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OVER HALF OF MILLENNIALS WANT TO USE MOBILE FOR ADMIN, WITH ONLY 35% OF BUSINESSES CATCHING ON

Organisations struggling to digitise as 46% of employees find pen and paper simpler to use

 

Workers haven’t realised the advantages of mobile, with 91% still preferring to use a desktop or laptop for administrative tasks, as revealed by research commissioned by ABBYY®, the global provider of content IQ solutions.

 

The research, of 1,246 employees in the UK, found that only one third (35%) use mobiles for administrative tasks, despite 43% of workers wanting to use it for this purpose. Millennials in particular are keen to use mobile, with 55% wanting to use mobiles for admin – yet only 43% currently do. Older generations are also open to using mobile for admin, with 35% of Gen X currently doing so, and 41% wanting to.

 

However, it’s clear that some employees are finding the latest technologies, such as mobile, too difficult to use – 28% still want to use pen and paper for admin tasks, as 46% find it simpler than other means. Desktop still runs the workplace in the UK, regardless of today’s remote working climate and the recent influx of digital-savvy millennials in the workplace. Almost half of workers (48%) use a desktop or laptop because it’s easier, and 41% because it’s faster.

 

The survey demonstrates that while many believe we live and work in a smarter, digital-first era, technology still isn’t being used to its full potential due to a lack of usability. This is despite the fact that 36% see mobile as more convenient and 37% believe it’s faster.

 

What’s more, automation of these tasks is lagging behind. In previous ABBYY research, it was found that in an average week, 39% of workers spend 1-2 days a week on maintaining databases, and 18% of millennials spend 2 days inputting data. Yet, two thirds (63%) of UK workers want to delegate these tasks to robots – without this option, 15% try to avoid doing tasks they dislike altogether.

 

As such, a huge amount of time is being spent on tasks that could be automated or speeded up through mobile technologies, and some tasks are even slipping off to-do lists. As more tech-savvy employees join the workforce, this research highlights the opportunity for businesses to listen to the younger generation and move tasks to mobile through more efficient and usable platforms.

 

“It’s very surprising to see that mobile and automation still aren’t being used to their full advantage, especially when we have these capabilities at our fingertips,” says Bruce Orcutt, Senior Vice President of Product at ABBYY. “Businesses and software developers must continue to work to make mobile interfaces more user friendly, and boost their convenience, ease and speed. However, the onus is also on businesses to harness mobile solutions and evolve the way their staff work.”

 

Orcutt continues: “As we prepare for the workforce of the future, based on a culture of convenience driven by mobile, organisations must champion smarter working practices, and educate staff on how to make the most of these platforms to drive productivity – and improve employee experience in the process.

 

“Working with companies offering specialist mobile platforms centred around user experience is crucial. This will enable workers young and old to harness technology to make their everyday administrative tasks easier, simpler, and more convenient. Technologies such as content IQ present huge opportunities to revolutionise administrative tasks and boost workplace productivity – and they’re already there for the taking.”

 

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Business

STOP THE CONFUSION: HOW TO KNOW IF YOUR BUSINESS MAY BE INSURED AGAINST COVID-19

By Alex Balcombe, Partner at Harris Balcombe

 

The last few weeks has seen businesses in hospitality, tourism, retail, leisure and more forced to close their doors following the Government’s orders that they should close to prevent the spread of coronavirus.

While this is expected to flatten the curve and reduce the number of coronavirus cases, it will of course have an impact on businesses and employees alike.  For small businesses especially, there are many concerns about how they can claim on their insurance to weigh the fall of this impact.

 

Mixed Messaging

In response to calls to help struggling businesses, the Government has informed the public that companies who are facing turmoil will be able to claim on their business interruption insurance during this difficult time. For most, this is wrong.

Alex Balcombe

The insurance industry has also been extremely vocal that there is no cover for any coronavirus-hit businesses during this tough financial period. This isn’t strictly true either.

How can businesses see through the mixed messaging and best secure their future and their livelihoods and reduce money worries? It’s an extremely stressful time for many companies, and confusion over whether or not they can be covered can only cause more unnecessary stress.

Since it’s a new disease, most businesses will not be covered for business interruption due to COVID-19. In fact, the vast majority of policies do not cover anything related to COVID-19.

That said –  don’t rule out the idea that you may be covered. There is a chance that you will be covered against COVID-19, but not know it. This is a very small chance, but your current cover may already protect your business against the consequences of coronavirus, and the nationwide response to it –  though those with this cover are unlikely to realise it.

 

How Could I Be Covered?

Not everyone has business interruption insurance, as it’s not a legal requirement. It is entirely up to the policy holder to weigh up the benefits of having it, and their ability to trade should a disaster happen.

To be considered for cover for COVID-19, there are two types of policy extensions to your business interruption cover that can potentially cover you for this situation:

Infectious Disease Extension 

Many policies expressly state which diseases fall within the realm of being an infectious or notifiable disease. If this is the case, your policy will not provide cover. As it is a new disease, these policies will not have included COVID-19.

Other infectious disease extension policies will define the disease with reference to the actions of the government. Since the UK Government has named COVID-19 as a notifiable disease throughout the UK, it is possible that your business may fall into this definition, thus meaning you may be able to make a claim.

However, again, it’s not always that simple. Many policies require the disease to have been on your premises, while others specify a radius from your premises in order to qualify.

 

Denial of Access Extension (non-damage)

Denial of Access Extension (non-damage) policies may cover you if you’re prevented from accessing your property. This could be due to an event, or by the actions of a competent authority, which could cause your business interruption cover to engage.

If covered by this clause, there are often very subtle differences in wording in your policy. This could depend on the insurer or policy. You may well be covered, but it will depend on your particular circumstances, and the specific policy wording.

 

What now?

It’s clear that the Government needs to do more in ensuring there is clear messaging for businesses, and to help the insurance market look after policy holders. This is an unprecedented situation, and with many people looking to claim on their insurance, we’re already seeing major delays which could have a domino impact.

People throughout the world are understandably facing all kinds of worries because of the current pandemic. Our ways of living have changed, and many business owners will not have experienced a situation like this in their life times. If you own a business and are unsure about whether you can claim for business interruption, or are confused about ambiguous wording, get in touch with a loss assessor.

These claims are not simple, but loss assessors will be experts in business interruption insurance, and will specialise in large and complex claims. They will be able to help and guide you along the way, check your wording and work on your behalf to make sure you get everything you are entitled to.

 

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Business

HARNESSING ANALYTICS IN THE FIGHT AGAINST FRAUD

ANALYTICS

By Anna Lykourina, EMEA Fraud Analytics Expert at SAS

 

In the past, the fight against fraud has been a bit hit-and-miss. It has relied on auditors to identify patterns of behaviour that just didn’t quite fit. They often only detected problems months after the event. And then organisations had to claw back stolen funds through legal processes.

In a world where transactions happen in under a second, however, this is no longer acceptable. We need to be able to detect fraud immediately, if not before it happens. Customers want safe and protected data that is not vulnerable to identity theft through company systems. But they still want to be able to pay online and in seconds. The stakes are high, but fortunately new tools and techniques in fraud analytics are enabling companies to stay ahead of fraud.

 

Trusting machines to do the work

Machines are much better than humans at processing large data sets. They are able to examine large numbers of transactions and recognise thousands of fraud patterns instead of the few captured by creating rules. On the other hand, fraudsters have become adept at finding loopholes. Whatever rules you set, it is likely that they will be able to get ahead of them. But what if your system was able to think for itself, at least to a certain extent?

New approaches to fraud prevention combine rules-based systems with machine learning and artificial intelligence-based fraud detection systems. These hybrid systems are able to detect and recognise thousands of fraud patterns and learn from the data. Automated analytical-based fraud detection systems can reveal novel fraud patterns and identify organised crime more consistently, efficiently and quickly. This makes them a good investment for businesses across a wide range of sectors, including public sector, insurance, banking, and even healthcare or telecommunications.

How, though, can you harness analytics as a tool in your fight against fraud?

 

Identifying needs and solutions

The first step is to identify which options you need. Probably the best way to do this is through a series of company-wide workshops with the fraud analytics experts to determine what analytics you need, which data to include and techniques to use, and what results to report. They can also identify the ideal combination of rules-based and AI/ML approaches to detect fraud as early as possible.

Companies looking towards advanced analytics for fraud detection will need to make a number of decisions. They will need to optimise existing scenario threshold tuning, explore big data, develop and interpret machine learning models for fraud, discover relevant information in text data, and prioritise and auto-route alerts. There may be industry-specific decisions to make, too, such as automating damage analysis through image recognition in the insurance sector. By automating these areas, companies can both significantly reduce human effort – reducing costs – and improve their fraud detection and prevention.

 

Benefits of an analytical approach to fraud detection and prevention

Companies that are already using an analytical approach for fraud prevention have reported several important benefits. First, the quality of referrals for further investigation is better. Investigators also have a much clearer idea of why the referral has been made, which improves the efficiency of investigation. Analytics also improves investigation efficiency by reducing the number of both false positives (that is, alerts that turn out not to be fraud) and false negatives (failure to spot actual frauds). This improves customer experience and reduces risk to the company.

Analytics makes it possible to uncover complex or organised fraud that rules-based systems would miss. Companies can group together customers and accounts with similar behaviors, and then set risk-based thresholds appropriate for each scenario.

There are several sector-specific benefits too. For example, insurance firms can identify fraudulent claims faster to prevent improper payments from going out. Claims investigation is likely to be more consistent because claims are scored through technology, algorithms and analytics, rather than by people. Finally, it becomes possible to shorten the claims process through automated damage analysis. It is no wonder that organizations across a wide range of sectors are placing analytics at the heart of their anti-fraud strategy.

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