With a rapidly changing landscape in the financial and the insurance services, efficiency and customer experience can be deemed the ultimate priority. But a lot of organizations still depend on manual workflows for policy renewals. Such outdated processes even render companies operationally inefficient, costlier to sustain, and left with unsatisfied customers. However, modern low-code platforms like Microsoft PowerApps could effectively digitize and streamline policy renewal processes.

This blog looks into how digitization of policy renewals in PowerApps can reduce manual operations significantly, improve accuracy, uplift customer experience, and increase operational efficiency on the part of insurers and businesses reliant on policies.

Typically, manual policy renewal processes consist of several tedious steps:

• Data Entry into Different Systems from Various Sources


• Verification of Documents Manually


• Date Expiration and Renewal Monitoring of Policy through Spreadsheets


• Customer Communications through E-mails or Telephone Calls


• Time Loss due to Human Error and Missed Timelines

According to a report by McKinsey & Company, automation in insurance can reduce operational costs by up to 30% while improving customer satisfaction. However, many firms struggle to modernize because of outdated legacy systems, lack of in-house development capabilities, or uncertainty around digital transformation ROI.

Common challenges include:

• High error rates: Manual data entering activities carry a high risk of expensive mistakes.


• Lack of visibility: No real-time tracking facility or centralized dashboard maintained for policy technologies, status.


• Slow turnaround: Renewals within an organization may take days or even weeks before the internal actors finish back-and-forth movements.


• Customer dissatisfaction: Clients expect renewals instantly, not having to wait for them completing the manual process.

PowerApps: A Game-Changer in Policy Renewals

Microsoft PowerApps is a low-code platform which allows companies to develop customized applications to specific business needs, all without the complicated coding. Seamlessly integrates with Microsoft 365, SharePoint, Dynamics 365, and other external systems like CRMs or policy management tools.

Why PowerApps is ideal for digitizing policy renewals:

• Drag-and-drop interface: Build and deploy apps quickly.


• Custom workflows: Automate triggers, notifications, and generation of documents regarding renewals.


• Integration-ready: Connect to third-party applications as well as legacy systems.


• Secure and scalable: Built on Microsoft Azure for enterprise-level performance and security.
  
  
  Read More :- https://megamindstechnologies.com/blog/digitizing-policy-renewals-with-powerapps-to-reducing-manual-workflows/