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Insurance companies continue to face intense pressure to improve performance,
increase profitability, deliver superior customer service, and increase shareholder
returns. In recent years, business process management (BPM) has emerged as a
proven technology that helps insurers meet these business objectives and gain
competitive advantage. Following are some of the key advantages delivered by
BPM for insurance companies.
Improve profitability & lower expense ratios
Process automation leads to significant cost savings due to reduction in manual
effort, elimination of unnecessary tasks, and a resulting overall increase in
operational efficiencies. BPM deployed on an enterprise-wide scale helps companies
increase profits and improve their business performance, thus making them potential
candidates for better financial ratings.
Improve customer service and agent management
BPM allows insurance companies to automate flow of information, notifications,
and alerts with both direct and independent agents and customers, thus allowing
better and more up-to-date access to information. BPM speeds up processes, reduces
lag time, and ensures that tasks do not fall through the cracks.
Deliver superior underwriting results
BPM makes it possible for insurance companies to standardize on a common underwriting
process. Each division can use different rules but access the common process,
thus allowing for better control and monitoring. Underwriting personnel can
concentrate on knowledge-based functions of their roles and return better results.
Increase productivity
BPM enables seamless integration of workflow tasks with back-end systems, thus
removing the need for mundane tasks such as manual reconciliation, visual data
verification, and typing-based data entry. Process automation and integration
also improves the independent agents' productivity, giving them another reason
to align with a carrier besides price or increased commissions.
Create system and process flexibility and agility
BPM allows companies to respond quickly to changes in business demand, new
opportunities, and regulatory requirements.
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