Growth vs Scale in APAC for Financial and Insurance Service Firms in 2022 

August 12, 2022

Insurance companies, financial services and accounting firms alike can experience growth, but not all will have the ability to scale. What’s the difference? Growth is defined by increasing in size  such as with revenue and resources. Scale is defined by an increase in revenue at a faster rate than costs. 

If your insurance company, financial services, or accounting firm is growing in APAC, you are adding revenue at a similar rate that you are adding resources. Adding more staff for example increases operating costs and decreases profits, at least in the short term. If you are a C-level executive of an established business or a senior manager of a department with double-digit growth KPI’s, then the moment scaling occurs is when you discover and execute a way to increase your revenue and increase your profit margins at the same time. There are a few techniques, but enabling efficiency with your existing structure is often the fastest route. 

At a mid-market and enterprise level, taking on the task of scaling may appear daunting.  Particularly as the amount of financial data to process becomes complex with a myriad of client interactions being processed and serviced amongst several growing teams within the business.  The more the organisation grows, the more financial information and formal documentation appear and keeping track of where expanding data sets go usually requires multiple systems.  In a growth environment, insurance companies, financial services and accountants will often reach thresholds where operational efficiencies stagnate due to the volume of financial information being exchanged.  These occur across a growing number of team resources and digital data platforms.  API’s to connect the platforms often take time and more resources to execute and configure. effortlessly address scalability for insurance companies, financial services and accounting firms through three critical data exchange avenues.  

1. Scaling financial data capture in multiple APAC countries

Whilst your organisation may already have digital platforms to collect client information, in a growth environment, unique insurance claims, bespoke financial services, and non-standard accounting documents move from occurring once in a while to being part of daily life.  Often these tasks will appear insignificant for a while and thereby not require official digitisation.  When a business experiences rapid growth, it becomes difficult to keep up with the increased workload connected to these manual processes, without it having a negative impact on how your team operate.

Using automated data capture technology offers insurance companies, financial services and accounting firms the opportunity to remove the future hours lost by staff deciphering complex financial data information in multiple regions around the world. Advanced mechanistic programs can read, analyze and capture data from a variety of sources (like a PDF or spreadsheet), and automatically digitize this information for you into a centralised system. 

A significant point of difference is that has the ability to do this in hundreds of different languages around the world utilising Natural Language Processing (NLP) technology, even if the data is eventually feeding into the same system. Substantial errors occur in similar language processing platforms, however, multi-lingual data capture boasts world-class accuracy.  This ensures your culturally diverse clients have an enhanced experience with your scaling brand whilst allowing you to deliver bottom-line reports that reflect rapidly expanding profit margins. 

2. Automated categorization of financial data

There are more economies of scale to be achieved with than just automated data capture. Once the human-centric deep tech of has captured the data, it evolves to intuitively and automatically categorize and organize that data in the ways it knows that the financial sector and markets need it, and then it is sent to its intended destination. brilliant intelligence does not have the same limited capacity for information or time, as a real person. The technology can literally handle thousands of documents, automatically scanning, digesting and categorizing data as it goes, learning more each time it performs the task. Forget having to add resources as you continue to grow; using you can quickly and easily scale with minimal additional cost.  Insurance companies become instantly better informed across their categories of claims, financial services can leap into more astute management of their client portfolios, and accounting firms' calculations can move from being clever to exceptional.   These financial data efficiencies frameworks enable time for your teams to deliver more profound, beneficial and long-term client engagements.

3. Connecting software tools with pre-developed financial industry software integrations 

You’ve saved countless hours by automating your processes with AI; data is ingested, categorized and ready to go. bluesheets connects your data directly with your favourite business tools across the major business software suits utilised in APAC and global financial markets.  For example, automatically send your invoices to via Gmail or Outlook email, and it will extract the data, categorize it and then send it directly to your account ledger in your preferred accounting software such as Xero or Quick Books. Have claims sitting in outdated static forms under a Google Suite environment? extracts, categorizes and sends the newly digitized and dynamic data across to the relevant ERP tool across the likes of Netsuite, SAP and Microsoft Dynamics. 

Connecting your data directly to your business software means that professional and highly skilled team members that are usually responsible for these admin tasks are able to direct their energy towards projects that are more engaging, which improves morale. Human error is also negated as the data flow across your business tools become natively integrated with configurations that you can set at the start to automate the process.  Data accuracy, available in real-time, ensures that scaling is never stagnated by chasing or waiting for people in other teams or across business unit functions to come up to speed when rapid growth is initiated.   

In the world of finance and insurance services, this real-time data alone is invaluable for APAC-based companies looking to move from their current regional presence into an even more lucrative global market.  

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Bluesheets is a Singapore-based technology company that ingeniously delivers a holistic and intelligent commercial perspective for Financial and Insurance Service Firms so that you can move complex industry data sets into a simple, clear and automated journey.