Workflow automation is transforming industries across the board, from finance to healthcare. And this transformation is done by reducing operations costs through automating workflows, as well as enhancing efficiency and granting staff more time to focus on strategic rather than manual tasks.
In this article, we will focus on the latest statistics on three industries: finance, insurance, and healthcare. We will explore how workflow automation has transformed these industries and how automation is predicted to impact these industries by year 2030.
Workflow Automation Statistics in Insurance
- Claim Processing Efficiency:
- Automation in insurance claims processing can reduce processing times by up to 50%, allowing insurers to settle claims in days rather than weeks. This results in a 20-30% reduction in operational costs due to less manual data handling and faster approval workflows. [1]
- Underwriting Process Improvement:
- Automated underwriting enables insurance providers to reduce underwriting times by 40-70%. By leveraging AI and RPA (Robotic Process Automation), insurers can analyze applicant data more efficiently and generate personalized quotes in real time, enhancing both productivity and customer experience [2]
- Increased Customer Satisfaction:
- Insurance companies using automated customer service workflows, like chatbots and digital assistants, report a 20-30% boost in customer satisfaction by providing instant support and self-service options for policy queries, claims tracking, and updates. [3]
- Fraud Detection and Prevention:
- Automation in fraud detection allows insurers to identify fraudulent claims 50% faster, using machine learning to detect patterns and flag potential fraud in real-time, thus reducing the amount of payouts on fraudulent claims by up to 40%. [4]
- New Policy Issuance Speed:
- Automated policy issuance reduces the time required to issue a new policy by 50% or more, as data capture, verification, and document generation are streamlined. This has been shown to improve sales conversion rates by making the process more responsive and user-friendly. [5]
- Data Entry and Documentation Savings:
- By automating data entry and document processing in customer onboarding and policy renewals, insurers report an 80-90% reduction in manual data entry errors and a 20-25% increase in employee productivity, as less time is spent on repetitive administrative tasks. [6]
- Compliance and Reporting:
- Automated compliance workflows improve reporting accuracy and speed by 30-40%, allowing insurers to adhere to industry regulations with minimal manual oversight. Automated alerts and compliance checks help maintain up-to-date records and avoid costly regulatory fines. [7]
- Claims Assessment and Adjustment:
- Workflow automation in claims assessment enables insurers to process claims assessments with 30% greater accuracy, as it minimizes human error in the evaluation process and reduces the need for manual follow-ups. [8]
- Operational Cost Reductions:
- Insurers implementing workflow automation report an average 15-25% reduction in total operational costs by automating customer onboarding, policy management, and claims workflows. This enables insurers to allocate more resources to high-value activities like customer engagement and personalized services. [9]
Workflow Automation Statistics in Finance
- Cost Savings in Operations:
- Financial institutions using workflow automation report a 30-50% reduction in operational costs for processes like invoice management, account reconciliation, and payment processing. [1]
- Enhanced Compliance and Risk Management:
- Automated compliance workflows reduce human error and help organizations achieve 30-40% faster compliance reporting. For example, automated KYC and AML processes can detect suspicious transactions in real-time, lowering compliance risks. [7]
- Improved Accuracy in Loan Processing:
- Financial organizations using automation in loan processing experience a 15-20% reduction in loan approval times due to fewer manual tasks and automated data extraction, speeding up decision-making and enhancing customer satisfaction. [3]
- Accounts Payable and Receivable Efficiency:
- Automating accounts payable and receivable tasks has been shown to decrease processing times by 60-70%, allowing faster payments, better cash flow, and increased visibility into finances. [2]
- Faster Onboarding for Wealth Management Clients:
- Wealth management firms report a 40% improvement in onboarding times for new clients due to automation in form filling, document verification, and account setup processes. This automation enhances client experience and reduces drop-off rates. [10]
- Fraud Detection and Reduction:
- Workflow automation for fraud detection improves response times by 30-50%, using AI-driven algorithms to analyze patterns and flag anomalies more quickly than manual monitoring. [4]
- Loan Approval and Document Processing:
- Banks that automate the document processing and approval stages of loan origination reduce processing times by up to 50%, allowing customers to receive decisions faster and streamlining the workflow for internal teams. [5]
- Customer Service and Support:
- Financial institutions report that using automated chatbots and support systems decreases customer service response times by 30-35%, while reducing call volume by up to 25%. This allows teams to focus on complex customer needs. [6]
- Reduction in Manual Reconciliation:
- Automated reconciliation tools in finance reduce manual reconciliation efforts by 80-90%, allowing for faster and more accurate financial reporting and freeing employees from tedious, error-prone tasks. [9]
Workflow Automation Statistics in Healthcare
- Cost Savings in Claims Processing:
- Workflow automation has reduced the cost of healthcare claims processing by 30-50% by minimizing manual data entry and improving accuracy. U.S. healthcare providers could save up to $16.3 billion annually by automating claims management alone. [11]
- Patient Record and Data Management:
- Automating data entry and patient record management leads to 50% fewer errors compared to manual processes, directly contributing to improved patient care outcomes and reducing the likelihood of medical errors. [12]
- Administrative Time Reduction:
- Hospitals that implement workflow automation for administrative tasks, like patient scheduling and billing, report a 30-40% reduction in administrative workload, allowing medical staff to dedicate more time to patient care. [13]
- Faster Patient Onboarding:
- Automated patient intake forms reduce patient onboarding time by up to 70%, accelerating the registration process and minimizing wait times for patients, especially in high-volume healthcare facilities. [3]
- Improvement in Patient Satisfaction:
- Automated appointment scheduling systems have increased patient satisfaction by 15-20% due to faster booking, real-time updates, and reduced wait times, positively impacting overall care quality. [7]
- Reduced Treatment Delays:
- Workflow automation in lab result processing helps reduce delays by 40%, ensuring that clinicians receive critical patient information faster and can make timely treatment decisions, which is especially valuable in acute care settings. [14]
- Enhanced Compliance and Data Security:
- With workflow automation, hospitals can ensure 100% compliance with data protection regulations like HIPAA by enforcing consistent, automated access control and encryption protocols, reducing data breach risks. [2]
- Predictive Maintenance and Equipment Uptime:
- Automated systems for equipment maintenance predict and schedule servicing, improving equipment uptime by 25-30% and minimizing disruptions to patient care. [15]
Key Feathery Automation Features
Below, we’ve highlighted six core Feathery automation features, including examples and use cases for each one.
1. Streamline Collaboration on Forms & E-Signatures
Feathery enables users to collect information, payments, and signatures in one streamlined form, making multi-party collaboration effortless. Assign specific fields to different users and incorporate e-signatures to ensure a smooth, efficient workflow.
Use Case: In the RIA (Registered Investment Advisor) client onboarding process, the advisor can start by filling out essential information, then route the form to the client for additional details. Once completed, it returns to the advisor for final review and e-signature, creating a cohesive and efficient onboarding flow. See the full RIA client onboarding case study here.
2. Generate & Analyze Documents Automatically
Feathery’s automation capabilities support filling or generating PDFs, spreadsheets, and other document templates directly from collected form data. Advanced AI extracts and organizes information from existing documents, simplifying data comparison and centralization.
Example: For Baldwin Insurance, Feathery automates the comparative analysis of policy documents. Data is extracted, processed, and used to generate comparative templates that assist in policy evaluation and decision-making, saving significant time and reducing manual effort.
3. Sync and Prefill Data Across Platforms
Feathery integrates seamlessly with thousands of systems, including Salesforce and custom APIs, to synchronize and prefill data, minimizing repetitive data entry. This two-way data sync improves efficiency and accuracy, especially in complex workflows.
Use Case: In RIA client onboarding, Feathery’s integration capabilities allow data from Salesforce, Orion, eMoney, and other platforms to flow bi-directionally. This means a single data entry can populate multiple custodial forms for opening various accounts, significantly streamlining multi-account setups.
4. Verify Users Seamlessly
User verification is vital for secure transactions and compliance in regulated industries. Feathery’s capabilities include government ID verification, SMS one-time passwords, email verification, and single sign-on (SSO).
Example: For Cashco’s loan origination workflows, Feathery handles identity verification using native tools and integrations with KYC providers like Flinks, ensuring only verified users proceed. Explore the Cashco case study here.
5. Approve and Route Submissions
Feathery’s submission approval workflows enable teams to review, approve, or deny submissions within the form system, ensuring compliance and quality control. Custom workflows can automate actions based on approval or denial status.
Example: In a loan origination workflow, Feathery’s approval system allows team members to approve or reject loan applications, keeping the process compliant and responsive, while reducing manual tracking.
6. Engage Users with Automated Notifications
Feathery allows automated reminders and follow-ups to users and teammates via email and SMS, improving response rates and ensuring tasks are completed on time.
Example: Loan applicants often need gentle reminders to finish incomplete applications. Feathery’s automated email notifications help ensure clients complete each step, supporting higher conversion and reducing delays.
Feathery Case Study
CashCo Financial, a Canadian provider of alternative lending solutions, partnered with Feathery in 2024 to unify their separate in-person and online loan application processes. Previously, these siloed systems limited the speed of loan approvals and created inefficiencies for staff. By integrating Feathery’s platform, CashCo streamlined their loan origination workflows, allowing for a seamless experience across both channels while significantly reducing the time spent on application management.
“Our loan origination requirements were too custom for typical LOS tools, but Feathery was able to meet those standards while allowing us to launch 5x faster than building in house.” Rita Lazar-Tippe, Chief Digital Officer
As a result of this transformation, CashCo experienced a remarkable 26% increase in approved loans. The integration of essential tools, such as LoanPro for loan management and Oscilar for AI-driven decisions, not only enhanced operational efficiency but also improved customer satisfaction. The partnership empowered CashCo to engage more effectively with potential borrowers, converting more applications into approvals while saving hundreds of operational hours.
FAQs
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Statistics show that automation improves efficiency by 40-60%, reduces manual errors by up to 90%, and delivers ROI in under 12 months.
Automating workflows significantly improves productivity, reduces operational costs, and enhances accuracy and customer satisfaction.
The global workflow automation market was valued at $8.52 billion in 2021 and is projected to reach $39.49 billion by 2030 (source: Grand View Research).
Workflow automation improves efficiency, reduces costs, and enhances compliance and customer satisfaction, making it an essential tool for modern businesses.
References
[1] McKinsey & Company
[2] Deloitte
[3] Accenture
[4] IBM
[5] Forrester
[6] Gartner
[7] PwC
[8] Capgemini
[9] KPMG
[10] EY
[11] McKinsey
[12] Healthcare IT News
[13] American Hospital Association
[14] Forbes
[15] Grand View Research
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