Driving Efficiency and Effectiveness in Insurance with SmartBPM®

Ten of the top twenty U.S. insurance carriers have chosen Pegasystems to implement a wide range of applications, from new business to underwriting, rating, claims, customer service, and marketing. While their needs are different, they have all chosen Pegasystems for the same reason: Pegasystems drives the growth of their business by enabling them to optimize processes iteratively. Organizations can do more than react to change — they can “Build for Change®,” implement solutions in quick order, realize ROI quickly, and enjoy increasing returns on a continuous basis. This represents a paradigm shift from the "build it, leave it, replace it" status quo.

Pegasystems provides business people and IT with a unified environment for modeling and executing business processes that makes it easier for business and IT to collaborate on solutions. This unified environment gives insurers a way to represent all of their rules and policies — the heart and soul of any insurance organization — and make them more manageable and accessible across the enterprise. It provides insurers with the tools they need to automate work and also to manage change to drive the efficiency and effectiveness of their business.

Leading, Insurance-Specific Technology

Pegasystems' insurance solutions are built on the company's leading SmartBPM® Suite, which includes Pegasystems' leading business-rules engine, PegaRULES®. As a recognized leader in both BPM and business rules, Pegasystems can address carriers' needs for process-intensive applications such as new business, customer service, and claims processing; as well as decision-intensive applications such as underwriting and rating. The unique unified environment enables carriers to build automation and compliance into their process applications, ensuring best practices are enforced; and at the same time introduce governance to their decision-intensive applications, ensuring that new rules go through the proper qualification steps.

Pegasystems makes it easy for insurance carriers to benefit from this technology with an Insurance Industry Framework™ that encompasses best practices for building scalable, extensible insurance applications. The framework leverages the IBM Insurance Application Architecture (IAA) and ACORD standards for faster time to market, as well as Pegasystems’ Product Configuration Framework™, to address insurance carriers' complex policy-configuration issues.  

Together, these tools can be marshaled to address business challenges, including:

• Legacy Transformation — Pegasystems provides a critical bridge from carriers' existing legacy environments to a modern, flexible application platform. Pegasystems' industry-leading business-rules management system allows companies to gradually migrate application functionality from inflexible systems that are difficult to maintain and update into a highly flexible, component-based system. 
• New Business Acquisition — Pegasystems helps carriers automate often-manual new business processes for quotation, underwriting, booking, and document generation — driving not just efficiency through greater automation, but also more effective adherence to underwriting and portfolio guidelines. 
• Express Claims Processing — Pegasystems can automate key activities to speed the handling of claims and reduce the cost of processing and settling claims. 
• Event-Based Marketing — Pegasystems can deliver value from your company's vast stores of customer data by proactively marketing highly targeted add-on products and services to existing customers, based on major life events that shape their needs and purchases. 
• Contact Center Customer Service — Customer Process Manager™ helps customer service representatives resolve most service requests at the point of customer contact, minimizing the need for further contact and back-office processing.

Learn how businesses use SmartBPM to achieve new levels of growth, productivity and compliance.
  

Combined Ratio Falls with Express Claims Processing

Consolidated Billing Raises Customer Satisfaction and Efficiency