Insignia saves hours with ‘digital workforce’

Yasmine Raso

Senior Journalist, Financial Newswire

30 January 2023

Since its partnership with Automation Anywhere commenced in 2019 and Insignia Financial deployed its first digital worker, the wealth management firm confirmed it has automated over 60 processes and saved thousands of working hours.

Powered by the Automation Success Platform, the digital workers allowed Insignia to save an average of 15,000 full-time employee work hours per month, providing the equivalent of 100+ full-time works at one-tenth of the normal cost.

The digital workforce at Insignia has the capabilities to automate process across several business units including Finance, Operations and HR, to streamline systems and improve overall efficiency. Insignia’s software bot or digital worker, Optimus, is currently responsible for updating the firm’s superannuation rollover information into its registry systems.

This has allowed employees to dedicate more time and effort to more client-facing tasks and other high-value roles.

“Automation has enabled competitive advantages by freeing up our people to do what they do best – supporting our clients, solving problems, improving processes, conducting analyses, and other value-added work – resulting in higher employee engagement and achieving better results for our clients,” Frank Lombardo, Chief Operating & Technology Officer at Insignia Financial, said.

“Through our collaboration with Automation Anywhere, Shadforth Financial Group, part of Insignia Financial’s advice network, has also benefited from digital workers.

“Where previously the paraplanning team would update client details on a PDF that would be distributed to clients, now a bot automatically completes and forwards the required forms to clients, with the error rate dropping to near zero.”

“We are excited to collaborate with Insignia Financial to deliver measurable business benefits through automation to achieve cost reduction, greater accuracy, and speed,” Andrew Foot, Regional Vice President – South Pacific at Automation Anywhere, said.

“Scaling automation throughout Insignia Financial will continue to add value and empower knowledge workers to further innovate to grow the organisation.”