Insurance business process management solutions help providers optimize workflow, improve productivity and streamline operations. These primary advantages have a trickle down effect. These secondary benefits drive ROI, help optimize rates and premiums and deliver higher quality service to clients. What many firms still fail to actualize with their BPM deployments, however, are the competitive gains they can achieve.
When it comes to driving a competitive advantage with BPM software, insurance providers have several opportunities. They can focus on customer experience, addressing weak areas in service, improving relationships with independent agents or improve policy application management. Additionally, many of these benefits can be focused on simultaneously, driving a delineating line between their firm and its competitors to appeal to prospective clients' need for high-quality, timely service.
Customer experience and service
The improvements to the customer experience and service by eliminating unmet demands and focusing on high-need areas is one of the most important advantages that an insurer can gain with BPM software. As mobile devices and consumer-driven purchasing grows, clients want to have more say in controlling their experience in every market, including the insurance field. Improving policy management and administrative processes to make this easier for them will enhance a firm's reputation for excellence while easing stress for underwriters and claims assessors as well. This will also drive workflow quality upward, which will help firms minimize their own risks and loss to boost their ability to meet previously unmet goals in operations.
Independent advantages
Beating out the competition in terms of the relationships a firm has with independent agents is also incredibly important. This will help increase business and bring in profits, because these agents will want to work with an insurer they are comfortable with and know makes underwriting processes easy.
Applications simplified
Policy application processes evolve rapidly as regulations and industry demands change. By utilizing BPM solutions effectively, a firm will be able to keep up with these adjustments and improve their applications accordingly to minimize struggles for clients. This will, in turn, enhance the customer experience and boost a firm's reputation, resulting in similar advantages as before.
The benefits found through investing in BPM solutions all boil down to customer service and the advantages found in simplifying and streamlining these processes for the individuals a firm works with. Once these are achieved, a provider will be the one leaving its competition in the dust, not struggling to stay on pace with the rest of the industry.
Ben Farrell
Director of Corporate Communications
