BPM for Insurance Companies

However, today insurers are moving past the traditional BPM capabilities, tapping into its deep-rooted potential by integrating Analytics, Machine Learning, RPA, Digital Sensing, etc. This has fueled expectations with the BPM market to thrive at a rapid pace of 12.2% for the Middle East, Asia Pacific, and African markets in the last few years.

Present Process Landscape in the Insurance Industry

With the passage of time, the BPM models in the insurance sector have become fragmented across different geographies, leading to duplicate process flows and overlapping functions. This has led numerous disconnected systems to operate within an enterprise channelling inefficiency in monitoring across different application interfaces. Consequently, this has marked the need for an integrated view of operations and the importance of effective BPM implementation across the insurance industry. Hence, BPM for insurance experts is not just the need of the hour, it is obligatory too.

Challenges Persisting in the Insurance Industry

Insurance products are serviced by different application systems and process implementations, and hence share a plethora of following challenges for which BPM for insurance becomes inevitable:

• Cross-selling options are restricted in the absence of a unified process platform which BPM for insurance processes promise.
• Unstructured methods of communication lead to repetitive manual procedures and lowered productivity levels.
• Lack of transparency in the process cycle

The challenges mentioned above point out the need for a more rigorous process management approach. BPM for insurance tools and technologies like process automation, workflow management, business process reengineering, and business activity monitoring is the only way for insurers to deal with such looming challenges in their industry. Here is a detailed overlook as to why BPM is the ideal application platform for the insurance sector.

BPM as an Application Platform

As per market experts, the BPM platform is the perfect podium to create systematic business applications that permit customizations as per the requirements. Let’s understand this with an instance of BPM for insurance. Today, an application can be submitted via a host of methods like online portals, kiosks, agent networks, Social Media, etc. This calls for the front-end application to be vigorous plus flexible to manage multi-channel initiation to flow smoothly via data extraction points and conduct duplicity checks. Since there is a considerable number of manual operations involved, RPA integrated with BPM methodology can play a very symbolic role here. Thanks to business process management capabilities, transactional applications can be configured to accommodate recurrent changes very conveniently.

Add to it, intelligent BPM solutions help insurers to stay ahead in the competition by promising a praiseworthy and exclusive customer experience to severely cut down the customer acquisition cost, reduce the attrition rate, and foster loyalty.

Fostering a change in the Insurance sector with BPM solutions

A BPM for insurance platform emerges to be of significant value since it aids them to identify and organize the right business solution and touchpoints for the clients for the best hassle-free transacting experience In addition to it, a BPM platform also facilitates the following for the insurance sector:

• Optimized policy processing
• A higher level of service to client-targeted policyholders
• Real-time view of process performance
• A unified view of policyholders
• System flexibility for decisive decisions
• Shorter turnaround times to deliver business requirements

If that doesn’t suffice for you, read on to know the key benefits of a Business Process Management technology for the insurance sector.

Key benefits of a BPM platform for the Insurance Industry

Riding on the back of a modular nature of the insurance business and its multiple entities that need to work in sync, insurers are banking on intelligent BPM models to drive the digital transformation with new-age technologies. Here are the key benefits of the intelligent BPM for insurance:

• • Unifying Business Processes- Thanks to effective BPM implementation, the centralization of key insurance processes, which were previously isolated (like claims processing, underwriting, policy servicing, etc.) is possible for seamless flow of data to cater to the millennial customers.
  • Leveraging the Evolving Technologies- Insurers can leverage BPM solutions to make the most of the potential of the new-age technologies, by integrating them with RPA.
  • Satisfying every customer- BPM for insurance experts is imperative, especially if the target is to deliver a delightful customer experience, promote brand loyalty, and stay competitive by slashing down the attrition rate significantly.

As per McKinsey, companies that prioritize best-in-class customer experience are more likely to grow faster and double profitability. As per market survey reports, more than 80 per cent of satisfied customers renew their policies, as compared to the unsatisfied ones.

BPM for Insurance Companies: Concluding thoughts

The implementation of BPM for insurance in lead management claims function, underwriting, etc. contributes extensively to business ROI. The operational nature of such processes makes them suitable to migrate to a BPM platform since they are laced with multiple challenges like minimizing lead times, flexibility in underwriting, reduced claim processing, etc. and can be addressed only via effective BPM methodology.

Only with effective BPM for insurance can such core processes be simplified and standardized to support dynamic management of tasks, providing the customers greater visibility while cutting down the cycle times to drive profitability. Convinced that BPM for insurance is the key for your insurance businesses? Connect with us at IVEOND, today, and we will make its magic for your enterprise too.