Compliance is a core tenet of financial services organizations’ day-to-day operations. And the stakes are high, as regulatory fines are steep and climbing. Know Your Customer (KYC) compliance is just a piece of the overall compliance puzzle—but it’s an important piece. In 2022, global fines for failing to prevent money laundering and other financial crime surged more than 50% according to the Financial Times.

Hyperautomation refers to the use of multiple advanced automation technologies such as artificial intelligence (AI), robotic process automation (RPA), machine learning (ML), low-code, and business process management tools to accomplish end-to-end process automation. Rather than automating a single task, hyperautomation lets you automate multiple tasks within a wider process (and pass work easily between humans and digital workers).

Organizations looking to improve their bottom lines have embraced automation for decades. Simple automation has long been bringing benefits to businesses and public sector organizations alike, despite being limited to supporting small tasks and workflows.

Developing a procurement strategy and planning procurement activities requires many steps, such as aligning procurement goals with overall organizational objectives, conducting market research, identifying sourcing opportunities, and developing procurement plans. Procurement challenges may multiply depending on your industry. For example, if you’re in a federal agency, procurement and the entire acquisition planning process must adhere to strict regulatory demands.

How do you know when a process needs help? Is it slow, bloated, or, worst of all, truly broken? It’s a crucial question for all leaders and teams pursuing speed and growth, to meet digital transformation goals like faster customer onboarding or faster time to market. Often, even seemingly simple business processes are more complex than we realize. Teams and individuals may develop clever workarounds to get past large and small process problems.

There’s a lot of hype about hyperautomation. But it’s clear that as new automation technologies emerge, organizations that take a strategic, holistic approach to embedding them into business processes will come out ahead. So, what exactly is hyperautomation? It’s an approach to process automation that uses a combination of technologies to optimize complex business processes and augment human capabilities.

Insurers have been slammed by inflation, with loss costs surging by $30 billion in 2021 alone. Almost every line of insurance has been hit with rising claims expenses, while replacement costs have risen by 16.3%—nearly twice the consumer price index rise. To combat inflation, insurers need to find better ways to increase efficiency and reduce claims leakage. In addition to economic pressures, insurers are also facing rising customer expectations for a faster and more transparent claims process.

As technology continues to advance, the insurance industry is seeing a shift toward automated underwriting approval processes. This trend has been gaining momentum over the past few years and is expected to grow as insurers seek to streamline their operations and reduce costs without losing the human touch.

When you have a problem with speed in a business process, but you don’t know exactly where the slowdown is happening, frustration builds for both teams and leaders. And it’s a widespread issue for enterprises trying to accelerate their pace and increase their capacity for work in the pursuit of digital transformation goals like improved customer onboarding or faster time to market.

With record-high inflation, climate change, and an economic downturn on the horizon, the insurance industry is in a pressure cooker of unpredictable change. Sometimes this change happens over time. Sometimes it seems to happen all at once. To come out on top, insurance companies need new workflow and operations strategies that leverage process automation to streamline processes, reduce errors, and improve the customer experience.