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How can you rise above the crowd and convince your CFO to sign off on the investment in an automated expense management solution? The answer is quite simple: by understanding what your CFO’s role is like today and what it will be like in the foreseeable future.
Business Process Outsourcing (BPO) has become an accepted management practice across most companies and industries. This means that the bar is being raised in terms of what your organization may expect of its BPO providers. Until recently, companies were looking for something relatively straightforw
As a small business owner, you no longer have the luxury of a pre-determined workday. You set your own hours, you work wherever you want, and ultimately, you are in total control of your own success.
Insurance agency aren’t known for their creativity. It’s also for a good reason: with troves of sensitive data and a slew of vital operations operating at all times, companies have to tread carefully when introducing new ways of working. But the times are changing. Lots of companies have been changing their ways to offer their customers a better experience, and this has made them expect more from other services too. It’s not enough for businesses to offer the same services as they have for years — instead, they’ll need to innovate to stay on top in an increasingly competitive market. While it might seem hard for insurance agency companies to ride the wave of innovation, there are a couple of technologies that offer interesting opportunities to supercharge their business. We’ll take a closer look at the four trends we think could have the most potential to drive insurtech forward in the coming years: machine learning, data, chatbots, and digitization. Machine learning Insurance companies deal with loads of tasks that could profit from automatization, including various kinds of paperwork, underwriting, and manual follow-ups — all things that are slow to execute, prone to mistakes, and not a lot of fun to do. Another problem these businesses have is that they’re working with a lot of paper documents. These are often stored in physical archives like file cabinets, meaning that they can easily get lost or even destroyed. Machine learning could be a solution to both of these things — it’s a type of artificial intelligence that’s great at analyzing patterns and gets better over time. You can learn more about it in this article we dedicated to the topic. In short, it could speed up a lot of the manual work that employees have to deal with on a daily basis, simply by teaching an algorithm how to do their job. Of course, it’s a little more complicated than it sounds — it would require some custom software to be built — but it’s definitely possible. If all documents would be digitized and uploaded to the cloud they could be automatically reviewed for inconsistent data and other errors, making it easier for workers to do their job more efficiently and with a lower chance of making critical mistakes. Another important process that could be sped up with machine learning is claim processing. This complicated part of insurance businesses has traditionally leaned heavily on manual labor, mostly because it’s of paramount importance that all insurance claims are properly checked for their validity. Fortunately, this is also something that artificial intelligence can help with! Training a machine learning system with large amounts of data, it could eventually replace the employees who decide which claims get a payout and which don’t. In fact, their digital counterparts could get much better at the job, reporting lower failure rates that could save the business a serious amount of money. Fraud detection Using data We’re using more devices than ever before, and they’re becoming increasingly personal — just think of smartwatches, home assistants, and connected cars. This has led to an explosion of data that’s being tracked about its users, which could be of great value to insurance companies. Take for example the health and activity data that’s captured by fitness trackers, which could be used to accurately assess risk levels for an individual. It also has benefits for the claims process, where data could potentially be used to paint a better picture of what happened during an incident. Just think of a car crash — the data captured by the car would be incredibly valuable for checking if the validity of a claim. This incredible amount of information also shows there’s lots of potential for large, open-source data ecosystems. If a variety of public and private entities would work together to create a platform where they could securely share relevant data about people and claim cases. An important side note is that privacy would have to build into this system — when you’re dealing with large amounts of private information, you don’t want it to get lost. Chatbots While machine learning and effective data usage are both things that would require a company to make significant changes, there’s another innovation that could be executed rather easily — chatbots. An important area for any insurance agency is customer care, which often takes up a significant part of its workforce. So why not use chatbots instead? These efficient, user-friendly chat apps are able to answer most, if not all, questions that customers might have, and you could even hook it up to your database to have it answer more specific questions. Even if the user is able to stump your bot, there’s an easy solution — just let them be transferred to a human agent. Administrative digitization When looking at the different options to innovate within your company, it can also be incredibly valuable to change up some of your administrative workflows. Take for example your expense management — chances are that it’s currently a mess of paper receipts, annoyed employees, and slow repayments. That’s why we created Rydoo, the all-in-one expense management platform that uses the latest technology to help everyone in your company get paid faster. Give our free trial a spin and experience how our powerful features can help your company save time and money.
Rydoo Expense & Emeritis partnered up to provide you an HR and expense management process and technology, that can handle the needs of today and tomorrow!
The role of the CFO doesn’t often come to mind when we think about driving corporate culture. But with the effect that culture can have on the bottom line, this is all changing. Nowadays, more and more senior executives believe that corporate culture is a top three driver of company value and that
Our lives are dominated by huge corporations. They’re responsible for the food you eat, the clothes you wear and the phone or computer you’re reading this on.
Artificial Intelligence is no longer only in sci-fi movies. We’re taking the first steps into a perfectly integrated life with AI. Read More.
Last week we announced some big news. We agreed to partner with Sodexo, one of the world’s largest multinationals, and travel booking specialist iAlbatros. We’ve created a new company that will house both businesses and the new venture will work on an exciting new project, one that will help us
