Insurance business is typically process oriented and insurance companies are facing thousands of business processes. Therefore most of the insurers are seeking for opportunities or solutions to improve their current top challenges including cost reduction and control, customer service improvement, efficiency of product development and agent communication, claims handling, and process improvement.
 
The situation is, with many running systems, the performance of above processes is still often determined by the individuals who operate them, too much personal knowledge effect on the final result of the whole business process. Meanwhile, it is not easy for the management team to find out the weakness of the process, let alone the improvement.

Key Benefits

BPM is the right choice for insurers because it can help them become more customer-centric and operation optimized and gains the ability to achieve the success of realizing following:

• Add flexibility and adaption to process from tax changes, new policy and new products, to distribution channels and new technologies
• Reduce dependency of human ability but increasing automation of processing, efficiency of job and continuous improvement opportunities
• Real-time visibility, monitor and adjust process, as well as basis of data and report for process improvement
• Increase customer satisfaction by promoting process efficiency and collaboration within and beyond the enterprise
• Extend and optimize legacy system environments and leveraging cooperation between them

Best Practice

With arvato systems' experience of consulting and implementation of BPM, these best practices help accelerate the targeting and executing of the BPM project and drive the success of any insurance operation:

• Claims management

Increase efficiency by reducing claims leakage.

• Underwriting management

Cut underwriting time and cost by automating the streamline of underwriting and reducing manual work.

• Customer services improvement

Increase customer loyalty and satisfaction by improving average handling time and feedback to customer services.

• Policy management

Flexible adaption with the change of the policy by allowing control of specific rules and tables that suits to different policy.

• Agent and membership management

Improve agents’ satisfaction and loyalty through integrating management systems.