Financial Services: Use Cases

Financial Services

Numerous factors favour the current upheaval within the industry. In addition to constant competitive pressure, the low interest rate environment, new regulations and demographic developments, digitisation is a real opportunity for many providers to increase their own share of a market that is hardly growing at all. Whether digitisation is successful depends largely on whether companies can offer their customers a comprehensive customer experience.

Customers of financial service providers are demanding new solutions ever faster. Today more than ever, they want to decide for themselves when and where they want to be advised or communicate with the insurer. These customer requirements pose a major challenge for financial service providers, among others. Customer-related processes must be digitalised and automated, taking into account costs, efficiency and regulatory requirements.

Challenges

Cost-effective and efficient process design in compliance with regulatory requirements

Digitalisation and automation of processes in an ecosystem

Solution must be scalable, performant and multi-client capable

Solution approaches

Construction of a scalable IT cloud platform solution for networking the systems and standardising the data

Integration into existing CRM application

Development of a service for interactive, dialogue-supported video consulting

Customer portal with DSGVO-compliant data processing

Use Cases

Development of a digital InsurTec insurance platform for digitalised consultation and administration

All necessary processes are mapped on a new IT cloud enterprise platform. This will enable complete digital customer advice for B2B and B2C insurance products. By connecting further systems via interfaces (e.g. interface to the insurer) all relevant persons can benefit from the ecosystem created.

All applications mediated by the digital ecosystem are "just in time" fully automated

Support of all marketing, sales and project processes

Massively reduced organisation, preparation and follow-up work

Data protection is comprehensively ensured as a result of digital data transfer

70%

Klickrate

35%

Klickrate

Digital damage recording

The reporting of damage claims is often associated with costly operations and lengthy processes for insurance companies. The digital application makes it possible to settle claims directly on site. The camera in the mobile device enables flexible recording of objects etc. Templates can be integrated into the application in order to record the individual damage cases fairly.

Direct customer service on site

mediate recording of damages

Immediate payment

Digitalisation and paperless recording of damages

Legally compliant integration of signatures

Digitalised damage survey

Significant savings for the processing of claims

Development of an interactive video player for digital consultation

The bAV software now enables agents to advise even larger companies with several hundred or thousand employees within a very short time. This is achieved via an interactive video player in which the moderator not only guides the user through the subject of occupational pension schemes but also asks the user questions directly. The employee can thus have an individual offer calculated immediately and has the option of concluding a direct digital contract.

Complete digitalisation of the advisory process for taking out an insurance

High level user experience via continuous interaction with the user

Easy creation and editing of interactive videos

White label capable

Audit-proof

Coupling of salary data

High Level Experience

Complete digitalisation

Digitalisation and automation of business processes in insurance

The existing business processes will be digitalised and automated. Existing manual processes are defined and modelled. The aim is to shorten or eliminate manual processing times, which leads to a reduction in costs, but also to higher customer satisfaction through shorter response times and faster service. The mapped business processes include both internal processes and, for example, the automatic handling of online customer services via the customer’s website.

Digitalisation of business processes

Elimination of manual activities

Reduction of processing times

Cost reduction through automation

Faster processing time

Higher customer satisfaction

40% less processing time

Cost reduction

Consulting process for insurance customers

New development of a software to support customer advisory meetings in the insurance sector. The application provides an overview of the entire portfolio of the insurance company. This is concretised jointly by customer and representative. Interactively, possible gaps in coverage are identified using standardised questions and the need for insurance products is determined.

Digital consulting assistant

Guided and secure call management

Secure product selection

Clear and audit-proof documentation

Intuitive operation

Clear and intuitive views

Greater acceptance

Digital consulting assistant

Digitisation of the paper-based process for preparing care reports

In private health insurance, MEDICPROOF is commissioned by the insurance company to prepare care reports. In order to reduce processing times and comply with legal guidelines, a paper-driven process is being digitised.

Reduction of processing times

Cost reduction

Digital and therefore more cost-effective documentation

Digital storage in the inventory systems

Reduced throughput times

Process Automation

Evaluation of robotic process automation (RPA)

In this project, the processes in the financial services sector are tested, evaluated and classified step by step in cooperation with the IT department and the customer’s clerks with regard to automation using Robotic Process Automation (RPA).

Design of a strategic vision

TCO calculation over 5 years

Comprehensive process understanding

Acceptance of the departments concerned through their own involvement

Greater acceptance by the departments

Strategic objectives and process understanding

Digitisation of document transmission

In order to meet the regulatory requirements of credit transactions, an application is being created. This application takes various standard documents linked to the corresponding credit agreement via a barcode and forwards them for pre-processing.
Finally, the read information and the recorded documents are clocked into the established workflow via surface automation (RPA).

Fully automated billing process

Fast throughput speed

Reduction of the error rate

Cost reduction

Faster throughput times

Fully automated billing process

Outsourcing of old applications

By distributing many but necessary Sunset applications, numerous resources for maintenance, operation and further development are bundled. Takeover of the Sunset applications with data centre operation, further development and support. Creation of capacities to handle strategic IT development and focus on internal knowledge reduction while reducing costs at the same time.

Jobenrichment of internal employees

Filling of strategic positions by own personnel

Risk reduction through SLAs

Reduction of the costs of operation, support and further development

20% cost reduction

Jobenrichment

Identification of persons under the Money Laundering Act

Under the Money Laundering Act, identity documents must be checked and verified for accuracy. The automated test should be scalable and capable of mass production. A cloud-based service with numerous interfaces, tailored for the field service, was integrated, which meets the highest quality and security standards.

Digitalisation of business processes

Elimination of manual activities

Field service capable

Cost reduction through automation

Faster processing time

ISO and PSO compliant

Faster processing time

ISO and PSO compliant

Data Quality Center

In order to counteract insufficient data quality and frequent duplications, a Data Quality Center integrated in the CRM is being developed. The intelligent Data Cleansing Module cleans duplicates, even for large data stocks, automatically, optionally also with manual control. With the help of the Data Enrichment Module, data is enriched and the user is supported in manually creating data records.

High validity of the adjusted and enriched data

Seamless recording and storage directly in the CRM for further processing in the sales process

Automatic research support

Time saving in data maintenance

High data quality

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Dr. Tim Walleyo

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