The Insurance Market

The insurance market is highly fragmented. Some companies are still struggling to fully automate all steps of every process and are lacking meaningful management information in order to improve and drive growth.

Added to that, the challenge of working around legacy systems and an increasingly competitive market has driven the most successful companies to embrace BPM and a process-centric approach.

Leading players have achieved commercial advantage through successful strategies of differentiation through their people and their shared knowledge.

We have a pool of experience in implementing successful BPM projects to the insurance market and our approach is to work very collaboratively with key people at all levels, through the entire process.

We have delivered a variety of Insurance projects. The complex business issues that can be resolved through BPM are:-

• To enable successful policy maintenance, through processes to keep the policy running, ensuring policy is valid and correct and renewals are correctly processed
• To initiate processes to deal with fraud detetection, loss adjusting and investigation
• Reducing the time taken to resolve claims and disputes
• To map complicated adjudication business rules and create rules engines to react to changing business events
• The ability to bring new products to market faster to gain competitive advantage
• To monitor workload and business activity and aid in the management of staffing and recruitment.

Typical outcomes of delivery are:-

• Improved cash flow (for example adjudicating claims efficiently and reducing overpayment scenarios)
• Reduced time to market for new products
• Head count more effectively deployed
• Auditable records for regulatory compliance
• Enforced regulatory compliance
• Fraud detection
• Predicting bottle necks and planning man hours
• Improved reaction time to customers for queries or complaints
• Better overall customer experience and satisfaction increasing renewal rates
• Improved business process understanding and optimisation
• Continuous process improvement
• Reduction in manual interventions.

Some of the recent insurance experience we have are:-

• Providing Systems Architecture consultancy for an Arrears handling project, implementing project in just under four months (2006)
• Using TIBCO tool to implement straight through processing to reduce processing costs and manage business process more effectively (2007)