Traditional workflow processes used by insurers are designed to streamline tasks that are slow and tedious. Insurers have moved from paper based files to using electronic data. But just because there are established workflows and automated systems for data management and communication, does not mean that you have an optimized process management system in place.
Insurers have digitized their information but their systems are not working together. Many insurers have made no efforts to integrate this information at a storage level or business process level. Systems are segmented creating roadblocks to a coordinated information program.
Intelligent process management is a system of analyzing the processes in place and developing solutions to optimize them further. Automation and intuitive process management tools can maximize time and productivity within the office and between users outside the office including brokers and customers.
Strategically planned process management reinforces efficiency and ensures that forms are always processed and managed within the system. Technology has led to a change in how underwriting is done allowing more involvement in account management and customer service. Data from third party sources with additional data can be provided to assist underwriters in risk assessment and rating.
Insurers moving into more digitization and intelligent process management need to be aware of large scale changes to computer systems. It is time consuming to assess and put into place new systems that require lots of consultation with insurance automation professionals. Delays and system implementation failures can be costly in loss of productivity and service ability.
To avoid these potential problems, it is better to prioritize improvements and roll them out in phases. This allows for cost effective implementation and allows current systems to operate while portions are being upgraded and tested to ensure they work together.
According to the Harvard Business Review, insurers that implement well designed digitization programs can deliver up to 65% in cost reduction and 90% reduction in turnaround time on key insurance processes. Many insurers are moving into digitizing programs and providing mobile access for customers, in efforts to obtain improvements in business operations as well as customer service. These efforts can differentiate an insurer from the competition and result in improved retention and growth over their competitors.