The industry's umbrella phrase for organizations that provide various financial products or services is banking, financial services, and insurance (or BFSI). This includes universal banks that offer a variety of financial services and businesses that operate in one or more of these financial industries. More precisely, Actionable Information is the most crucial prerequisite for surviving in today's turbulent economy; no other industry is as dependent on current and insightful information as the insurance industry. Customers and investors today want complete operational transparency through the use of technology.

Binary's insurance solution gives the insurance business a comprehensive tool to improve process efficiencies, cut costs, expand market reach, boost customer happiness, and increase profitability.

BFSI solutions as a constituent of our core product plan

  • The BFSI industry's future will be heavily reliant on innovation and technological advancements.
  • They are embracing digitization and new and emerging technology to improve operational efficiency, increase revenue, and provide a better customer experience.
  • Sales channels/extended businesses have become more self-empowered as a result of digital initiatives such as automation, mobile apps, data analytics, and necessary enablement tools.
  • This already influences productivity as well as employee retention and the delivery of a more connected experience.

AI/ML

  • AI is changing legacy structures, traditional operational methods, and banking procedures.
  • Advanced machine learning algorithms analyze data faster, help with compliance management, profile credit risk, and even red-flag irregularities to detect fraud even before it happens, while AI improves customer experience with virtual assistants and streamlines cumbersome operations.
  • By processing mountains of data, personalizing customer experiences, and contributing to revenue development, AI and machine learning also save time.

Blockchain

  • Blockchain methods and solutions can allow for more cost-effective, faster, and more accurate evaluations, as well as transaction immutability, transparency, and secure and distributed data that cannot be breached.

Robotic Process Automation

  • Robotic Process Automation (RPA) is a technology that mimics human behaviors to collect data and navigate digital systems more quickly.
  • In the BFSI sector, this level of automation is crucial since it automates workflow without being intrusive, lowers errors, and accelerates digital transformation.
  • Robotic Process Automation clears backlogs and takes on repetitive and high-volume operations like paperwork, filing, and data extraction to assist overworked personnel.
  • RPA offers a wide range of capabilities and can be used to automate customer service and operations in a variety of sectors.

Cybersecurity

  • By assuring cyber security and managing large amounts of unstructured data, Big Data improves trust equity.
  • Firms can provide customers with tailored insights into their investments and much more thanks to instant clarity and predictive analytics.
  • Clients prefer managing their accounts online as physical connections have been infrequent since the epidemic, and Big Data not only gathers information that is useful to them but also protects them from threats.

IoT

  • Traditional banking procedures such as KYC, lending, collateral management, trade finance, payments, PFM, and insurance could be impacted by IoT.
  • IoT deployment can help develop new P2P business models that have the potential to disrupt banking in a few sectors when combined with other upcoming technologies like digital identification and smart contacts.

Use cases:

Insurance company API integrations

  • Our VISoF Platform assists insurance businesses in developing innovative digital solutions.
  • Our main aim is for an insurance firm to integrate our technology into their present products, resulting in new capabilities.
  • Customized APIs are available for multiple insurance products, such as motor, health, travel, and life insurance.

Insurance Sales & Distribution

  • End-to-end digitally-enabled applications that cover all traditional insurance sales and distribution cycle stages.
  • OEMs, Brokers, Corporate Agents, Automotive Dealers, and eCommerce channel partners are among the clients who benefit from the solution.

Support & Knowledge Services

  • This customized solution comprises essential insurance system maintenance and changes for insurance companies.
  • L1 and L2 - Dedicated support services for Motor, Health, Travel, and Life Insurance and highly trained Technical and Domain Expert personnel who can meet your business/technology objectives.

GSTrobo Software

  • Our GST software enables end-users to file GST returns smoothly while adhering to GST compliances and laws.
  • GSTrobo® offers GST software and applications that include data validation tests to assure data accuracy without the need for manual involvement.
  • It includes a Lightweight Mobile Application that allows you to create and send E-invoices.
  • By replacing various taxes with a single tax on the supply chain of products and services, GST has given businesses reason to be optimistic.
  • GST has resulted in a thorough reform of the current indirect tax system, and this new tax regime has brought several upgrades and advancements.
  • We provide a plethora of customizable and simple-to-use GST software and APIs to assist you in managing your GST operations and risks.
  • It's critical to understand and keep up with all of these new developments to keep your business GST-optimized and compliant.

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