Many insurance providers are looking for opportunities to improve the efficiency of processes critical to their business — from agent communications to new product introductions, claims handling, policy administration, and payment reconciliation.

Compliance with federal, state and other regulatory bodies requires the ability to evolve processes continuously and still keep close control over how the processes are executed. With so much invested in core systems, most providers also want process improvements to leverage the capabilities of existing legacy applications wherever possible.

BPM Opportunity

Insurance providers are increasingly looking to BPM not only as a solution to specific, immediate process improvement objectives, but as a platform that gives them the ability to tackle diverse process improvement initiatives and realize the following benefits:

  • Enable collaboration across and beyond the enterprise.
    Automatic work routing and notifications across groups, outside agents, and customers reduces the time, errors and complexity of executing processes.
  • Enable Straight-Through Processing.
    Business rules in processes can help automate the routing and processing of tasks — often reducing the amount of human intervention needed by over 80%.
  • Gain real-time visibility and control over processes.
    Managers can view real-time process performance and proactively manage bottlenecks.
  • Extend the value and life of core systems.
    Leverage existing applications by reading and posting transactions while introducing more efficient Web-based forms and interfaces.
  • Ensure that the process that is documented — is the process that is executed.
    Process models that actually run the process provide consistency, adherence and audit trails to ensure compliance with regulations like SOX, HIPAA, etc.
  • Respond to change faster.
    Revise processes to respond to organization or regulatory changes — in days, if necessary.