Insurance Companies Increase Their Values with BPM Applications
Insurance Companies Increase Their Values with BPM Applications
Insurance companies have to deal with legal obligations, changing customer demands, geographical and cultural factors, and agency problems every day. And when system-based problems are added to these daily issues, they have to carry out their work like they are in a war.
Applications such as Business Process Management (BPM) enable the digitalisation of the work done to minimise the problems experienced by insurance companies.
So how do BPM applications accomplish this?
First, let's address the challenges faced by insurance companies:
Some of the main problems experienced by insurance companies are the inability to bring together customer requests coming from different channels and manually and duplicative work, making it impossible to manage the requests due to the lack of coordination.
Working with non-integrated systems leads to an inability to exchange data and an increase in manual operations, leading to an increased workload.
Integration problems make it difficult to keep track of files and documents, preventing the agency, company, or people from executing business processes at the same time.
Failure to monitor instant data leads to reporting problems. SLA times cannot be calculated objectively, which leads to a complete follow-up of the work and a decrease in productivity.
Document archiving can be a big obstacle if not designed correctly. Documents of different types and sizes must be archived digitally and accessible at any time, while documents of critical importance must be visible only to certain people in these archives.
In general, problems in integration, archiving, tracking, authorisation, access, coordination, etc. make the work of insurance companies difficult and slow down. And slowing down business leads to increased costs.
So how do BPM applications make things easier for insurance companies?
Insurance companies avoid many of the above problems by using case management as well as the process management feature of BPM applications. If we think of the case as the body of an octopus, we can also consider each arm as a system. As a hub, the body manages customers, applications, processes, etc., which we consider as separate systems in a coordinated manner.
With this coordinated management;
- Special channels can be opened for all agencies, and all requests can be collected in a single system.
- By integrating different systems and exchanging the data automatically.
- A reduction of up to 50% is achieved for the duration of meeting and processing requests.
- The estimated completion times of the tasks that need deadlines are more accurate, and the completion times of them are reduced, making them compatible with their deadlines.
- The distribution of tasks is done more systematically and fairly.
- Urgent matters are prioritised automatically, preventing delayed work.
- An increase of up to 15% in the transaction volumes by just eliminating the unnecessary workload in transactions performed by end-users.
- All e-mail and internal messaging are managed through a single system, making internal communication easier and more reliable. And thus, keeping the data integrity at its top level.
- Since authorisation is made on a file and document basis, only those who need access to the relevant documents can access it, -preserving the concept of confidentiality.
- Bottlenecks in processes are easier to detect and easier to improve.
- As all processes are integrated into a system, orientation time for new hires is reduced.
- With the digitisation of work, improvements in the quality processes increase, preventing more than 75% of human errors.
- Regulatory compliance and risk controls take place automatically, adapting to new legal obligations more quickly and easily.
- All completed and executed processes can easily be monitored. Streamlined business tracking and reporting enable accurate resource optimisation and budget management, which reduces costs and increases productivity.
- Streamlined business processes, eliminated unnecessary workload, and fast turnarounds turn into a source of satisfaction for customers. Thus, a 20% increase in the Net Promoter Index (NPS) employee and customer satisfaction score can easily be achieved.
Insurance companies can achieve operational excellence with Business Process Management (BPM). While creating its products and services, each organisation can work within its own corporate culture in line with its own goals. The company achieves maximum efficiency as integration, coordination, time management, and resource use problems are eliminated. Thus, the use of BPM increases customer satisfaction and company value.
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