Once we discover the technique of redesigning the business process as building blocks with a service-oriented mindset, transformation is next. Let’s imagine a world set apart from the competition that increases value, and enhances customer and employee experiences. How do we define the process and create the experience?
The way is to flip the organization and put the end-to-end process and insurance value chain on its side. Rather than thinking in terms of systems and applications and the old insurance value chain, think in terms of what a customer does to complete the process. Look at it from a different viewpoint: the customer,—clearly define through their eyes, their wants and needs. To do this, insurers must rethink and even re-experience.
Customer perspective: Imagine as a customer, being able to manage all of your insurance needs based upon your lifestyle requirements or company’s risk management needs. Able to view information and respond in real-time to possible changes in lifestyle (i.e., marriage, new home, new car). Being able to access and integrate any insurance solutions across property and casualty, and life and annuities, across multiple lifetime events all at once or in any sequence all though the distribution channel of choice—Internet, agent facing, or even at the bank.
These same individual scenarios apply in the commercial insurance world as well. Risk managers want the ability to analyze multiple coverages or even product options with their broker or directly with their insurer to analyze their prior coverage, loss information, get a quote, bind coverage, accept payment and provide proof of insurance—all while on the phone or an Internet session with them.
This all requires more flexible and efficient front/back office business processes and systems. Insurers must have the ability to quickly consolidate, integrate and respond to different scenarios. And, the product development/offering with precision pricing along with servicing capabilities must be able to address their customers’ changing needs.
This is an excerpt from a recent whitepaper “Insurance: Realizing the Full Potential of Change Shifting the mindset to create dynamic business models by leveraging BPM and SOA as true enablers” authored by Deb Smallwood & Cindy Maike, Co-founders of Smallwood Maike & Associates and published and sponsored by IBM. Contact Deb Smallwood at dsmallwood@smallwoodmaike.com for a copy.
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