In a world of increased automation and advanced technologies, it can be hard to keep up. While automation promises lower costs and higher productivity, the idea of fully-automating critically important processes might be a step too far for your finance or insurance firm.

It’s one thing for algorithms and machines to capture and analyse data. It’s another for nuanced decisions and complex problems to be handled without human intervention. For finance businesses and insurance firms handling large amounts of critical data, automation alone may not deliver the level of assurance or service your clients have come to expect.

That’s where human-centered automation comes in.

What is human-centered automation?

In 1996, Christine M. Mitchell described human-centered automation as,“...automation whose purpose is not necessarily to automate previously manual functions (i.e., gear shifting), but rather to enhance user effectiveness and reduce error.”

Automation is a vital tool in helping humans undertake more important work, but that doesn’t mean taking staff out of the equation altogether. Human-centered automation harnesses machine learning (ML) to improve processes while centering humans in the design and execution of automated processes.

By streamlining certain processes, such as data capture and verification, human-centered automation frees staff from manual tasks. This gives them the opportunity to use their full skill-set to take on higher-value work, such as exception handling and process improvement.

It also provides businesses in finance and insurance more scope to automate manual processes without compromising quality, compliance or service.

Human-centered automation through the finance lens

It’s no secret that unorganised data and information flow pose a serious risk to business productivity. Outdated administrative procedures, manual data entry and unnecessary document searches take up valuable resources. This prolongs routine processes and slows overall business responsiveness.

A human-centered approach to automation combines machine learning with human supervision to deliver a more intelligent approach to automation. By streamlining document capture and verification, your workforce is freed from unnecessary manual tasks and available to manage more complex work.

Take mortgage pre-processing. With machine learning, application and supporting documents can be automatically classified and captured to minimise manual data entry and verification. This more accurate information can be used by mortgage specialists to make faster and more informed decisions, building your business and improving the client experience.

A human-centered approach to automation can unlock improved operational agility, increase job satisfaction and deliver an enhanced client experience. In an increasingly competitive world adopting HCA could be the difference between your finance or insurance firm thriving or failing.

Advantages of human-centered automation

Eliminate manual processes

Combining machine learning and human functionality, human-centered automation can reduce or eliminate resource-intensive manual processes. By harnessing a solution like Hyperscience, firms in the finance and insurance sectors can automate document capture to increase data accuracy and reduce human error. With exceptions routed to approved staff, your people are free to take on high-value work without the unending repetitiveness of manual data entry.

Increase job satisfaction

Reducing or eliminating manual processes opens up new opportunities for your team. Instead of wasting time on repetitive tasks and inefficient processes, they can go back to serving customers and doing work that matters. Human-centered automation helps reduce backlogs and stress levels, enables more meaningful customer interactions and helps staff utilise their full skill-set and lend their expertise to ongoing process improvements.

Improve data accuracy

Humans tend to make mistakes during repetitive tasks which machine learning can eliminate. Meanwhile, exception management is best left to human operators with the ability to make nuanced decisions. By working together, machines and humans can more accurately and quickly capture data. Where there's a need to interrogate the data, staff can jump in and quickly resolve any exceptions to ensure ongoing data quality.

Enhance client experience

Using human-centered automation, organisations can streamline operations, improve customer service and drive better human outcomes. By reducing errors and speeding up document processing, you can offer faster loan approvals or quicker insurance claims, delivering an enhanced client experience. With greater client satisfaction and staff freed up from manual tasks, you can provide next-level service to your clients.

Benefits of human-centered automation

Insurance

A human-centered automation tool like Hyperscience can help your insurance firm reduce costs, mitigate loss risks and stay competitive. By quickly and accurately parsing unstructured document formats, you can speed up claims processing to better serve your customers when they need it most. Automatically classifying and extracting critical information from handwritten forms helps when making time-critical decisions. Meanwhile, automatically validating submitted information against master data makes it easier to send a claim for approval or further review.

Mortgage

Keep up with rising customer expectations by automating the mortgage application process. Control costs, streamline operations and offer an improved experience by eliminating manual processing while still maintaining high-quality control. Hyperscience converts semi-structured and unstructured document formats into actionable data to drive faster, more reliable decisions. Seamlessly integrate data with your business processes and workflow systems so critical information is available for review at every stage of the process to expedite pre-approvals.

Banking and Wealth

Automate increasingly complex financial services processes, from input to actionable data, without compromising on accuracy or customer service. Hyperscience speeds up document processing, improving the accuracy and timeliness of data and decisions and allowing more resources to focus on your customers and enhance their overall experience. With fewer manual tasks and administration processes, it’s easier to win over new clients with outstanding service, while harnessing high accuracy data extraction to mine data for further analysis and action.

Unlock the power of human-centered automation with Umlaut and Hyperscience

Hyperscience is the world's leading input-to-outcome automation platform. Utilising machine learning technology, Hyperscience software can fully automate data entry, information extraction, and analysis. Less time on admin means more time for your staff to concentrate on more critical business functions - like growing your finance or insurance firm.

Specialists in streamlining complex financial processes, Umlaut harnesses the powerful Hyperscience platform to deliver a new level of automation. Limit risk, lower costs, reduce exceptions and improve customer satisfaction by partnering with Umlaut to streamline your business processes with the power of human-centered automation.

Want to learn more about human-centered automation for your finance or insurance firm? The experienced team at Umlaut is ready to lead the way. Book a demo to see how our partnership with Hyperscience can streamline and transform the way you do business.