BPM for Insurance

Insurance companies are built on thousands of business processes. The strength (or weakness) of these processes is often determined by the individuals who manage them, their personal knowledge of the insurer’s organization and the manual workarounds needed to keep the business running.

BPM is critical for insurers as they strive to improve operations and become more customer-centric. Insurers are working to improve execution in five key functional areas within front- and back-office operations. These areas of business execution help drive the ultimate success of any insurance operation:

• New Business and Underwriting — Rapidly identifying and successfully converting new revenue opportunities.
• Customer Experience Management — Fostering a customer service experience that promotes customer loyalty, satisfaction and retention.
• Claims — Correctly capturing, effectively managing and rapidly paying policyholder claims with well monitored processes.
• Policy Service — Building an operational support structure that reduces the expense of servicing a book of business.
• Risk, Fraud & Compliance — Mitigating and controlling risk, fraud and ensuring compliance concerns across an enterprise.

It is no surprise that insurers like Farmers, Auto Owners, New York Life, John Hancock, QBE, Nationwide, ING and Travelers and others looking to improve business effectiveness turn to Pegasystems to automate their most challenging activities.