of great importance for administrative work. In addition to the goals, we also look at the advantages and the process management methods.
How medium-sized companies implement digital business processes with Microsoft 365 – Best practice from Konrad Kleiner GmbH
As a medium-sized company, KONRAD KLEINER GmbH has been pursuing a clear digitisation strategy for several years in order to keep the company fit for the future. The overarching goal for the CIO, Detlev Mages, is to create a homogeneous IT landscape that makes it as convenient as possible for users. The basis for this is Microsoft 365 and thus the orientation for the further strategic approach of KONRAD KLEINER GmbH.
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