BreakingwithTraditionintheInsuranceIndustryStrategies.pdfVIP

Business process soLuTions e X e c u T i v e p e r s p e c T i v e1 Breaking with Tradition in the Insurance Industry: Strategies to Insure Operational Efficiency and Future Growth An Executive Perspective Authored by Deb Miller 2 Business process soLuTions e X e c u T i v e p e r s p e c T i v e Summary In the face of challenging economic times, pressing regulatory changes, and increased competition for market share, insurance companies are struggling to maintain their balance. Companies that focus on the traditional business drivers to deal with shrinking revenue and flat expenses will continue to weather the financial storm - just as they have in the past. The competitive landscape is shifting though and will favor those in the insurance industry who take advantage of today’s market to position for long-term future business. Capitalizing on the current challenges and turning them into real opportunities will require new strategies that leverage human capital and increase productivity. Manual processes, customer retention, underwriter effectiveness, customer service response, and claims cycle times are all areas within typical insurance companies which are ripe for transformation. Insurance companies that understand the truly compelling need for this transformation, and that take advantage of the tools available today to increase operational efficiency and improve critical insurance processes, will be leaders in the industry for years to come. This paper describes how Business Process Management (BPM) technologies, including adaptive case management solutions and business architecture tools, can help insurance companies apply new strategies to reduce operational cost, eliminate significant streams of paperwork from their processes, improve the customer experience and grow their businesses. We will highlight companies with best practices implementation and proven results. Challenges Even before the recent economic crisis, pressure was buildin