There’s been a lot of excitement coming from Camp Microsoft and the Partner community regarding the potential of Power BI, Power Apps and Power Automate in the last year and we’re seeing some excellent use cases of the tools in action within the Financial Services sector.
At Redspire, we can’t recommend the Power Platform for Insurance firms highly enough. Microsoft, as always, is leading the way in the evolution in the insurance sector, bringing over 400 enhancements to Dynamics 365 and the Power Platform in the most recent release. The tech giant’s investment in Artificial Intelligence (AI) and low-code, no-code technologies directly support insurance businesses through the on-going digital skills gap and enable business users of varying capabilities to build apps, visualisations and workflows and improve business performance via simple point-and-click technology.
At Redspire, we’re working closely with our insurance clients to maximise use of the latest releases. Our clients in the insurance sector have undergone rapid digital transformation with Microsoft Dynamics 365 business applications in recent years. Progress has been made to shatter barriers between departments and insurers no longer approach each policy, person or departments as standalone but part of a connected universe of data that provides valuable insights to business performance. The Power Platform – with it’s integrated AI-infused technologies and the recent announcement of Wave 2 enhancements – opens up unlimited opportunity to harness the power of that data-unification. With hundreds of data connectors and a toolkit built on a common data language, insurers can achieve peak productivity, maximise engagement and provide data-driven decision making to manage their brokers, customers, products, policies and claims.
Yet across Banking, FSI and Insurance, many of the new clients we meet are unsure about the Power Platform and how it can be deployed granularly within their organisations. And more importantly, just why they should invest.
So, what is the Power Platform?
Power platform can be summed up in three keywords: analyse, act, automate. Known within Microsoft circles as the Triple A-Loop.
The toolset allows users to automate processes across the Microsoft stack and beyond. It ensures that everyone with permissions within your insurance organisation has the ability to build rapid business solutions, and solve all types of daily or organisational business pain.
The Power Platform combines the capabilities of three key products – Power BI, Power Apps (including Power Apps Portals) and Power Automate, which was formerly know as Flow. With Microsoft’s proprietary technology, users of all skill-levels, from pro-developers to authorised administrators can analyse, act-upon, and automate data in ways that have never been possible before.
The tools have been developed upon the Common Data Platform and are designed to work together for maximum business value. All users within the business with suitable permissions can quickly and easily build custom apps that solve immediate business pain, automate complex workflows to improve business productivity, and analyse data for insights – no matter their technical expertise or capabilities.
Act with Power Apps for Insurance
Power Apps allows everyone from developers to business users within your insurance business to create interactive apps that support with specific business scenarios from Claims processing and renewals to risk and compliance. Tying onto a specific Dynamics 365 use case or standalone, your in-house teams will be able to react quickly to ever-changing customer, partner, product, claims and compliance needs, all without writing a single line of code. Or having to engage with a developer partner. Integrating neatly with Dynamics 365, the Common Data Service, other line of business systems and accessible by Power BI and Power Automate, users across the organisation can carry out tasks and complete processes quickly and efficiently on their device of choice, with the information flowing back into the CRM. Supported by hundreds of point-and-click Power Automate connectors, the data captured within the apps can be used to automate processes and drive insight like never before.
Power Apps puts the power to automate back in the hands of the insurance business and solve challenges in real time by creating focused journeys. To summarise the benefits of Power Apps you can:
- Easily build apps within a full feature low-code/no-code point-and-click platform
- Connect to all of your valuable data with a suite of pre-built connectors or custom connectors
- Put your data to work with the Common Data Service for Apps
- Integrate neatly with Office 365, Azure, Dynamics 365, Power BI and Power Automate
- Make use of strong enterprise governance & security
- Access Pro-develop extensibility
Sample use cases for Power Apps for Insurance include:
- Improve and complete policyholder on-boarding in real time with bespoke Power Apps and Power Apps Portals, designed to capture the required data for each scenario. Connect this data to the next step action in the process and automate risk and compliance controls too.
- Automate task-led business process flows like renewal processes or escalations for medical underwriting.
- Manage the claims process more efficiently. Provide loss adjusters or even customer access to a front-facing app where they can answer the required questions, capture and attach jpeg or png photo evidence or PDF and Microsoft Word supplier quotes for repairs. Feed their responses directly back in the CRM and automate to next stage with one of 250 out of the box Power Automate connectors.
Recent enhancements for Power Apps in Insurance
Recent announcements from Microsoft include the wide release of AI builder for Power Platform. One of our top picks from the functionality is object detection. This provides the capability for AI to read, understand and translate photographs of handwritten notes and convert into word documents, or analyse text from Excel or PDF and feed directly into the appropriate Dynamics 365 fields. The time-saving capabilities of these tools are immense. Anywhere you can rekey data, you can feed to Power App, AI will read, recognise the data and populate it. This will be extremely helpful for rebuilding and legacy platforms.
Analyse: Power BI for insurers
Power BI is Microsoft’s market-leading intelligent business analytics solution. With familiar Excel-like controls, with Power BI, users can connect a multitude of data sources – legacy on-premise, in the cloud or elsewhere – to gain valuable insights, analyse trends and make rapid, data-informed decisions. Data is visualised helping teams share insight, collaborate and report across the entire organisation, on any device. With in-built governance and security, sharing customised dashboards and interactive reports with the right teams at the right times becomes process-led, with the right risk controls in place to protect the sensitive information in your business.
Some sample use cases of Power BI for insurers:
- Power BI allows users to visualise real time insights and analysis of losses from insurance claims. This constant feed of data empowers business users to highlight trends across the business and leverage underwriting data to make prudent business decisions, minimising future losses.
- Create visual reports to analyse your brokers, agencies and intermediary performance levels. Understand which relationships are working well or which may need urgent attention. Visually view gross written premium per broker and understand the cost of each new policy or renewal.
- Closely analyse policy and product performance. If a product is performing particularly well within a certain demographic or geographical area, this may inform a reactive marketing campaign or a review of the policy price point.
Recent enhancements for Power BI in insurance
Within the latest Power Platform release, Power BI improvements focus on four critical areas that drive a high performance data culture. Largely AI focused, these are: intuitive experiences, a unified BI platform, big data analytics, and pervasive artificial intelligence.
Automate with Power Automate for Insurers
Microsoft’s Power Automate – again, low code, no-code, point and click functionality – puts power to create complex workflows within your organisation. It uses over 250 out of the box connectors to automate all types of processes and removes the risk for human error stalling a journey’s progress. Once the Power Platform has been implemented and adopted by your workforce, Power Automate removes the need for developer support to create workflows, heavily reducing costs and implementation time for new business critical or improvement processes.
Like the rest of the Power Platform, Power Automate provides point and click functionality that connects legacy technology infrastructure. Out the box connectors integrate not only with Microsoft tools but less well known systems too. Secured within the Microsoft cloud, these workflows provide the functionality to move your insurance business forward.
Some sample use cases of Power Automate for insurers:
- Power Automate can connect sales journeys, policyholder on-boarding and renewals. Clients or intermediaries complete front-facing Power Apps Portals forms are then connected to the next stage of the process for action, review, risk, approval, decline. With data feeding directly into the CRM, a risk audit trail is created, productivity maximised and data accuracy maintained.
- When call centre activity spikes – for instance, regarding storms claims when the UK has been hit with bad weather – Power Automate can be connected to a quick deployed bot that can direct clients towards self-service options for lodging the claim or answering frequently asked questions.
Recent enhancements for Power Automate in Insurance
Power Automate’s new functionality creates smarter, more meaningful experiences in three key areas. Users – again with varying levels of expertise – can leverage world-leading business process capabilities, work off-line and make use of rich administration tools that drive connectivity across the insurance business.
Why invest in the Power Platform?
A recent Economic Impact study of Dynamics and the Power Platform highlighted that the average cost of app development is reduced by 70% with Power Apps and Power Automate, with £2.9 million avoided in application development and management costs. These types of cost savings are indicative of the costs and productivity savings that can be made with each individual solution within the platform. Combined with no-code capabilities that drive high user adoption, it’s clear that return on initial investment is high. And with the tools included within the standard Dynamics 365 licensing, it’s easy to get started with Power Platform today.
Redspire and the Insurance sector.
At Redspire, we’re leading radical digital transformation in the insurance sector via world-class Microsoft technologies. Together, we’re helping insurers understand and engage customer needs and deliver seamless, proactive and personalised experiences. We’re improving underwriting processes, loss ratios and policy lapse rates whilst reducing customer churn. In the new, differentiated marketplace, everything is to play for.
Redspire and Microsoft have joined forces on a co-hosted webinar series that showcases how to put low-code, no code, point and click technologies in business users’ hands, with Microsoft Dynamics 365 and the Power Platform. Watch the webinar on-demand now and if you want to see the tools in action, view the follow up demo.
If you’d like to find out more about how the Power Platform’s Triple-A-Loop can support your Insurance firm through its next phase of digital transformation, read how the Power Platform can automate a claims scenario, get in touch with our team of specialists today on 0845 226 8170 or email@example.com.