Process Orchestration: Benefits for Insurance, Financial Services and Telecom | – Spiceworks news and insights | CarTailz

While process orchestration can be an essential element in any industry, sectors like insurance, financial services and telecom are taking a lead in embracing this practice to support their digital transformation initiatives – for this reason, explains Amy Johnston, Principal Product Marketing Manager at Camunda.

people, processes and technology. While these three terms are key to successful digital transformation, the process part of the equation often takes a lower priority than investing in shiny new systems and essential workplace skills.

But that is changing. More and more companies are taking steps to automate the processes that have slowed their overall efficiency and ability to deliver more rewarding customer experiences. In which2022 Status of process automationreport, almost nine out of ten companies plan to invest more in process automation in the next two years. More than 80% say technology is higher on their organization’s list of priorities than it was a year ago.

Why is there increasing interest in process automation? Part of the reason lies in the processes themselves. Processes are becoming more complex. As industries evolve and transformations become more sophisticated, one business process invariably influences and connects with many others. Processes encompass many different endpoints—everything from business rules to RPA bots, microservices, human work, and various types of legacy and homegrown systems.

This poses a challenge to companies today. To stay in control of complex and interconnected processes, they need to embrace a new concept called process orchestration. Process orchestration unifies and coordinates individual tasks to end-to-end processes. It enables organizations to drive business transformation without replacing the people, systems and devices they already have.

While process orchestration can be an essential element in any industry, some sectors are taking a lead in implementing the practice. These include insurance, financial services and telecommunications.

See more: Orchestration: The next step for RevOps

insurance

Insurance companies have probably come a longer way to digital transformation than anyone else. It struggles with outdated legacy systems and homegrown automation software that aren’t built to scale. Combine this with the industry’s inherent lack of transparency and strategic oversight, risks of key process breakdowns, a complex regulatory landscape and a growing demand for frictionless customer experiences, and insurance becomes a mature candidate for process orchestration.

Use cases such as customer onboarding, claims processing and underwriting are complex and burdensome. Breakdowns are often based on the fact that these processes bring together a multitude of people working in different departments. These software systems are mixed and matched over the years, and physical devices that input and manage data along the way.

An auto insurance claim illustrates the complex nature of an end-to-end process that many of us take for granted. After a car accident, the first step is to call your insurance agent and explain the situation. You take a series of photos yourself. Then an insurer comes out to photograph the cars and assess the damage. They fill out a police report and upload details via a mobile app. Back at the insurance company, a team enters data into a software application and sends the claim for processing.

Each of these steps fits into a process chain that could easily break off at any point and delay the payment of the claim. Through the application of process orchestration, the automation chain holds together and the claim moves along its trajectory.

See more: How Big Data, Analytics and ML can transform your insurance business

financial services

Financial services face many of the same challenges as insurance trying to evolve

Operations to thrive in an increasingly demand-driven world. These challenges include moving away from legacy technologies, responding to the rise of cryptocurrencies, and implementing practices to address a complex and ever-changing regulatory landscape.

End-to-end processor orchestration solutions can help financial services companies perform basic functions faster and with fewer human cycles. This includes designing, managing, automating and enhancing customer onboarding, loan processing, payment processing, SDLC assessment management, ATM processing, fraud management, fund services, model assessments, trade assessments, know-your-customer (KYC) processes, trade assessments, loan decision making and daily financial data close-out .

Completing a loan application is a good example of a complex financial services process that needs to be automated. A person starts by applying for a loan on a bank’s website. If they are already a customer of the bank, they will be asked to log in so that some data can be filled in automatically. This could trigger an automated credit check. Based on creditworthiness, the application may be automatically approved or automatically rejected, or there may be a “middle ground” that flags the application for review by a loan officer. The loan officer reviews and may decide to approve the loan with different terms. The person will be notified and asked to sign some documents through a service like DocuSign. Final paperwork will be mailed and a paper copy will be mailed.

Decoupled processes lead to the following problems along an automation chain:

    • Lack of end-to-end automation: Local tasks are not lined up, which leads to failures in the process.
    • Confusion: Stakeholders have no visibility into the entire end-to-end process, making it difficult to manage the project and track metrics.
    • Flexibility Issues: Changing the process in the middle is difficult because a change will cause disruption in other systems.

telecommunications

Telecom is evolving rapidly due to increasing consumer demand for digitization and competitive pressure from new, disruptive vendors and business models. To streamline business practices, vendors are automating a variety of processes, including customer onboarding, order management, payment processing, complaint handling, device replacement, network management, customer service, and know-your-customer (KYC) processes.

As an example of process orchestration, consider provisioning bandwidth for cable, Internet, or phone service. Consumers expect fast allocation of services, but a lot needs to happen on the backend to figure out how to provide media service availability. There are credit checks, security checks, engineering tasks and billing. Each requires access to databases and services and navigating complex workflows to perform what may, on the surface, seem like a simple transaction. Payment systems need to be connected to third-party processes, and steps need to be added to handle transactions where a credit card is declined.

Setting up automated, orchestrated processes can bring additional benefits. For example, telecom providers can run campaigns and micro-offers. The transparency of the processes enables providers to identify periods when demand lags behind supply. If they are able to provision bandwidth quickly, they can run marketing campaigns to sell services to maximize their ability to increase revenue.

orchestrate success

While the technological and human aspects of a digital transformation are still critical to its success, companies are increasingly turning their attention to processes. Investing in automation — and orchestrating the automated processes — will help them improve efficiency and adapt to new challenges.

How do you use process orchestration? let us know Facebook, Twitterand LinkedIn. We would like to know!

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