How Power Platform can transform the insurance industry in 2023

The insurance industry has always been associated with cumbersome paperwork, long queues, and slow processes.However, with the advent of the Power Platform, insurance companies can now streamline their processes and offer better services to their clients. In this blog, we will discuss six ways in which Power Platform can transform the insurance industry.

Build low-code custom applications

The insurance industry is all about providing the best possible service to clients. Power Apps can help insurers to do just that by providing a platform for creating custom applications with less coding that can be used by both customers and employees. 

These applications can be integrated with other Microsoft tools such as Microsoft Dynamics to provide a seamless experience for customers.

Enhance customers' experience through client portals

Power Apps can also be used to build client portals to help customers access their documents quickly and easily. Portals can provide customers with detailed information about their policies, such as coverage amounts and deductibles, check policy status, receive real-time updates, make payments, and file claims.

Additionally, the portals can help customers have access to educational resources and connect with agents or adjusters. With Power Platform, customers can access their documents and get the help they need in a convenient, user-friendly way.
 

Streamline onboarding and claims processing

Power Platform can make insurance onboarding a more efficient process. With Power Platform, insurers can quickly collect and store necessary documents such as NCD (No Claims Discount) and other documents needed to complete an insurance application, electronically without the traditional or manual on-onboarding approach.

In addition, Power Platform can automate the entire insurance onboarding journey through automated workflows to speed up the entire operation. For example, Power Automate can also be used to trigger emails and notifications to customers and the claims department when documents are sent and received respectively. This helps to ensure that claims processing is done in a timely and efficient manner.
 

Automate tasks and provide customer insights

One of the biggest challenges faced by insurance companies is the slow and tedious processes involved in claims management. Power Automate can be used to automate manual tasks such as claims processing and underwriting, data entry, and document management, freeing up employees to focus on other responsibilities. Essentially, there is an average time of 3.2 hours per week of improvement in line-of-business for employee productivity when using Power Platform.

Another way that the Power Platform can help the insurance industry is the use of Power BI to analyze data and provide insights into customer behavior, and analyze risks, claims trends, and other important metrics. This information can be used to make data-driven decisions that can improve the overall efficiency of insurance companies. 

Insurance claims and legal document automation

Applying Intelligent Document Processing (IDP) is a key component of digital transformation in business for functions that rely on documents to process information. One of Microsoft's solutions for IDP is Syntex, which can be used to automate and secure your content management processes when most of your content lives in Microsoft 365.

Microsoft Syntex can be used to detect fraud in insurance claims by analyzing text patterns, extracting key insights, and flagging suspicious claims. It can also be used to identify and extract data from insurance documents and automate claims processing. Additionally, Syntex can identify and extract key information from legal documents, such as contract terms and conditions, and automate the process of reviewing, updating, and signing insurance legal documents. This can help to detect potential issues and conflicts in legal documents and flag them for review.

Reduce costs and saves time

The insurance industry is known for its paper-based operations, which can be expensive and time-consuming. Power Platform can help insurers to reduce costs by eliminating traditional processes and automating many of the manual tasks involved in claims management. This will not only reduces the costs of paper but also reduces the time taken to complete tasks.

Through Power Platform adoption, fraud and errors can be reduced. Many of the procedures involved in claims management can be automated and insurers can ensure that claims are processed accurately and efficiently, reducing the risk of fraud and errors which can cause financial losses.

Conclusion

We expect to see more insurance companies adopt Power Platform, using tools such as Power Apps, Power Automate, Power BI, and Power Virtual Agents, to transform their operations and improve the experience for their customers and employees.

At, Proventeq, we believe in businesses working smarter, not harder! With this belief in mind, our team of experts can help you unify data across your insurance company by integrating Azure Functions, which allows you to rapidly automate processes and workflows. We can help connect different services and applications across your entire Microsoft platform to extend its functionality using Azure Functions in Logic Apps - automate business processes and workflows.

To find out from our experts how Power Platform can be tailored to meet your insurance business needs, visit our webpage or contact us directly for a 1:1 session for a free consultation.