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Today, businesses are operating in markets that are more competitive than ever. Responsiveness to changes in these markets has become critical to success. The ability to respond rapidly to competitive moves, to ever-changing customer needs and expectations and to new regulations are key factors in achieving revenue growth. In order to be responsive and align their organizational capabilities, businesses need to coordinate their actions and use all relevant information in context. Business performance management solutions deliver the capabilities, enabling alignment from strategy to operations, allowing access to all information within the business context, analyzing the information and enabling action to be taken based on insights gained. Below are two scenarios of how business performance management solutions solve business problems. Both scenarios require alignment of business strategies throughout the company and both focus on delivering value through action and accountability.

Insurance: Cost Reduction Through Integrated Claims Management

Insurance companies are faced with meeting two seemingly conflicting performance objectives: lowering the cost of claims from both a Ďloss costí and a delivery (Loss Adjustment Expense) perspective and still maintaining or improving their levels of customer satisfaction. A high percentage of premium income goes to claims, thus companies must lower these percentages to improve profitability. At the same time, they need to address customer complaints about the speed of processing claims, accuracy and responsiveness. Many companies face significant challenges in trying to balance these two performance objectives. Currently, many do not have visibility into the effectiveness of their claims process ó they donít know how their best clients are being treated, canít compare nor accurately predict the ratio of claims paid to net premium, and donít know what is causing delays in their claims processes. In short, they canít pinpoint which elements of their processes to fix.

The ability to model and simulate the claims process, from first notification of loss through closure, is a key element of a business performance management solution. Creating a model of the process enables business managers to have a better understanding of the process structure; simulating the process provides business managers with an understanding of the behavior of the process. Business managers can see, or example, where bottlenecks occur and determine costs and processing times without ever deploying the process. Modeling technologies enable "what if" scenarios to be performed to compare and analyze structural choices as well as different resource allocations. This modeling and simulation enables consistency and predictability in the claims process for different channels and products.


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