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Om Van
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.
Benefits
Improve profitability & lower expense ratios
Process automation leads to significant cost savings due to reduction in manual
effort, elimination of unnecessary tasks, and so an 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 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 software 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 agents’ productivity, giving them another reason to align with a carrier
besides price or increased commissions.
Posted in: Computer Software
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