Across the insurance industry, leaders are looking from end-to-end processes with a different eye. These leaders will continue to change and drive business agility and innovation throughout the enterprise with a clear strategy, shift in mindset for business capability, and leverage business process management and SOA.
The business value of BPM and SOA together at the business process level is unique, providing constantly escalating return on investment (ROI). Of course, there are significant IT savings upfront, and the benefits to the business continue to grow in many ways like competitive advantage, superior customer service, responsiveness and ease of doing business for the customer and agent/broker.
The hard value ROI does not remain static as in BPM-only solutions because of the discoverability, sharing, and re-use at the business level that SOA contributes to the equation, and grows each time the flexible automation solution is accessed, and over time (that is with each sharing or re-use of the solution). The soft business value is realized in even further hard value operational excellences and optimizations.
Insurers’ results are demonstrating the real value and benefits from shifting the mindset and leveraging BPM and SOA. The following is a summary of many case studies and implementations we have observed:
•100% achieve some level of flexibility responsiveness in day-to-day business operations.
•97% realize decrease in overall costs and expenses in both business and IT.
•71% experience some form of risk reduction as it relates to compliance.
•51% see revenue growth.
•43% see expansion in enabling product development.
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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