Microsoft Power Platform has transformed businesses in various sectors. The insurance industry is no exception. Today, businesses in the insurance industry are dealing with a myriad of challenges in an intensely competitive environment. To succeed, you need to deliver better customer service and products and optimize processes to make your operations more efficient. The different applications from Microsoft Power Platform can help you achieve all those objectives and much more. Let us look at some ways in which Technology Trends Power Platform can help transform your insurance business.
Power BI is one of the market’s most powerful business intelligence applications today. With Power BI, businesses can derive better insights through advanced data analytics. The application also helps you to identify actionable areas.
With Power BI, you can assess and analyze risks effectively. You can analyze historical data or analyses risk factors for individual cases. This would make it easier for you to customize your product offerings to meet customer demands without increasing your risk exposure.
The time taken to process insurance claims and the claim settlement ratio is one of the biggest factors customers consider when making insurance claims. With Power Automate, you can make the claims process faster and more efficient.
Power Automate is a Robotic Process Automation (RPA) application that automates processes. For example, Power Automate can automatically send emails to different concerned departments when a customer raises an insurance claim. It can also draw documents and prepare a report on the customer’s claims history. You can also automatically send messages to claims adjusters and automatically send notifications to the claims department when they file their reports. There are plenty of other areas which can automate.
Power Automate helps you to achieve two objectives. Firstly, it makes the process faster, allowing you to settle claims quickly. Secondly, it requires minimal human effort, and that reduces the chances of errors.
Power Apps is another essential component of Power Platform. It helps you to build powerful apps without having any technical knowledge. You can use Power Apps for your insurance business in several ways.
For example, you can build an application to help brokers get in-book appointments with underwriters. They can check the availability, choose a time slot, and then book by giving their details. This would make the process easier and hassle-free without devoting additional resources.
Like all other applications of the Power Platform, Power Apps is a low-code platform. This means that you can design complicated designs without using limited code. You can also build an app that lets customers see their claims’ status.
Power Pages will bridge the gap. You would be able to design professional websites by using industry-specific templates. Power Pages also has a capable Design Studio that allows you to customize every aspect of your website.
With Power Virtual Agents, you can develop AI-powered chatbots that give you a more immersive interactive experience. Power Virtual Agents will be able to address customer issues and queries from employees, independent adjusters, brokers and underwriters. You can provide 24/7 Customer Support without making any additional recruitments.
At Evolvous, we have worked as a Power Platform consultant, serving the unique needs of various industries, including insurance. With our integrated solutions, our clients have successfully managed to reduce operational costs, process efficiency, and improve risk management and compliance.