7 Benefits of implementing BPM technologies in Insurance
by Navin Gupta, on Sep 30, 2021 8:45:29 PM
Estimated reading time: 2 mins
The Insurance landscape is becoming more complex by the day. Mergers and Acquisitions, growing scope of operations, fragmented processes, growing technical debt, increasing regulatory compliances, etc., inadvertently give rise to more complexity. BPM technologies simplify the procedural flaws that have crept in over the time and improve process efficiency.
What is the main objective of implementing BPM technologies in Insurance?
Seamless operations management through rapid automation is the primary objective of implementing BPM technologies in the Insurance domain. The simplified operations result in improved performance, profitability, and customer service. This in turn, results in increased business innovation, operational efficiency, and improved returns, thus imparting a competitive business advantage.
What are the main Insurance processes that can be leveraged with BPM technologies?
The primary Insurance Management processes that can be rapidly automated with BPM technologies include, KYC process of both customers and agencies, policy administration, underwriting, claim management, billing, case management, policy renewals, and dispute management. The technology advancement can be leveraged in all Insurance sectors, including but not limited to automobile insurance, property and casualty, and health insurance.
The key BPM technologies
The BPM technologies that given an edge to the Insurance Process Management include:
- Intelligent document processing that auto-captures data from both structured as well as unstructured documents.
- Robotic process automation that auto-transfers and synchronizes the captured data between multiple insurance management systems.
- Analytics that offers an accurate visualization through immersive dashboards even with high volume data, reduces false positives and false negatives, as well as eliminates outliers & fraud.
- Workflow management that auto-routes the deliverables and approvals through the work buckets of different stakeholders and reduces turnaround time.
- Rules management that seamlessly integrates the different business logics into the Insurance workflows.
- Cloud management that allows to host the business applications on the cloud for seamless access across geographically distant offices towards a collaborative workspace.
Benefits of BPM technologies in the Insurance Process Management
BPM technologies simplify the approach to Insurance Process Management and offer significant benefits realization in the Insurance industry –
- Unified view of data of unique individual cases, their household members, their policies, their different product memberships, their claims, no claim bonuses, etc.
- Process optimization across the different workflow segments and insurance value chain
- Business logic abstraction across complex procedures and workflows towards simplified process management
- Pattern detection with high volume of structured and unstructured data with multiple variables
- Reduced turnaround time as compared to manual and semi-automated procedures
- Reduced operational expenditure as compared to the As-Is process management
- Real-time view of claims, renewals, billings, and other insurance processes
BPM technologies simplify the Insurance Management Processes, offer a unified view of data, optimize processes, and impart a significant buoyancy to the Insurance value chain. Overall, these technologies impart a significant competitive edge to the Insurance providers.
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