Incorporating BPM in Insurance
Incorporating BPM in Insurance
There is no denying the fact that the insurance industry is replete with a range of paperwork which includes form filling, underwriting and data entry; and this often leads to a fair amount of human error. Besides, the insurance industry also has to deal with various other processes, some of which include the launching of new products, handling of claims, as well as making payouts. With a suitable BPM solution in place, an insurance company can expect the efficiency of all included processes to rise considerably.
A case in point is the incorporation of BPM solutions by a European insurance company. This company was successfully able to utilize its existent manpower for core functions, while the automation helped smoothen out the administrative tasks that were linked to the various processes. The overall cost of ownership of the implemented solution was also lowered considerably.
Based out of Malaysia, CMS I-Systems was looking for a solution that could give them a higher ROI through its ability to be embedded easily into their existing systems, while also being responsive to any required changes in processes. The solution that they opted for not only delivered on these parameters, but also reduced the time that the business needed to follow through.
Specific benefits, when it comes to BPM solution for the insurance sector, are many. For starters, since there would be a drop in the tasks that are generally human based, one could expect such a solution to increase the process' efficiency. This, in turn, would translate into increased profits because of the processes being streamlined. BPM Insurance would allow you to formulate and regulate all the information flowing through the system, you would have the ability to improve agent as well as customer service management through an assortment of alert, notification, and messaging options. In doing so, you could also give your entire customer/agent base real time access to updated information.
Another important factor to consider is that the insurance sector has to ensure adherence to various state and federal regulations. This therefore, makes it very important for any business to keep a close watch on the execution of the processes. Good bpm software would come with options that would allow you to monitor process compliance on an ongoing basis. Besides, you can also expect a good BPM solution to give your senior management real time direct monitoring and tracking access through dedicated dashboards.
Since underwriting forms a crucial part of the insurance industry, it is only natural that this aspect needs to be addressed. Through the implementation of a successful BPM solution, this process can be standardized across all departments/sections; and while every department/section should have the ability to employ different parameters, the process remains common, thereby allowing better control in the insurance workflow. This would, in effect, give underwriters the chance to focus on their core expertise.
So while the BPM solution would help in aspects like documentation and the formation/improvement of processes, it would also help in reducing the business' dependency on certain employees. Also, since a BPM solution leaves room for refinement, you can expect process optimization to be a continual process. Get Online Insurance License in Your State Be Safe And Get Insurance The Protection Value That Commercial Truck Insurance Provides How To Choose The Right Truck Insurance Company Is Boiler Insurance A Worthwhile Investment? PI Insurance: Accounting For Mistakes How you can get a Medigap Insurance plan Wimax Coverage: Info For Daytona Beach Residents Hitting the roads with the right Commercial truck insurance rates 1-800-513-3135 Understanding Medigap Insurance fundamentals A good Tractor Insurance company For your needs How To Clean Clarks Boots For Women Medigap Insurance Plan F-an outline narration