As we look forward to the future of business capabilities being evaluated and even implemented at some leading insurers, we are seeing insurance companies designing business operational profiles and executing the profiles that meet the business event and business activities at the appropriate time to truly sense and respond.
This is enabled by business event processing, or the ability to receive or extract business events from multiple sources.
Also the ability to detect “business situations” based upon event patterns and data (predictive variables, actuarial variables, etc.). These derive new events (through information enrichment), allows business users to detect, evaluate and react to business events in real time and take the appropriate actions.
Business event process capability is available, the capability on the business and technology is ready, and it just requires an insurer to have the maturity in the mindset of business capabilities as a service. When an insurer implements this level of maturity and precision in the business process, there will be no stopping them from exceeding all expectations of the customer, agent/broker, stakeholder and employee.
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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