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