With a rapidly changing landscape in the financial and the insurance services, efficiency and customer experience can be deemed the ultimate priority. But a lot of organizations still depend on manual workflows for policy renewals. Such outdated processes even render companies operationally inefficient, costlier to sustain, and left with unsatisfied customers. However, modern low-code platforms like Microsoft PowerApps could effectively digitize and streamline policy renewal processes.
This blog looks into how digitization of policy renewals in PowerApps can reduce manual operations significantly, improve accuracy, uplift customer experience, and increase operational efficiency on the part of insurers and businesses reliant on policies.
Understanding Manual Workflow Challenges in Policy Renewals
Typically, manual policy renewal processes consist of several tedious steps:
- Data Entry into Different Systems from Various Sources
- Verification of Documents Manually
- Date Expiration and Renewal Monitoring of Policy through Spreadsheets
- Customer Communications through E-mails or Telephone Calls
- Time Loss due to Human Error and Missed Timelines
According to a report by McKinsey & Company, automation in insurance can reduce operational costs by up to 30% while improving customer satisfaction. However, many firms struggle to modernize because of outdated legacy systems, lack of in-house development capabilities, or uncertainty around digital transformation ROI.
Read More :- Digitizing policy renewals with Power Apps to reducing manual workflows