For several years, businesses in all sectors have been reinventing themselves by adopting big data analytics, cloud computing, and artificial intelligence into their business processes. Faced with global competition and growing customer expectations, financial service providers and insurance companies cannot afford to miss out on the opportunities of digital transformation, at the risk of being overtaken by their competitors.

But the sector is lagging behind. In any case, this is the conclusion of an investigation conducted as part of a round table. EY Innovalue on insurance. Although 93% of insurers say that digital transformation can provide positive impulses for process improvement, around 40% of them have implemented insufficient projects in the past year, if at all.

If banks and insurance companies want to remain competitive, they must act quickly in order to:

• Find a overview of their sales processes,
• Align these processes even more closely with their customers,
• Optimize these processes to make them more effective in order to generate the best possible business results.

Process mining: a technology with a potential that is still unknown

The Process mining is a revolutionary technology. By creating an x-ray of business operations, this technology provides all the information needed to eliminate bottlenecks, drive transformation, and achieve better business results.

Indeed, it is only when managers understand inefficiencies in their processes that they can invest in their process of digital transformation. But, again, it is clear that this change is slow. A study commissioned by our partner, Celonis, shows that only a few financial service providers and insurance companies have so far exploited the potential of process mining.

• Alone One in five budget managers in the financial services sector knows the advantages of Process Mining.
• Alone one company out of ten intends to increase its investments in Process mining.
• One out of three managers does not know what process mining is.

As a result, many businesses miss out on opportunities to seize, analyze, and optimize their business processes. Because managers are unaware of this technology, they are missing out on opportunities to get ahead of their competitors.

How can the financial services industry exploit process mining?

Process mining deals with data generated by digital business processes, which are stored in what are called event logs. These are then recorded by default, for example when concluding contracts or processing service requests.

In the financial services sector, Process mining can therefore be applied in many areas such asclaims management, premium collection, customer service management or internal audit.

As a result, insurers and financial service providers are not only in a position to improve the efficiency of certain parts of their businesses. They also get aAn overview and starting points to carry out a complete digital transformation in all divisions of the company.

Based on machine learning and artificial intelligence, Process mining helps monitor continuously the processes and to the improve in real time. This allows businesses to achieve optimal results, for example through the rapid processing of customer inquiries or the prioritization of bill payments. All this put together, Process mining has a positive impact throughout the value chain : Not only are processes more efficient, but employees - and customers - are happier.

In short, business leaders now need to optimize business processes to successfully carry out their digital transformation initiatives over the long term. For banks, insurance companies, and other financial service providers looking to remain competitive in a complex and rapidly changing market, process mining offers key benefits:

• Quickly create added value for its customers
• Reducing risks while increasing control
• Avoid bottlenecks : by identifying weak points and cost factors

About StoryShaper:

StoryShaper is an innovative start-up that supports its customers in defining their digital strategy and the development of automation solutions tailor-made.

Sources: StoryShaper, Celonis, EY