Optimizing business processes without compromising on efficiency gives a competitive edge to enterprises. Business process management software (BPM) has been adopted to transform core processes by many industries, including insurance. With insurance businesses increasing both in scale and complexity over the years, their processes can become fragmented. Business users need to perform activities across different applications that can lead to inefficiencies in tracking and management. And the right business process management software can bring structure to and transform critical insurance processes.
But hold your horses! It is necessary to understand which insurance processes are most suitable for BPM implementation.
Discover the top 3 use cases where business process management software can bring efficiencies:
Underwriting is a core process for every insurance provider. A business process management software-based underwriting engine can facilitate straight-through-processing and automate critical underwriting tasks.
Policy Administration and Servicing
The dynamic market and regulatory changes are pushing insurance firms to shift their focus on improving policy administration and servicing. Insurers are often challenged with siloed systems, absence of quality checks, ineffective customer communication, and lack of service level agreement tracking. With the right BPM software, insurance firms can orchestrate and model the end-to-end policy servicing process, undertake parallel processing of complex cases, ensure straight-through processing of simple requests, easily handle all types of financial and non-financial policy transactions, comply with regulations, and more.
Insurance providers need to sustain a balance between fast and accurate claims processing, a critical function to maintain a high level of customer satisfaction. A claims management software built on a BPM framework can enable insurers to proactively manage the lifecycle of a claim and automate the end-to-end claims workflow. Insurance firms can benefit from the in-built business rule management engine to oversee various policy breach conditions.
Insurers need to stay ahead of their competition by optimizing their processes, and the right business process management software can help. However, selecting the right BPM software can be a challenge as insurance providers need to understand the must-have capabilities in the software to maximize the benefits. To better understand what BPM can do for your company, read this case study on how a Philippines-based insurance firm integrated BPM to create an automated enterprise, improve customer experience, improve process visibility, and ensure straight-through processing.